A consortium of financial and technology organizations led by Chainlink, FairSquareLab, UniKA and Qivalis has unveiled Project Pangea, a cross-border settlement initiative designed to reshape global foreign exchange markets through regulated stablecoins. The project aims to connect European and South Korean financial institutions, enabling direct exchanges between euro- and won-denominated stablecoins without relying on traditional intermediary currencies.
Project Pangea focuses on delivering real-time atomic settlement through blockchain infrastructure while maintaining compatibility with existing banking systems. The platform will support Payment-versus-Payment transactions, helping reduce settlement risk, improve capital efficiency and accelerate cross-border transfers. The initiative combines Chainlink’s interoperability and market data services with FairSquareLab’s liquidity and settlement technologies to create a multi-currency network for institutional participants.
Supporters of the project argue that the model could significantly improve how international value moves between markets by reducing friction in foreign exchange transactions. By integrating blockchain settlement with Swift and ISO 20022 standards, the consortium aims to provide banks with a practical pathway to adopt onchain finance without overhauling their existing operational infrastructure.
