Chainlink and Global Banks Launch Project Pangea for Real-Time FX
A coalition of European and South Korean banking giants, representing over $10 trillion in assets, has launched Project Pangea. The initiative aims to replace traditional T+2 foreign exchange settlement cycles with a real-time T+0 model, utilizing stablecoins and Chainlink’s interoperability infrastructure to facilitate atomic cross-border payments.
Project Pangea brings together the Unified Korea Alliance (UniKA)—comprising Shinhan Bank, JB Bank, Kbank, and others—alongside the Qivalis consortium of 37 European banks. By integrating Chainlink’s Cross-Chain Interoperability Standard (CCIP) and ISO 20022 messaging, the initiative allows financial institutions to execute direct Payment-versus-Payment (PvP) swaps of regulated EUR and KRW stablecoins. This framework is designed to bypass the bottlenecks of current fragmented market structures, where cross-border transactions often stall due to intermediary currency conversions.
The technical architecture relies on a three-tier system: the Swift-based banking layer, the Chainlink connectivity layer, and a dedicated Pangea L1 settlement blockchain. FairSquareLab provides the liquidity engine for interbank settlement, anchoring price discovery to real-time oracle data to minimize slippage. By connecting these systems, the project seeks to eliminate settlement risk and reduce the liquidity costs that currently weigh on the $9.6 trillion daily global FX market.
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