TL;DR:
Chainlink formed a working group with multinational consortia from Europe and South Korea to launch Project Pangea, a strategic initiative aimed at redefining global foreign exchange markets through real-time cross-border settlement models based on stablecoins. The participants collectively manage over $10 trillion in assets.
Beyond Chainlink, the coalition includes FairSquareLab, the first core infrastructure player in the Korean digital asset ecosystem; UniKA (Unified Korea Alliance), composed of a steering committee of five entities —Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA— along with ten Korean commercial banks; and Qivalis, a euro stablecoin consortium comprising 37 top-tier European banks.
The global foreign exchange market processes over $9.6 trillion in daily trading volume. Despite that scale, the traditional banking system contends with several structural bottlenecks stemming from a fragmented infrastructure. Cross-border transactions face delays because institutions must convert capital across different currencies as an intermediary step, generating operational friction and additional costs.
Project Pangea aims to transform that system, enabling the execution of direct atomic Payment-versus-Payment (PvP) swaps between regulated stablecoins in euros and Korean won, without the need to rely on intermediaries. To do so, it builds on the ISO 20022 messaging standards and the Swift infrastructure banks already use, so that the transition toward blockchain networks does not require a full replacement of existing systems.
Chainlink contributes the data, interoperability, and orchestration infrastructure that connects traditional financial systems with public and private blockchain networks. FairSquareLab complements the initiative with its onchain FX settlement technology. The goal is to establish a scalable multi-currency settlement network that supports instant T+0 settlement and expands onchain liquidity across currencies, facilitating access to global foreign exchange markets.
