Chainlink, Korean and European banks launch Project Pangea for real-time euro won stablecoin settlement

A consortium of financial and technology organizations led by Chainlink, FairSquareLab, UniKA and Qivalis has unveiled Project Pangea in a joint effort to establish a new framework for cross-border foreign exchange settlement using regulated stablecoins, according to a Tuesday statement.

The initiative aims to connect European and South Korean financial institutions, enabling direct exchanges between euro- and won-denominated stablecoins without relying on traditional intermediary currencies.

“This is a major milestone toward rebuilding how global value moves,” Fernando Vazquez, President of Capital Markets at Chainlink Labs, commented on the launch. “Project Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins. This is a clear example of how the Chainlink standard powers global-scale settlement for the next generation of capital markets and a clear signal that global finance is increasingly moving onchain.”

Project Pangea focuses on delivering real-time atomic settlement through blockchain infrastructure while maintaining compatibility with existing banking systems. The platform will support Payment-versus-Payment transactions, helping reduce settlement risk, improve capital efficiency and accelerate cross-border transfers. The initiative combines Chainlink’s interoperability and market data services with FairSquareLab’s liquidity and settlement technologies to create a multi-currency network for institutional participants.

Supporters of the project argue that the model could significantly improve how international value moves between markets by reducing friction in foreign exchange transactions. By integrating blockchain settlement with Swift and ISO 20022 standards, the consortium aims to provide banks with a practical pathway to adopt onchain finance without overhauling their existing operational infrastructure.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.