Chainlink joins European and Korean bank consortia to develop FX settlement network
Chainlink has joined Project Pangea, a working group with South Korean and European banking groups to test stablecoins for FX settlement. Partners include FairSquareLab, the Unified Korea Alliance, and Qivalis, a euro stablecoin consortium backed by 37 European banks. The project will evaluate direct atomic swaps between euro- and won-denominated stablecoins using Chainlink’s data infrastructure and FairSquareLab’s onchain settlement technology. The effort reflects growing institutional interest in using stablecoins and tokenized deposits for wholesale payments, cross-border settlement, and FX rather than retail payments. It is not a live network and has no announced launch timeline. The move fits a broader trend of banks and fintechs experimenting with blockchain-based infrastructure to modernize global payments and settlement.
