Chainlink and Global Banks Launch Project Pangea to Rebuild Cross-Border FX Settlement

Chainlink announced Project Pangea with European and South Korean banking groups to build a real-time T+0 cross-border FX settlement framework using stablecoins. The project aims to modernize the fragmented $9.6 trillion-a-day FX market by enabling atomic payment-versus-payment swaps of regulated EUR and KRW stablecoins, reducing settlement risk, intermediary currency usage, and intraday liquidity costs. The architecture uses Swift and ISO 20022 messaging, Chainlink CCIP, Data Streams, and a dedicated Pangea L1 settlement chain, with Oracle-first transaction ordering to support accurate pricing and reduce manipulation risk. The initiative signals increasing institutional adoption of onchain infrastructure and could support broader stablecoin-based settlement across additional currency corridors.