Chainlink has partnered with 47 South Korean and European banks to accelerate cross-border international money transfers.

Blockchain infrastructure firm Chainlink Labs announced it will join a consortium of banks that collectively manage over $10 trillion in assets, with the goal of advancing stablecoin-based real-time cross-border foreign exchange (FX) payment settlements within a year. The consortium is named Project Pangea. Niki Ariyasinghe, Chainlink’s vice president for Asia-Pacific and the Middle East, said in a Tuesday video interview that the project aims to reshape the global FX 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 transition FX settlements from the traditional T+2 (48 hours post-transaction) cycle to near-instant T+0 settlements, primarily relying on regulated euro and South Korean won-pegged stablecoins—crypto tokens anchored 1:1 to the value of their underlying fiat currencies.