Chainlink Partners with 47 European and Korean Banks to Advance Project Pangea, Aiming for Real-Time Cross-Border Stablecoin Settlement Within One Year

TechFlow News, June 23: According to CoinDesk, blockchain infrastructure company Chainlink announced its joining of Project Pangea—a consortium formed by Qivalis, a European stablecoin consortium backed by 37 European banks, and UniKA, a 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. It employs an atomic PvP (payment-versus-payment) settlement mechanism to mitigate counterparty risk. Chainlink will serve as middleware, translating traditional SWIFT instructions into instantaneous atomic swaps on-chain without requiring banks to replace their existing payment infrastructure. The project aims to achieve live, compliant transactions within 12 months.