Chainlink, FairSquareLab, UniKA, and Qivalis announced the launch of Project Pangea on June 23, 2026, a joint initiative focused on advancing cross-border foreign exchange settlement through stablecoin-based infrastructure. The project seeks to establish a framework enabling financial institutions in Europe and South Korea to conduct direct exchanges of regulated fiat-backed digital currencies, including euro- and Korean won-denominated stablecoins. Cross-border payments often face delays and operational complexity due to fragmented infrastructure and multi-step settlement processes, challenges the blockchain-based settlement mechanisms aim to address.
Project Pangea Establishes Framework for Direct Euro-Won Stablecoin Exchanges
Project Pangea combines Chainlink's interoperability and data infrastructure with FairSquareLab's settlement technology to support real-time foreign exchange transactions without relying on traditional intermediary currency conversions. The initiative plans to utilize existing ISO 20022 messaging standards alongside established banking infrastructure to facilitate atomic Payment-versus-Payment (PvP) transactions involving compliant stablecoins.
The framework is designed to support direct currency exchanges, enable near-instant settlement, and improve access to cross-border liquidity across multiple markets. According to a Twitter post by Chainlink on June 23, 2026, the project brings together 50+ banks representing $10+ trillion in assets under management.
Digital asset infrastructure technology company FairSquareLab, stablecoin cooperative UniKA (Unified Korea Alliance), and euro stablecoin consortium Qivalis serve as Chainlink's partners in the initiative.
Chainlink and FairSquareLab Provide Core Technology Infrastructure
Chainlink's technology stack forms a core component of the project. Its Cross-Chain Interoperability Protocol (CCIP) is expected to facilitate the transfer of stablecoins between blockchain networks, helping reduce liquidity fragmentation. Chainlink Data Streams will provide real-time foreign exchange pricing data to support market operations, while the Chainlink Runtime Environment will act as a coordination layer connecting traditional banking systems with blockchain-based settlement networks.
FairSquareLab contributes an onchain foreign exchange settlement mechanism designed for institutional use. The system is structured to reference external FX pricing data directly, with the objective of reducing slippage and maintaining liquidity stability during large-scale currency exchanges. The company is also providing the Pangea Layer 1 network, a blockchain dedicated to settlement activities and designed to operate independently of any single financial institution or jurisdiction.
According to the project partners, the settlement network is intended to ensure that pricing updates are processed before transaction execution, allowing exchanges to reflect current market conditions.
Settlement Architecture Integrates Three-Layer Banking and Blockchain System
The overall architecture consists of three integrated layers. The banking layer relies on Swift and ISO 20022 messaging standards already used by financial institutions. The connectivity layer is powered by Chainlink's interoperability and data services, while the settlement layer utilizes smart contracts deployed across networks including Ethereum, Polygon, and the Pangea Layer-1 blockchain.
Under the proposed model, banks would continue operating through existing payment messaging systems, with settlement instructions translated into blockchain-based transactions through Chainlink's interoperability framework. The infrastructure is designed to support direct and atomic settlement between participating institutions.
The initiative aims to provide a scalable foundation for multi-currency digital asset settlement while maintaining compatibility with established financial infrastructure.
FAQ
What did Chainlink and its partners launch on June 23, 2026?
Chainlink, FairSquareLab, UniKA, and Qivalis launched Project Pangea on June 23, 2026, a joint initiative focused on advancing cross-border foreign exchange settlement through stablecoin-based infrastructure between Europe and South Korea.
How does Project Pangea facilitate cross-border FX settlement?
Project Pangea utilizes ISO 20022 messaging standards and atomic Payment-versus-Payment (PvP) transactions involving euro- and Korean won-denominated stablecoins. The framework combines Chainlink's Cross-Chain Interoperability Protocol, Data Streams, and Runtime Environment with FairSquareLab's onchain settlement mechanism and Pangea Layer 1 network to enable direct currency exchanges without traditional intermediary conversions.
What technology components does the Project Pangea architecture include?
The architecture consists of three layers: a banking layer using Swift and ISO 20022 standards, a connectivity layer powered by Chainlink's interoperability and data services, and a settlement layer utilizing smart contracts deployed across Ethereum, Polygon, and the Pangea Layer-1 blockchain.
