The initiative, known as Project Pangea, aims to utilize stablecoins for swift settlement of large currency transactions between Europe and South Korea.
By Olivier Acuna|Edited by Sheldon Reback Jun 23, 2026, 3:40 p.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Chainlink's Niki Ariyasinghe (Chainlink/Media)SummaryShow- Chainlink has joined Project Pangea, a consortium of banks from Europe and South Korea aimed at enabling real-time, stablecoin-based cross-border payments for foreign-exchange transactions within a year.
- The project will explore near-instant settlement of euro and South Korean won-pegged stablecoins using atomic payment-versus-payment mechanisms, with the goal of reducing counterparty and settlement risk in a $150 billion trade corridor.
- Project Pangea functions as middleware, allowing banks to utilize existing Swift and ISO 20022 systems while settling transactions on the Pangea L1 blockchain network.
Chainlink, a provider of blockchain infrastructure, has allied with a group of banks that manage assets exceeding $10 trillion to facilitate real-time, stablecoin-based international payments for foreign-exchange transactions within the next year.
This coalition, dubbed Project Pangea, aims to transform the global foreign exchange markets, according to Niki Ariyasinghe, Chainlink’s VP for Asia-Pacific and the Middle East, in a video interview on Tuesday. The consortium includes Qivalis, a euro stablecoin group supported by 37 European banks, along with UniKA, a Korean banking alliance comprising over ten commercial banks.
The initiative seeks to shift the traditional 48-hour (T+2) settlement period for foreign-exchange transactions towards a near-instant (T+0) settlement using regulated stablecoins tied to the euro and South Korean won.
It will assess the feasibility of exchanging stablecoins through atomic payment-versus-payment (PvP) settlements, allowing both sides of a currency trade to settle at the same time or not at all, which minimizes counterparty and settlement risks.
Ariyasinghe emphasized that this is not merely a technological test. "This is not just a POC," he stated. "Everyone's coming in with their eyes wide open. The focus is on establishing real infrastructure ... The goal is to initiate live transactions within a legal and regulatory framework within the next year."
A $150 billion Trade Corridor
The project will concentrate on the trade corridor linking Europe and South Korea, which handles over $150 billion in goods and services annually, ranking it among the top 15 trade routes globally. It also aligns with regional trends, as data indicates that 60% of all global stablecoin transactions occur in Asia.
Ariyasinghe agreed with this statistic, stating, "It highlights where genuine demand exists. In less developed financial ecosystems, there is a growing need, but the necessary infrastructure is often lacking. These tokenized cash forms are meeting a vital requirement."
Rather than compelling traditional financial institutions to overhaul their systems or adopt cryptocurrency, Project Pangea aims to serve as a middleware translator. European banks will initiate transactions using Swift, the global messaging network in use since the 1970s, and Chainlink’s technology will convert these commands into immediate "atomic swaps" on a neutral, independent ledger known as the Pangea L1 Network.
Project Pangea is structured to integrate with existing Swift and ISO 20022 banking standards, enabling traditional financial entities to connect to blockchain-based settlement mechanisms without the need to replace their payment systems.
Not a Competitor to Ripple
While some industry experts might see this initiative as a challenge to Ripple’s established presence in institutional cross-border settlements, Chainlink maintains that its approach is collaborative rather than competitive.
Ariyasinghe remarked, "I wouldn't necessarily describe it as a rival. We’re very much a technology provider. The goal is not to create a unified network from the ground up. Instead, it’s about leveraging technology, identifying value, and organically expanding the network."
The ultimate objective is to release trapped capital and modernize international trade routes.
Ariyasinghe explained, "If I send you money and it gets lost in transit for an extended period, you won’t receive it, and that capital remains unused. Reducing that transit time as much as possible so customers can access their funds quickly is beneficial."
By minimizing settlement durations from days to almost real-time, the participating institutions aim to lower liquidity costs, diminish settlement risks, and provide businesses with quicker access to funds tied up in international transactions.