Chainlink and 37 European Banks, 10+ Korean Lenders Launch Project Pangea to Enable Real-Time $9.6T FX Settlement

According to press releases from Chainlink Labs and participating banking consortia, Project Pangea was recently announced to modernize foreign exchange settlement infrastructure. The initiative unites Chainlink, Fairsquarelab, UniKA (Unified Korea Alliance) representing 10+ Korean commercial banks including Shinhan Bank, and Qivalis, a consortium of 37 leading European banks, representing combined assets exceeding $10 trillion.

The project aims to replace the current T+2 settlement standard by enabling direct, atomic Payment-versus-Payment (PvP) swaps of EUR and KRW stablecoins, eliminating delays in the global FX market, which processes more than $9.6 trillion in daily trading volume. Fairsquarelab's Pangea L1 blockchain layer executes atomic swaps while Chainlink's Cross-Chain Interoperability Protocol (CCIP) and Data Streams facilitate real-time price feeds, using existing Swift and ISO 20022 messaging standards so participating banks need not replace current infrastructure.