Chainlink and Multinational Banking Consortia Launch Project Pangea To Develop T+0 Settlement Framework for International FX Markets

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 project was announced in Zurich, Switzerland at Point Zero Forum, the annual global policy and technology event organized by the Global Finance & Technology Network (GFTN) and the State Secretariat for International Finance (SIF). Chainlink’s President of Capital Markets, Fernando Vázquez; FairSquareLabs’ CEO, Joonhong Kim; and Qivalis’ Head of Asia Pacific Partnerships, Jean-Luc Gustave, revealed the solution on stage during a panel discussion about transforming global FX markets.

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 specific focus on evaluating the transition from traditional T+2 settlement cycles toward real-time T+0 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).

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.

Project Pangea unites dozens of global financial institutions from across Europe and South Korea to facilitate the atomic swap of regulated, fiat-referenced digital assets such as EUR and KRW stablecoins via Chainlink’s data, interoperability, and orchestration standards alongside FairSquareLab’s onchain FX settlement technology.

Project Pangea leverages Chainlink’s Cross-Chain Interoperability Standard (CCIP) to securely transfer EUR stablecoins from their native networks to the KRW settlement chain, Chainlink Data Streams for high-speed FX market data to ensure onchain quotes are synchronized with global markets, and the Chainlink Runtime Environment (CRE) as the orchestration layer allowing institutions to seamlessly connect with onchain finance through their existing systems.

The global FX market processes more than $9.6 trillion in daily trading volume. Despite that scale, cross-border transactions still depend on intermediary currency conversions that delay settlement by two business days under the current T+2 standard.

Project Pangea is structured as a working group rather than a finished product. The task force will evaluate the transition path from T+2 toward T+0 and build out the multi-currency settlement network across the participating institutions. No public timeline for full deployment has been announced.

Project Pangea is a working group rather than a live payment network, and no production implementation timeline has been announced. The initiative reflects a broader trend of banks experimenting with tokenized deposits and regulated stablecoins to improve cross-border payments and settlement.