The collaboration aims to enable near real-time cross-border euro–Korean won transactions using regulated stablecoins and blockchain middleware.
Chainlink has teamed up with 47 European and South Korean banks managing over $10 trillion in assets to facilitate T+0 cross-border foreign exchange settlements. The initiative, Project Pangea, will use regulated euro and won stablecoins to streamline transactions between the two currencies.
The banks involved will leverage Chainlink’s middleware to convert Swift payment instructions into on-chain atomic settlements, reducing settlement times from days to near real-time. This marks a significant step in modernizing cross-border payment infrastructure for institutional use.
No immediate market reaction was disclosed, but the partnership highlights growing adoption of blockchain technology in traditional finance.