Chainlink has partnered with 47 banks in South Korea and Europe to speed up cross-border international fund transfers.

Blockchain infrastructure firm Chainlink Labs said it will join a consortium of banks that collectively manage over $10 trillion in assets, with the goal of advancing real-time cross-border foreign exchange payment settlements based on stablecoins within a year. The consortium is named Project Pangea. 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 foreign exchange market. In addition to 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’s goal is to explore shifting foreign exchange settlements from the traditional T+2 (48 hours post-transaction) cycle to near-instant T+0 settlement, primarily relying on regulated euro and South Korean won-pegged stablecoins—crypto tokens pegged 1:1 to their underlying fiat currencies.