Chainlink has quietly enlisted more than 50 banks to join Project Pangea, a bank-led initiative testing stablecoin-based settlement to speed up foreign exchange (FX) trades between Europe and South Korea. The consortium — which collectively manages over $10 trillion in assets — aims to cut FX settlement times from the industry-standard two business days (T+2) to near-instant, same-day finality (T+0). Who’s involved - Core partners: Chainlink, FairSquareLab, UniKA and Qivalis. - Banking reach: Qivalis is backed by 37 European banks; UniKA represents more than 10 Korean commercial banks. - Overall scale: more than 50 banks representing $10+ trillion assets under management. What Project Pangea will test - Atomic payment-versus-payment (PvP) swaps using compliant euro and South Korean won stablecoins, meaning both legs of an FX trade settle at the same time — or not at all. - Instant T+0 settlement and access to onchain liquidity via Pangea AMM smart contracts deployed on chains such as Ethereum, Polygon and the Pangea L1 Network. - Use of ISO 20022 messaging and existing SWIFT infrastructure so banks do not need to rip out core systems or hold crypto on their balance sheets. Banks would continue to send payment instructions through SWIFT; Chainlink’s infrastructure translates those messages into onchain settlement actions. Roles and technology - Chainlink: provides data, interoperability and orchestration tools to bridge traditional banking messages to blockchain settlement. - FairSquareLab: supplies onchain FX settlement technology and the Pangea L1 Network. - The design focuses on regulatory compliance and operational compatibility rather than forcing banks to buy crypto or abandon familiar messaging rails. Why it matters Stablecoins and atomic settlement offer a practical route to reduce settlement risk and liquidity drag: funds stopped “in transit” for days are unavailable for use, increasing counterparty and operational risk. By collapsing settlement windows to T+0, banks and corporate customers could access funds faster and reduce exposure. As Niki Ariyasinghe, Chainlink’s VP for Asia-Pacific and the Middle East, put it: “This is not just a POC. Everyone’s coming in with their eyes wide open.” She added that shortening time-in-transit for payments is “a good thing” for customers who need immediate access to funds. Market and industry context Project Pangea joins a wave of institutional experiments exploring tokenized and blockchain-based payment rails. SWIFT has been investigating blockchain systems as stablecoins gain scale, and BIS tokenization trials recently demonstrated atomic settlement across seven central banks and more than 40 financial institutions. Chainlink’s push into bank-grade infrastructure also aligns with its broader institutional roadmap: its cross-chain CCIP stack and oracle services have collectively secured over $110 billion in total value across tokens and DeFi feeds. Chainlink token snapshot Crypto.news market data showed LINK trading at $7.59 — down about 3.2% over 24 hours — with roughly $246 million in 24-hour volume and a market cap near $5.68 billion. The big test for banks will be whether the model can meet compliance, risk management and liquidity requirements at scale. If Project Pangea succeeds, it could be a pivotal step toward mainstreaming stablecoin settlement in corporate and cross-border payments without forcing banks to abandon existing messaging protocols or core systems.
Chainlink Enlists 50+ Banks for Project Pangea to Test Stablecoin T+0 FX Settlement
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Summary
Chainlink has brought in over 50 banks to join Project Pangea, a collaborative effort to test stablecoin-based FX settlement between Europe and South Korea. The initiative, overseeing more than $10 trillion in assets, seeks to shorten FX settlement times from T+2 to T+0. Using compliant euro and won stablecoins and Pangea AMM smart contracts, the project enables instant PvP swaps. The solution aligns with stablecoin regulation and operational standards, leveraging ISO 20022 and SWIFT. It also ensures compliance with CFT measures.
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