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Chainlink Joins 47 European and South Korean Banks to Launch Near Real-Time Settlement

GateNews
Partnerships & Ecosystem
LINK-0.70%
Chainlink has partnered with 47 European and South Korean banks to launch Project Pangea, an initiative to test atomic payment-versus-payment settlement between euro- and won-denominated stablecoins. The participating institutions, represented through Qivalis (37 European banks) and UniKA (10+ South Korean banks), collectively hold over $10 trillion in assets. The project targets the Europe-South Korea trade corridor, which processes more than $150 billion in goods and services annually, aiming to replace the traditional T+2 foreign exchange settlement cycle with near real-time T+0 settlement. Chainlink's technology will connect existing banking infrastructure, including Swift and ISO 20022 messaging standards, with blockchain-based settlement rails. According to Niki Ariyasinghe, Chainlink's vice president for Asia-Pacific and the Middle East, the consortium is targeting compliant live transactions within the next 12 months.
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