Chainlink and a multinational banking consortium of more than 50 institutions across 16 countries launched Project Pangea at Point Zero Forum in Zurich on Tuesday, targeting T+0 atomic settlement for the $9.6 trillion-a-day global FX market.
The initiative pairs Chainlink's oracle and interoperability stack with Swift's ISO 20022 messaging and FairSquareLab's settlement technology to enable direct Payment-versus-Payment (PvP) swaps of regulated EUR and KRW stablecoins. The formal announcement names three core consortium partners: Qivalis, a euro stablecoin consortium backed by 37 European banks; UniKA (Unified Korea Alliance), the Korean coalition behind Project Pangea, which comprises a steering committee of five entities — Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA — alongside 10+ participating Korean commercial banks; and FairSquareLab, a Korean onchain FX infrastructure firm.
Three-Layer Stack
Project Pangea's architecture runs on three layers: a banking layer built on Swift and ISO 20022 messaging; a connectivity layer using Chainlink CCIP and Data Streams for high-speed FX market data; and a settlement layer of AMM smart contracts deployed on Ethereum, Polygon, and a dedicated Pangea L1 blockchain operated by FairSquareLab.
The Pangea L1 functions as neutral territory independent of any single country or participating bank. At the protocol level, oracle price updates execute ahead of every other transaction in each block, ensuring FX swaps settle at current market rates rather than stale quotes.
Through Existing Rails
Banks interact with the system through their existing Swift payment infrastructure. Instructions route through Chainlink's Runtime Environment (CRE), which translates ISO 20022 messages into onchain settlement actions without requiring institutions to rebuild internal systems. The DTCC chose the same CRE layer for its 24/7 tokenized collateral platform earlier this year, with production targeted for Q4 2026.
Cross-border FX currently requires institutions to convert capital through intermediary currencies before reaching a target denomination, creating settlement delays and intraday liquidity drag. Project Pangea replaces that step with a direct atomic swap at oracle-verified prices.
"Project Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins," Fernando Vazquez, President of Capital Markets at Chainlink Labs, said in the announcement. "This is a clear signal that global finance is increasingly moving onchain."
Project Pangea is Chainlink's third major institutional announcement in the past two weeks: Chainlink CCIP drew over $1.1 billion in token value in a single week in early June, and the company launched APAC Equities Streams on Monday, putting live pricing for Samsung, Toyota, and Sony on-chain.