South Korea · Chainlink · CoinDesk
Chainlink joins forces with 47 South Korean, European banks to speed up international money transfers
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Blockchain infrastructure company Chainlink said it is joining a group of banks that collectively represent over $10 trillion in assets under management to unlock real-time, stablecoin-based cross-border payments for foreign-exchange trades within a year.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The project aims to explore moving foreign-exchange settlement from a traditional 48-hour (T+2) timeline toward near-instant (T+0) settlement using regulated euro- and South Korean won-pegged
- The initiative is focusing on the trade corridor between Europe and South Korea, an economic artery that processes over $150 billion in goods and services annually, making it one of the world's 15
- The coalition, called Project Pangea, aims to redefine the global FX markets, Niki Ariyasinghe, Chainlink’s vice president of Asia-Pacific and the Middle East, said in a video interview on Tuesday
Summary
Chainlink joined Project Pangea, a coalition of European and South Korean banks to enable real-time, stablecoin-based cross-border payments for foreign-exchange trades within a year. The initiative will test near-instant settlement of euro- and South Korean won-pegged stablecoins using atomic payment-versus-payment mechanisms, aiming to cut counterparty and settlement risk in a $150 billion Europe–South Korea trade corridor. Project Pangea is designed as middleware that lets banks use existing Swift and ISO 20022 systems while settling on the Pangea L1 blockchain network. The coalition, called Project Pangea, aims to redefine the global FX markets, Niki Ariyasinghe, Chainlink’s vice president of Asia-Pacific and the Middle East, said in a video interview on Tuesday.