Chainlink, Korean and European banks launch Project Pangea for real-time euro won stablecoin settlement
The initiative seeks to address inefficiencies in the traditional foreign exchange market, which processes trillions of dollars in daily volume but still relies on fragmented infrastructure and intermediary currencies.
A consortium of financial and technology organizations led by Chainlink, FairSquareLab, UniKA and Qivalis has unveiled Project Pangea in a joint effort to establish a new framework for cross-border foreign exchange settlement using regulated stablecoins, according to a Tuesday statement.
The initiative aims to connect European and South Korean financial institutions, enabling direct exchanges between euro- and won-denominated stablecoins without relying on traditional intermediary currencies.
“This is a major milestone toward rebuilding how global value moves,” Fernando Vazquez, President of Capital Markets at Chainlink Labs, commented on the launch. “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.”
Project Pangea focuses on delivering real-time atomic settlement through blockchain infrastructure while maintaining compatibility with existing banking systems.
The platform will support Payment-versus-Payment transactions, helping reduce settlement risk, improve capital efficiency and accelerate cross-border transfers, as noted in the release. The initiative combines Chainlink’s interoperability and market data services with FairSquareLab’s liquidity and settlement technologies to create a multi-currency network for institutional participants.
“It [Project Pangea] 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,” Joonhong Kim, CEO of FairSquareLab, stated.
Built on a three-layer architecture encompassing banking systems, connectivity infrastructure and blockchain settlement networks, Project Pangea is expected to greatly improve how international value moves between markets.
By integrating blockchain settlement with Swift and ISO 20022 standards, the consortium aims to provide banks with a practical pathway to adopt onchain finance without overhauling their existing operational infrastructure.
“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,” Jean-Luc Gustave, Head of Partnerships, APAC, Qivalis, said. “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.”
Qivalis is a European banking consortium building a regulated euro stablecoin to support on-chain payments, settlements, and digital asset trading. Led by former Coinbase Germany executive Jan-Oliver Sell, the Amsterdam-based project is anticipated to launch in the second half of 2026 as Europe’s answer to dominant US dollar stablecoins.
The consortium started with 12 founding members. Last month, it added 25 more, bringing the total banks to 37.