Banks and Chainlink launch Project Pangea to test euro and won stablecoins for real-time cross-border FX settlement.
Chainlink has partnered with European and South Korean banking consortia to explore stablecoin-based foreign exchange settlement. The initiative, Project Pangea, involves over 50 banks evaluating atomic swaps of euro- and won-denominated stablecoins using blockchain infrastructure.
The project aims to modernize legacy FX settlement systems, which handle $9.6 trillion in daily trading volume. It follows growing interest in wholesale stablecoin applications, distinct from consumer-focused use cases. The working group includes FairSquareLab and Qivalis, a consortium backed by 37 European banks.
Project Pangea remains in the research phase, with no live payment network yet implemented. The collaboration underscores institutional experimentation with blockchain for cross-border financial transactions.