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Chainlink has joined European and South Korean banking groups to launch Project Pangea, a task force aimed at building a real-time FX settlement model using compliant euro and won stablecoins.
The project brings together Chainlink, FairSquareLab, UniKA and Qivalis, with participants across Europe and South Korea representing more than $10 trillion in assets under management. The goal is to test whether banks can move from T+2 foreign exchange settlement toward T+0 payment-versus-payment swaps on blockchain rails.
Project Pangea Targets T+0 FX Swaps
Project Pangea is focused on reducing settlement delays in cross-border foreign exchange. The task force will test whether two sides of an FX trade can settle at the same time using stablecoin-based payment rails, rather than waiting through legacy settlement cycles.
That would make the project a bank-led attempt to bring tokenized money into institutional FX infrastructure.
UniKA Links Korean Banks to Pangea
UniKA, or Unified Korea Alliance, is the Korean coalition behind Project Pangea. Its steering committee includes Shinhan Bank, JB Bank, Kbank, FairSquareLab and OBDIA, with more than 10 Korean commercial banks also participating.
The Korean side gives the project a domestic banking base for testing won-linked settlement functions.
Qivalis Adds 37 European Banks
Qivalis brings the European side of the project. The group is a euro stablecoin consortium backed by 37 European banks and is working on an institutional euro stablecoin that could be used in the settlement model.
The first corridor is focused on direct settlement between compliant EUR and KRW stablecoins. The project says that model could reduce the need for intermediary currencies when banks move value between Europe and South Korea.
Chainlink Connects Swift to Settlement
Project Pangea will use Chainlink’s Cross-Chain Interoperability Protocol to move euro stablecoins from their native networks to the Korean won settlement chain.
Chainlink Data Streams will provide FX market data, while Chainlink Runtime Environment will connect Swift messaging to on-chain settlement workflows. The aim is to let banks keep familiar messaging systems while settlement instructions trigger blockchain-based transfers.
Ethereum, Polygon and Pangea L1 Are Included
The setup is built around ISO 20022 messaging and current Swift infrastructure. The settlement layer would use Pangea smart contracts on networks such as Ethereum, Polygon and a dedicated Pangea L1.
That structure is designed to connect bank messaging, FX pricing data and stablecoin settlement inside one workflow.
$9.6T FX Market is Settlement Target
The global FX market processes more than $9.6 trillion in daily trading volume, but settlement still depends on legacy timing and fragmented market infrastructure. Project Pangea is aimed at shortening that process by letting both sides of a transaction settle at the same time.
The project is not a finished live network yet. The next step is testing whether banks can use the design for real EUR-KRW settlement flows, with compliant stablecoins, Swift connectivity and Chainlink infrastructure working inside one settlement path.
