Chainlink has formed a working group alongside several multinational groups, across Europe and South Korea, collectively representing over $10+ trillion in assets under management. This collaborative initiative aims to modernize foreign exchange (FX) infrastructure, with a specific focus on evaluating the transition from traditional T+2 settlement cycles toward real-time T+0 settlement models.
ZURICH, June 23, 2026 /PRNewswire/ — Today, Chainlink, FairSquareLab, a first-mover in core infrastructure within the Korean digital asset ecosystem, UniKA (Unified Korea Alliance), which represents the Korean coalition behind Project Pangea and is comprised of a steering committee of 5 entities (Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA) along with 10+ participating Korean commercial banks, and Qivalis, a euro stablecoin consortium powered by 37 leading European banks, announced Project Pangea, a strategic, collaborative task force focused on redefining global foreign exchange markets by unlocking real-time, stablecoin-based cross-border settlement models.
The initiative is designed to bring together dozens of global financial institutions from across Europe and South Korea to unlock the direct, atomic swap of regulated, fiat-referenced digital assets (including EUR and KRW stablecoins) by leveraging Chainlink’s data, interoperability, and orchestration standards, along with FairSquareLab’s onchain FX settlement technology.
Upgrading Global Foreign Exchange With Real-Time Onchain Settlement
The global FX market processes over $9.6 trillion in daily trading volume, and yet, the traditional banking system faces major bottlenecks due to existing market infrastructure and fragmented market structure. Cross-border transactions can be delayed by the need for institutions to convert capital into different currencies as an intermediary step.
Project Pangea is dedicated to transforming this system by leveraging Chainlink and using ISO 20022 messaging standards and existing Swift infrastructure to enable banks to execute direct, atomic Payment-versus-Payment (PVP) swaps of compliant EUR and KRW stablecoins. Designed to establish a scalable multi-currency settlement network, Project Pangea focuses on:
- Enabling direct atomic FX transactions between compliant regional currencies using stablecoins.
- Supporting instant (T+0) Payment-versus-Payment (PvP) settlement.
- Expanding onchain liquidity across currencies, unlocking frictionless access to global currency markets.
Chainlink provides key infrastructure to power this initiative that enables existing financial systems to seamlessly connect to public and private blockchain networks using the same ISO 20022 messaging standards and infrastructure that they’ve used for decades. The project is designed around multiple standards and services within the Chainlink platform as well as Fairsquarelabs technology:
- Chainlink Cross-Chain Interoperability Standard (CCIP) — Enables secure transfers of EUR stablecoins from their native networks to the KRW settlement chain, helping eliminate liquidity fragmentation across networks.
- Chainlink Data Streams — Provides high-speed FX market data to power the Proactive Market Maker (PMM) engine, ensuring onchain quotes are synchronized with global markets.
- The Chainlink Runtime Environment (CRE) — Serves as the orchestration layer between Swift and blockchains, enabling institutions to seamlessly connect to onchain finance through their existing systems.
- FairSquareLab Onchain FX Settlement Technology — A multi-currency stablecoin liquidity engine for interbank FX settlement that anchors price discovery directly to trusted FX oracle quotes rather than a bonding curve. The pool minimizes slippage by exchanging at oracle rates, while per-asset depletion barriers safeguard pool liquidity from exhaustion. The result is a simple, predictable structure optimized for large-scale interbank currency conversion.
- FairSquareLab Pangea L1 Network — A settlement-dedicated L1 blockchain where the FX settlement contract is deployed and operates, serviced from neutral ground independent of any single country or participating bank. At the protocol level, oracle data updates are guaranteed to execute first — ahead of every other transaction in a block — so the chain itself ensures that all FX swaps settle against the current market price. This gives participating institutions a trusted, neutral infrastructure for T+0 atomic FX settlement.
Global Joint Force from Onchain Finance and Technology Infrastructure Rallies Behind Project Pangea
Fernando Vazquez, President of Capital Markets, Chainlink Labs: “I’m very excited to launch Project Pangea along with a consortia of major global banks, as this is a major milestone toward rebuilding how global value moves. Project Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins. This is a clear example of how the Chainlink standard powers global-scale settlement for the next generation of capital markets and a clear signal that global finance is increasingly moving onchain.”
Joonhong Kim, CEO, FairSquareLab: “For Korea, Project Pangea is more than an efficiency gain — it opens a path for the Korean won to connect more directly with global currency markets, reducing reliance on intermediary currencies. Together with Qivalis and Chainlink, and leading the UniKA alliance, Fairsquarelab is building a network that brings the Korean banking sector into a new era of real-time, cross-border settlement and redefines how value moves across borders.”
Jean-Luc Gustave, Head of Partnerships, APAC, Qivalis: “Project Pangea could position Qivalis’ upcoming euro stablecoin at the heart of institutional FX innovation, establishing a new paradigm for cross-border settlement between Europe and South Korea. Connecting regulated EUR and KRW stablecoins through atomic settlement would move the conversation past theoretical use cases, proving how next-generation infrastructure would optimize international trade corridors. For global participants, migrating to a friction-free cross-border model could unlock significant capital efficiency by eliminating traditional settlement risk and reducing intraday liquidity costs, safely opening the door to high-volume institutional flows.”
Innovative Design Details
Chainlink to provide real-time market data and CCIP interoperability infrastructure, while Swift provides ISO 20022 messaging and integration into existing banking systems. Within the Chainlink ecosystem, enterprise revenue and service usage fees are programmatically converted to LINK tokens and stored in the Chainlink Reserve, a strategic onchain reserve designed to support the long-term growth and sustainability of the network.
The architecture is structured in three layers:
- Banking layer (Swift / ISO 20022)
- Connectivity layer (Chainlink CCIP and data streams)
- Settlement layer (Pangea AMM smart contracts on chains such as Ethereum, Polygon, and Pangea L1)
Banks will continue to use familiar payment messaging standards where instructions are translated into onchain settlement actions through Chainlink CCIP.
About Chainlink
Chainlink is the industry-standard oracle platform bringing the capital markets onchain and the market leader powering the majority of decentralized finance (DeFi). The Chainlink stack provides the essential data, interoperability, compliance, and privacy standards needed to power advanced blockchain use cases for institutional tokenized assets, lending, payments, stablecoins, and more. Since inventing decentralized oracle networks, Chainlink has enabled tens of trillions in transaction value and now secures the vast majority of DeFi.
Many of the world’s largest financial services institutions have also adopted Chainlink’s standards and infrastructure, including Swift, Euroclear, Mastercard, Fidelity International, UBS, S&P Dow Jones Indices, FTSE Russell, WisdomTree, ANZ, and top protocols such as Aave, Lido, GMX, and many others. Chainlink leverages a novel fee model where offchain and onchain revenue from enterprise adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve. Learn more at chain.link.
SOURCE Chainlink
