Chainlink has collaborated with 47 South Korean and European banks to accelerate cross-border fund transfers.

Blockchain infrastructure firm Chainlink Labs has announced it will join Project Pangea, a consortium of banks that collectively manage over $10 trillion in assets, with the goal of advancing real-time cross-border foreign exchange (FX) payments and settlements based on stablecoins within a year. Niki Ariyasinghe, Chainlink’s vice president for Asia-Pacific and the Middle East, stated in a Tuesday video interview that the project aims to reshape the global FX market. Beyond Chainlink, the consortium includes Qivalis—a euro stablecoin consortium backed by 37 European banks—and UniKA, a South Korean banking alliance representing more than 10 commercial banks. The project seeks to transition FX settlements from the traditional T+2 (48-hour post-transaction) cycle to near-instant T+0 settlement, primarily leveraging regulated euro- and won-pegged stablecoins: crypto tokens anchored at a 1:1 value to their underlying fiat currencies.