Chainlink Joins $10 Trillion Banking Alliance to Enable Real-Time Stablecoin FX Settlements

Blockchain infrastructure provider Chainlink has joined a banking coalition representing more than $10 trillion in assets under management to advance real-time, stablecoin-powered cross-border payments for foreign exchange (FX) transactions.

The initiative, known as Project Pangea, brings together Chainlink, Qivalis—a euro stablecoin consortium supported by 37 European banks—and UniKA, a South Korean banking alliance representing over 10 commercial banks. The project aims to modernize the global FX market by enabling near-instant settlement of currency trades through regulated stablecoins.

According to Chainlink Vice President for Asia-Pacific and the Middle East Niki Ariyasinghe, the coalition intends to move FX settlement away from the traditional T+2 model, where transactions take two business days to settle, toward a T+0 framework that allows transactions to be completed almost instantly.

The project will assess the use of euro- and South Korean won-backed stablecoins in atomic payment-versus-payment (PvP) settlement. This mechanism ensures that both sides of a foreign exchange transaction settle simultaneously, reducing counterparty risk and eliminating delays associated with conventional settlement systems.

Ariyasinghe emphasized that Project Pangea is designed as a real-world infrastructure initiative rather than a simple proof-of-concept. The consortium’s goal is to facilitate live transactions within a compliant legal and regulatory framework within the next 12 months.

The project is initially focused on the Europe–South Korea trade corridor, which handles more than $150 billion in annual trade and ranks among the world’s largest economic routes. The initiative also aligns with growing stablecoin adoption across Asia, where a significant share of global stablecoin payment activity takes place.

Rather than requiring banks to replace existing systems, Project Pangea will integrate with Swift and ISO 20022 standards. Chainlink’s technology will act as middleware, translating traditional banking messages into blockchain-based atomic swaps executed on the Pangea L1 Network.

While some observers may compare the effort to Ripple’s cross-border payment strategy, Chainlink describes its role as a technology provider focused on enhancing existing financial infrastructure. By shortening settlement times from days to near real time, Project Pangea aims to reduce liquidity costs, lower settlement risks, and improve access to capital for businesses engaged in international trade.