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Chainlink joins 47 European and South Korean banks to speed up stablecoin payments
Chainlink has joined Project Pangea, an initiative bringing together 47 banks to build infrastructure for cross-border payments using stablecoins. Participants aim to reduce foreign exchange settlement times from two days to near-instant execution.
The project includes the European banking consortium Qivalis, which represents 37 financial institutions, as well as South Korea's UniKA banking alliance, comprising more than 10 commercial banks.
According to Niki Ariyasinghe, Chainlink's Vice President for Asia Pacific and the Middle East, participating institutions collectively manage more than $10 trillion in assets.
Project Pangea will initially focus on the Europe–South Korea trade corridor, where more than $150 billion in goods and services are exchanged annually.
Stablecoins to streamline cross-border settlements
The participating banks plan to use euro- and Korean won-denominated stablecoins to settle foreign exchange transactions in real time.The platform will rely on a Payment-versus-Payment (PvP) settlement model, under which both sides of a currency exchange are executed simultaneously. The approach is designed to reduce settlement risk while lowering banks' liquidity requirements.
The initiative will not require financial institutions to replace their existing infrastructure. Instead, it will remain compatible with both the SWIFT network and the ISO 20022 messaging standard, while Chainlink will serve as the interoperability layer connecting banking systems with blockchain infrastructure.
Live transactions expected within a year
Chainlink emphasized that Project Pangea is not a pilot program and is intended to support fully regulated transactions within the next 12 months.The company also dismissed suggestions that the initiative competes with Ripple. According to Chainlink, it provides interoperability infrastructure rather than operating a payment network for banks.
Project Pangea reflects Chainlink's expanding role in financial infrastructure. Crypto analyst Quinten Francois recently argued that the protocol already powers much of the crypto ecosystem and is gradually becoming a foundational technology layer for digital finance.
Earlier, Ripple introduced a toolkit for building AI-powered payment applications on the XRP Ledger. The solution enables autonomous AI agents to conduct transactions using XRP and the RLUSD stablecoin without human intervention.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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