Chainlink teams up with 47 South Korean, European banks to speed up international money transfers
The alliance, called Project Pangea, plans to use stablecoins to settle multimillion-dollar currency trades between Europe and South Korea in near real time.
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Summary
- Chainlink joined Project Pangea, a coalition of European and South Korean banks to enable real-time, stablecoin-based cross-border payments for foreign-exchange trades within a year.
- The initiative will test near-instant settlement of euro- and South Korean won-pegged stablecoins using atomic payment-versus-payment mechanisms, aiming to cut counterparty and settlement risk in a $150 billion Europe–South Korea trade corridor.
- Project Pangea is designed as middleware that lets banks use existing Swift and ISO 20022 systems while settling on the Pangea L1 blockchain network.
