Chainlink Partners with 47 Banks in Korea and Europe to Accelerate Cross-Border Fund Transfers

On June 24, blockchain infrastructure company Chainlink Labs announced its participation in an alliance comprising several banks that collectively manage over $10 trillion in assets, aiming to promote real-time cross-border foreign exchange payment settlements based on stablecoins within a year. The alliance is named 'Project Pangea.' Niki Ariyasinghe, Vice President of Chainlink for the Asia-Pacific and Middle East regions, stated in a video interview on Tuesday that the project aims to reshape the global foreign exchange market. In addition to Chainlink, the alliance includes the Qivalis consortium, supported by 37 European banks, and the UniKA, a Korean banking alliance representing more than 10 commercial banks. The project's goal is to explore moving foreign exchange settlements from the traditional T+2 (48 hours post-trade) cycle to an almost instantaneous T+0 settlement method, primarily relying on regulated stablecoins pegged to the euro and Korean won, which are cryptocurrencies that maintain a 1:1 value with their underlying fiat currencies.