Chainlink and Global Banks Target Real-Time Stablecoin FX Rails

On Tuesday, Chainlink officially announced the launch of “Project Pangea.” This is a strategic working group that unites more than 10 South Korean commercial banks (under the UniKA alliance) and a European banking consortium composed of 37 global financial institutions. The primary objective of this technological initiative is to eliminate traditional delays in the foreign exchange (FX) market through the implementation of immediate stablecoin-based settlements, definitively replacing the current T+2 standard.

The impact of this development lies in the drastic mitigation of counterparty risk and cross-border friction within a sector that moves a daily volume exceeding $9.6 trillion. Through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Fairsquarelab’s decentralized settlement infrastructure will facilitate direct atomic swaps between stablecoins pegged to the euro and the Korean won, without requiring financial entities to modify their existing Swift infrastructure or their ISO 20022 messaging.

As an immediate next technical step, participants will evaluate the transition of capital flows toward a T+0 environment. The infrastructure will operate on the dedicated Pangea L1 network, where market data updates supplied by Chainlink oracles will have absolute processing priority to ensure accurate, real-time pricing.

Source: https://goo.su/tUCJyn

Disclaimer: Crypto Economy Flash News is prepared from official and public sources verified by our editorial team. Its purpose is to quickly inform about relevant events in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.

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Chainlink and Global Banks Target Real-Time Stablecoin FX Rails

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