Chainlink has launched Project Pangea, a consortium comprising over 50 banks across 16 countries. The initiative aims to test T+0 atomic settlement for cross-border foreign exchange transactions, moving away from the current one-to-two-day settlement standard.
The project focuses on the EUR-KRW corridor, which sees over $150 billion in annual trading volume. It utilizes SWIFT/ISO 20022 instructions, converting them into on-chain payment-versus-payment swaps using euro-pegged and KRW-pegged stablecoins.
The infrastructure relies on Chainlink’s Cross-Chain Interoperability Protocol for messaging and Data Streams for real-time pricing. This allows banks to maintain existing SWIFT formats without replacing their current internal systems.
The consortium is supported by two anchor organizations: Qivalis, representing 37 European banks, and UniKA, representing over ten South Korean banks. Combined, the participating institutions manage over $10 trillion in assets.
Project Pangea was introduced at the Point Zero Forum in Zurich. The consortium plans to execute live, regulation-compliant transactions within the next 12 months, enabling 24/7 settlement regardless of time zones or business hours.
