Chainlink Launches Project Pangea With 50+ Financial Institutions to Test Stablecoin-Powered FX Settlement

Chainlink has partnered with banking and digital asset organizations from Europe and South Korea to launch Project Pangea, a collaborative initiative to test stablecoin-based foreign exchange settlement. The project brings together more than 50 financial institutions representing over $10 trillion in assets under management, including FairSquareLab, UniKA, and Qivalis.

Participants will test direct atomic swaps between euro- and won-backed stablecoins using existing banking infrastructure and blockchain technology. The framework combines Chainlink's interoperability infrastructure, FairSquareLab's settlement technology, Swift connectivity, and ISO 20022 messaging standards to enable Payment-versus-Payment settlement. The initiative aims to address inefficiencies in the $9.6 trillion daily global foreign exchange market by exploring whether stablecoins can reduce delays in cross-border settlement. No timeline for live implementation has been announced.