Chainlink Launches Project Pangea for Stablecoin FX Settlement with 50+ Banks

Chainlink has introduced Project Pangea, an initiative focused on cross-border foreign exchange settlements, involving more than 50 financial institutions that collectively manage assets exceeding $10 trillion. This project seeks to eliminate the traditional two-day settlement period by enabling instantaneous transactions through regulated stablecoins and blockchain technology. Key participants include Chainlink, FairSquareLab, UniKA (which represents over 10 Korean banks, including Shinhan Bank), and Qivalis, a group of 37 European banks. Project Pangea aims to tap into the $9.6 trillion daily FX market by employing atomic Payment-versus-Payment swaps with euro and South Korean won stablecoins. The settlement process leverages FairSquareLab's onchain FX technology alongside the Pangea L1 blockchain. At the time of writing, LINK was priced at $7.59, reflecting a 3.2% decrease, with a market capitalization around $5.68 billion.