Project Pangea to test stablecoin FX settlement

A consortium of major financial institutions and technology firms announced a new initiative on Tuesday, June 23, 2026, to explore using regulated stablecoins for faster cross-border foreign exchange settlement between Europe and South Korea. The collaborative effort, named Project Pangea, brings together blockchain infrastructure provider Chainlink, South Korean digital asset firm FairSquareLab, the Unified Korea Alliance (UniKA) of more than a dozen Korean commercial banks, and Qivalis, a euro stablecoin consortium backed by 37 European banks.

The project aims to evaluate the direct, atomic exchange of euro and South Korean won-denominated stablecoins. This method, known as Payment-versus-Payment (PvP) settlement, would allow both sides of a currency trade to settle simultaneously, reducing settlement risk and aiming to move from the traditional two-day (T+2) timeline to near-instant (T+0) settlement. The initiative focuses on the substantial trade corridor between Europe and South Korea, which processes over $150 billion in goods and services annually.

Chainlink's role will be to provide data, interoperability, and transaction orchestration, connecting existing banking...