Chainlink-Led Project Pangea Targets $9.6 Trillion Daily FX Market

Project Pangea is a groundbreaking initiative that seeks to revolutionize the foreign exchange (FX) settlement cycle. A collaboration between Chainlink, over 10 Korean banks, and 37 European banks, Project Pangea aims to replace the traditional two-day FX settlement cycle with real-time, stablecoin-based settlement.

The project targets the massive $9.6 trillion daily FX market by enabling direct atomic swaps of EUR and KRW stablecoins. This approach reduces reliance on intermediary currencies and settlement risk.

The technology integrates existing banking messaging standards with blockchain layers to ensure transactions settle at current market prices. The working group will continue developing this multi-currency network, though no full deployment timeline is set yet.