Blockchain infrastructure provider Chainlink has joined Project Pangea, a major banking coalition of 47 European and South Korean institutions managing over $10 trillion in assets. The initiative aims to modernize the Europe-South Korea trade corridor, which sees over $150 billion annually, by enabling near real-time T+0 foreign exchange settlements using regulated stablecoins. Chainlink will provide a middleware layer to convert traditional SWIFT instructions into on-chain settlements, with the goal of launching live regulated stablecoin transactions within 12 months.
Chainlink has joined Project Pangea alongside European and South Korean banks to modernize cross-border settlements using regulated stablecoins. The initiative seeks to enable near real-time transactions and reduce settlement risks.
The blockchain provider is part of a cross-border settlement initiative involving 47 banks that collectively manage more than $10 trillion. The project aims to enable near-real-time foreign-exchange settlements using regulated euro and Korean won stablecoins.
The coalition includes Qivalis, a euro stablecoin consortium supported by 37 European banks, and UniKA, a Korean banking alliance representing more than 10 commercial banks. Project Pangea participants are exploring how blockchain can improve international payment efficiency while remaining compliant.
Chainlink will provide the middleware layer that converts SWIFT payment instructions into on-chain atomic settlements. This allows banks to access blockchain-based infrastructure without replacing current systems.
Project Pangea seeks to reduce settlement times from the traditional T+2 model to near-instant T+0 settlement. The initiative will use regulated stablecoins backed one-to-one by euros and Korean won.
The project analyzes the trade corridor between Europe and South Korea, which exceeds $150 billion annually. This route is among the top 15 trade corridors globally.
Rather than replacing the existing system, Project Pangea is designed to run parallel to it. Banks will continue to use SWIFT but leverage blockchain for settling payments.
Chainlink’s technology will turn payments into atomic swaps using the Pangea L1 Network. This ensures blockchains can settle transactions while preserving banking operation pace.
Industry statistics indicate nearly 60% of all stablecoin payments worldwide are processed in Asia. The participants hope to roll out regulated stablecoin payments within the coming year.
