Real-Time Global FX
Chainlink-Powered Pangea Unites 50+ Banks for Real-Time Cross-Border FX Settlement.
Anonymous
Key Points
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Governance and coalition scope: The steering committee is composed of Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA, with participation from more than 10 Korean commercial banks, while Qivalis coordinates European participation through a euro-stablecoin network backed by 37 European banks via UniKA.
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Scale of participation: The alliance represents a massive pool of capital, with assets under management totaling over $10 trillion across participating institutions.
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Direct, atomic euro- and won-stablecoin swaps: Project Pangea aims to enable direct exchanges between EUR- and KRW-denominated stablecoins without relying on traditional intermediary currencies, moving toward real-time PvP settlements.
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Leadership comments framing the milestone: Fernando Vazquez describes Project Pangea as a major milestone toward rebuilding how global value moves, showcasing direct, atomic currency swaps using stablecoins as a new standard for settlement.
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On-chain and cross-network settlement architecture: The plan includes a dedicated Pangea L1 blockchain with Pangea AMM contracts on Ethereum and Polygon, coordinated via Chainlink CCIP, Data Streams, and the Chainlink Runtime Environment to align with existing Swift/ISO 20022 messaging.
More than 50 European and South Korean banks, managing over $10 trillion in assets, have joined Chainlink to launch Project Pangea — a push to replace the FX market's two-day settlement lag with instant, real-time swaps. The project, announced June 23 at the Point Zero Forum in Zurich, aims to let banks swap euros and Korean won directly using regulated stablecoins, cutting out traditional middlemen entirely. PR Newswire confirmed the launch, with Chainlink President of Capital Markets Fernando Vazquez calling it a "major milestone toward rebuilding how global value moves."
The global FX market trades $9.6 trillion every single day, according to The Crypto Times. Yet most cross-border settlements still take two full business days — a gap that locks up enormous amounts of capital as collateral. Project Pangea wants to close that gap to zero.
47 Banks, Two Continents, One Settlement Network
The coalition splits into two major blocs. On the Korean side, UniKA — the Unified Korea Alliance — brings together a steering committee of Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA, plus over 10 commercial banks including Woori and NH Nonghyup, according to Crypto Briefing. On the European side, the Qivalis consortium coordinates 37 banks behind a euro-denominated stablecoin network.
Jan-Oliver Sell, the former Coinbase Germany executive now running Qivalis, says his goal is to build "Europe's answer" to US dollar stablecoins like USDT and USDC. FairSquareLab CEO Joonhong Kim added that the project "opens a path for the Korean won to connect more directly with global currency markets," as reported by Cryptonews.
How Atomic Swaps Cut the Two-Day Wait to Zero
Today's FX trades carry real risk. If one bank fails in the 48 hours between a trade and its settlement, the other bank loses money. Project Pangea solves this with a "Payment-versus-Payment" swap — both sides settle at the exact same moment, so neither party is ever exposed. Intellectia AI notes this could free up billions in capital currently held as collateral during that two-day window.
The architecture runs on three layers. Banks send instructions using Swift and ISO 20022 — the same messaging standards they already use — so no one has to rip out their mainframe. Chainlink's CCIP then moves stablecoins across networks, while real-time price data from Chainlink Data Streams locks in the exchange rate. Final settlement happens on a dedicated Pangea L1 blockchain, with AMM smart contracts also running on Ethereum and Polygon, per The Crypto Times.
Europe-Korea Corridor Becomes the $150 Billion Test Case
Rather than tackling the whole $9.6 trillion FX market at once, Project Pangea starts with the Europe–South Korea trade corridor, which handles over $150 billion in annual volume, according to Crypto Briefing. That corridor currently runs most trades through the US dollar as a go-between. A direct EUR-to-KRW stablecoin swap would eliminate that step entirely, cutting both cost and delay.
The team targets the first live, compliant transactions within 12 months. Chainlink's VP of Asia-Pacific Niki Ariyasinghe was direct about the ambition: "This is not just a POC... the appetite is very much about building real infrastructure," as reported by Cryptonews. Still, MEXC notes the project remains in a working-group phase, with no confirmed date for a full production network.
A Regulatory Green Light Hidden Inside the Launch
The sheer size of the coalition — 37 European banks and over 10 Korean lenders — signals something beyond technology. It shows that regulators in both regions are close to accepting regulated stablecoins for wholesale banking. Coin Central points out that the project's "plug-in" design, using existing Swift rails, was deliberately built to ease regulatory approval rather than challenge it.
In the longer term, a working EUR/KRW direct channel chips away at the US dollar's role as the world's default FX middleman. By linking two of the world's most active currency regions without touching the dollar, Project Pangea points toward a more multipolar global financial system — one where blockchain settlement is the standard, not the experiment.
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