Chainlink Teams up with 47 South Korean, European Banks to Speed up International Money Transfers
The coalition plans live transactions within 12 months and will use Swift and ISO 20022 standards to cut settlement risk in cross-border FX trades.
- On Tuesday, Chainlink announced Project Pangea, a collaborative initiative with European and South Korean banking institutions to enable real-time, stablecoin-based cross-border foreign exchange settlement.
- Global foreign exchange markets process roughly $9.6 trillion in daily trading volume, prompting the project's exploration of moving from traditional 48-hour settlement cycles to near-instant Payment-versus-Payment transactions.
- Participating groups include the Unified Korea Alliance, representing more than 10 commercial banks, and Qivalis, a consortium backed by 37 European banks, leveraging Chainlink infrastructure for direct swaps of fiat-referenced digital assets.
- Niki Ariyasinghe, Chainlink's vice president of Asia-Pacific and the Middle East, targets live transactions within 12 months, stating the goal is to "free up trapped capital and modernize international trade corridors."
- Industry projections from Citigroup suggest the global stablecoin market could grow to $1.9 trillion by 2030, positioning this initiative at the center of institutional finance's digital transformation.
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20 Articles
Chainlink and Multinational Banking Consortia Launch Project Pangea To Develop T+0 Settlement Framework for International FX Markets
/PRNewswire/ -- Today, Chainlink, FairSquareLab, a first-mover in core infrastructure within the Korean digital asset ecosystem, UniKA (Unified Korea...
Chainlink Joins 47 Banks to Enable Near Real-Time Cross-Border Settlement
Chainlink has joined a multinational banking initiative involving 47 European and South Korean banks to develop near real-time cross-border foreign exchange settlement, marking one of the largest institutional experiments yet in stablecoin-based payment infrastructure. The initiative, called Project Pangea, brings together Chainlink, Qivalis and UniKA to test atomic payment-versus-payment settlement between euro- and Korean won-denominated stabl…
Chainlink And Partners Launch Project Pangea To Advance Stablecoin-Based Cross-Border FX Settlement
Blockchain infrastructure provider Chainlink, in collaboration with digital asset infrastructure technology company FairSquareLab, stablecoin cooperative UniKA (Unified Korea Alliance), and euro stablecoin consortium Qivalis, has announced the launch of Project Pangea, a joint initiative focused on advancing cross-border foreign exchange settlement through stablecoin-based infrastructure. The project seeks to establish a framework that enables f…
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