Maker

Dollar

Chainlink

Reserve

<h2 id="b-tldr-b">TLDR:</h2>
<ul>
 <li>Project Pangea unites 47+ European and Korean banks to pursue atomic T+0 FX settlement via stablecoins.</li>
 <li>Chainlink CCIP, Data Streams, and the Runtime Environment form the project’s core connectivity layer.&nbsp;</li>
 <li>FairSquareLab’s Pangea L1 enforces oracle-first transaction ordering for real-time interbank FX swaps.&nbsp;</li>
 <li>Qivalis and its 37-bank euro stablecoin consortium serve as the EUR anchor for Project Pangea flows.&nbsp;</li>
</ul>
Chainlink <a href="https://www.prnewswire.com/news-releases/chainlink-and-multinational-banking-consortia-launch-project-pangea-to-develop-t0-settlement-framework-for-international-fx-markets-302807910.html" rel="noopener noreferrer nofollow">has joined forces</a> with European and South Korean banking consortia to launch Project Pangea, a working group targeting real-time T+0 foreign exchange settlement through stablecoin infrastructure.
<h2 id="b-a-multi-trillion-dollar-push-for-atomic-fx-settlement-b">A Multi-Trillion Dollar Push for Atomic FX Settlement</h2>
Project Pangea brings together Chainlink, FairSquareLab, UniKA, and Qivalis under one strategic task force. The coalition collectively represents over $10 trillion in assets under management. 
UniKA’s steering committee includes Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA. More than ten additional Korean commercial banks are participating in the initiative alongside them.
The global FX market processes over $9.6 trillion in daily trading volume. Despite this scale, the <a href="https://blockonomi.com/wall-street-goes-all-in-on-blockchain-infrastructure-in-2026/" rel="noopener noreferrer nofollow">traditional infrastructure</a> remains fragmented and slow. 
Cross-border transactions often require institutions to convert capital through intermediary currencies, causing delays. 
Project Pangea targets this bottleneck directly through atomic Payment-versus-Payment swaps of regulated EUR and KRW stablecoins.
Chainlink Labs President of Capital Markets Fernando Vazquez described the launch as a structural shift rather than an incremental upgrade, saying the project <cite>“upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins.”</cite>
The initiative uses ISO 20022 messaging standards and existing Swift infrastructure to bridge legacy systems with blockchain rails. 
This means participating banks do not need to overhaul internal payment operations to connect. Vazquez added that Project Pangea represents “a clear signal that global finance is increasingly moving onchain.”
FairSquareLab CEO Joonhong Kim pointed to a broader strategic outcome for South Korea, stating that “<cite>for Korea, Project Pangea is more than an efficiency gain — it opens a path for the Korean won to connect more directly with global currency markets.”</cite>
 The initiative also aims to reduce the won’s dependence on intermediary currencies in cross-border flows. Kim noted that FairSquareLab, leading the UniKA alliance alongside Qivalis and Chainlink, is <cite>“building a network that brings the Korean banking sector into a new era of real-time, <a href="https://parameter.io/circle-crcl-launches-arc-blockchain-targeting-stablecoin-based-financial-settlement/" rel="noopener noreferrer nofollow">cross-border settlement.</a>“</cite> That alone marks a structural change for Korean institutions operating across international corridors.
<h2 id="b-three-layer-architecture-powers-the-settlement-network-b">Three-Layer Architecture Powers the Settlement Network</h2>
The technical design of Project Pangea is built across three distinct layers. The banking layer handles Swift and ISO 20022 payment messaging. 
The connectivity layer runs through <a href="https://moneycheck.com/chainlink-link-wallet-count-hits-535k-despite-price-decline-to-7-90/" rel="noopener noreferrer nofollow">Chainlink’s CCIP</a> and Data Streams infrastructure. Settlement occurs at the third layer through Pangea AMM smart contracts deployed on Ethereum, Polygon, and the Pangea L1 network.
FairSquareLab’s Pangea L1 is a settlement-dedicated blockchain operating from neutral ground, independent of any single country or participating bank. 
At the protocol level, oracle data updates execute ahead of every other transaction in each block. This design ensures all FX swaps settle against the current market price without manipulation risk. 
Banks continue using familiar payment messaging, with instructions translated into onchain settlement actions through Chainlink CCIP.
Chainlink’s Cross-Chain Interoperability Protocol handles secure EUR stablecoin transfers between native networks and the KRW settlement chain. Data Streams feed real-time FX market data into the Proactive Market Maker engine. 
The Chainlink Runtime Environment serves as the orchestration layer between Swift and the blockchain settlement stack. 
Together, these components allow institutions to plug into onchain finance through their existing messaging systems.
Qivalis Head of Partnerships APAC Jean-Luc Gustave outlined the capital efficiency case for global institutions, saying that <cite>“migrating to a friction-free cross-border model could unlock significant capital efficiency by eliminating traditional settlement risk and reducing intraday liquidity costs.”</cite>
He framed the project as proof that next-generation infrastructure can “optimize international trade corridors” beyond theoretical use cases. 
Qivalis’s euro stablecoin consortium, backed by 37 European banks, stands to become a core currency layer within the network. 
The initiative positions regulated stablecoins as institutional-grade instruments for high-volume FX flows between Europe and Asia.
FairSquareLab’s onchain FX engine anchors price discovery to trusted oracle quotes rather than bonding curves, while per-asset depletion barriers protect pool liquidity from exhaustion during large interbank conversions. 
The result is a predictable settlement structure built to handle institutional scale. Enterprise fees within the Chainlink ecosystem are programmatically converted to LINK tokens and stored in the <a href="https://coincentral.com/chainlink-reserve-grows-to-884673-64-link-after-new-accumulation/" rel="noopener noreferrer nofollow">Chainlink Reserve</a> to support long-term network sustainability. 
Project Pangea is designed to scale into a multi-currency settlement network as additional corridors and institutions join the working group.
The post <a href="https://blockonomi.com/chainlink-and-global-banks-launch-project-pangea-to-rebuild-cross-border-fx-settlement/" rel="noopener noreferrer nofollow">Chainlink and Global Banks Launch Project Pangea to Rebuild Cross-Border FX Settlement</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Chainlink and Global Banks Launch Project Pangea to Rebuild Cross-Border FX Settlement

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