Blockchain infrastructure firm Chainlink has joined Project Pangea, a coalition of European and South Korean banks aiming to enable near-instant, stablecoin-based cross-border payments for foreign-exchange trades within a year. The initiative will test atomic payment-versus-payment (PvP) settlement using regulated euro- and South Korean won-pegged stablecoins, targeting the $150 billion Europe–South Korea trade corridor. Project Pangea acts as middleware, allowing banks to use existing Swift and ISO 20022 systems while settling on the Pangea L1 blockchain network. Niki Ariyasinghe, Chainlink's VP for Asia-Pacific and the Middle East, emphasized this is not a proof-of-concept but real infrastructure, with live transactions targeted within 12 months. The project includes Qivalis (a euro stablecoin consortium backed by 37 European banks) and UniKA (a Korean banking alliance). Chainlink views the initiative as collaborative rather than competitive with Ripple.

Key facts

• Chainlink joins Project Pangea with European and Korean banks for stablecoin FX settlement.
• Project aims for near-instant T+0 settlement using euro and won stablecoins via atomic PvP.
• Focuses on $150 billion Europe–South Korea trade corridor.
• Acts as middleware bridging Swift/ISO 20022 with Pangea L1 blockchain.
• Goal is live transactions within 12 months, not just a proof-of-concept.

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