Chainlink Joins 50+ Banks in Project Pangea for T+0 FX Settlement Push Today

Chainlink launches Project Pangea with 50+ banks to test T+0 FX settlement using stablecoins and ISO 20022.

Chainlink has launched Project Pangea with multinational banking groups across Europe and South Korea.

The project brings together more than 50 banks representing over $10 trillion in assets under management.

The initiative will test how stablecoins can support T+0 settlement in international foreign exchange markets.

It also uses Chainlink infrastructure, ISO 20022 standards, Swift connectivity, and FairSquareLab’s Onchain FX settlement technology.

Chainlink Launches Project Pangea With Banks

Chainlink announced Project Pangea with FairSquareLab, UniKA, and Qivalis. The group will study faster settlement models for global foreign exchange markets.

UniKA represents the Korean coalition behind the project. Its steering committee includes Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA.

The Korean side also includes more than 10 participating commercial banks. Meanwhile, Qivalis brings a euro stablecoin consortium backed by 37 European banks.

Together, the groups represent a large banking network across two major regions. Their work will focus on regulated, fiat-linked digital assets for FX settlement.

Project Pangea Targets T+0 FX Settlement

The project aims to move FX settlement from traditional T+2 timelines toward real-time T+0 settlement. This would reduce waiting periods between trade execution and settlement.

Project Pangea will explore direct atomic swaps of EUR and KRW stablecoins. Atomic settlement means both sides of a transaction settle together or not at all.

The system will focus on payment-versus-payment settlement between compliant regional digital currencies. 

This model is designed to reduce settlement risk in cross-border currency transactions.

The global FX market processes more than $9.6 trillion in daily trading volume. 

However, cross-border settlement can still face delays from currency conversion and fragmented systems.

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ISO 20022 and Chainlink Support Bank Connectivity

Chainlink said its infrastructure will help existing financial systems connect with blockchain networks. The project will use ISO 20022 messaging standards already used by banks.

The framework is also designed to work with existing Swift infrastructure. This allows banks to test blockchain settlement without replacing their current operating systems.

Chainlink will provide data, interoperability, and orchestration standards for the project. FairSquareLab will contribute its Onchain FX settlement technology to the working group.

The project also aims to expand Onchain liquidity across multiple currencies. This could support faster access to global currency markets through regulated stablecoin settlement.

Project Pangea adds another banking-focused use case to Chainlink’s institutional work. 

It also shows how stablecoins are being tested beyond trading and into foreign exchange infrastructure.

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