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Chainlink announced the launch of the Pangea project in collaboration with FairSquareLab, UniKA, and the euro stablecoin alliance Qivalis, aimed at exploring real-time cross-border foreign exchange settlement models based on stablecoins.According to reports, UniKA's steering committee includes Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA, with participation from over a dozen Korean commercial banks; Qivalis is supported by 37 leading European banks. Collectively, these institutions represent over $10 trillion in assets under management.The Pangea project will leverage Chainlink's data, interoperability, and orchestration standards, along with FairSquareLab's on-chain FX settlement technology, to enable direct atomic transactions between compliant fiat-pegged digital assets, including the Euro and Korean Won. It aims to drive the transition of the foreign exchange market from traditional T+2 settlement to a T+0 real-time settlement model.
Chainlink has launched Project Pangea in collaboration with FairSquareLab, a South Korean digital asset infrastructure company, UniKA, a coalition of over a dozen South Korean commercial banks, and Qivalis, a euro stablecoin alliance backed by 37 European banks.The project aims to bring together financial institutions from Europe and South Korea to assess the feasibility of direct atomic swap settlements using euro- and won-denominated stablecoins, leveraging Chainlink’s data infrastructure and FairSquareLab’s on-chain foreign exchange settlement technology. Currently operating as a working group, the project has not yet announced an implementation timeline for production deployment. Separately, fintech startup OpenFX recently raised $94 million to expand its stablecoin-based payment network. (Cointelegraph)
According to CoinDesk, blockchain infrastructure company Chainlink has announced its participation in Project Pangea—a consortium formed by Qivalis, a European stablecoin consortium backed by 37 European banks, and UniKA, the Korean banking alliance representing over 10 commercial banks—collectively managing assets exceeding $10 trillion. The project targets the economic corridor between Europe and Korea, which sees annual trade exceeding $15 billion, aiming to reduce foreign exchange settlement cycles from the traditional T+2 (48 hours) to T+0 (near real-time) using regulated euro- and won-pegged stablecoins, and employing atomic PvP (payment-versus-payment) settlement to mitigate counterparty risk. Chainlink will serve as middleware, translating legacy SWIFT instructions into instant atomic swaps on-chain—without requiring banks to replace their existing payment infrastructure. The project aims to achieve live, compliant transactions within 12 months.