Chainlink joins European and Korean bank consortia to develop FX settlement network

Banks across Europe and South Korea will study whether regulated euro and won stablecoins can enable real-time cross-border foreign exchange settlement.

Chainlink has joined a working group with European and South Korean banking organizations to explore the use of stablecoins for foreign exchange (FX) settlement, underscoring how blockchain technology is increasingly being tested to modernize legacy financial infrastructure.

On Tuesday, Chainlink announced Project Pangea alongside South Korean digital asset infrastructure company FairSquareLab, the Unified Korea Alliance (UniKA) — a consortium that includes more than a dozen Korean commercial banks — and Qivalis, a euro stablecoin consortium backed by 37 European banks.

Project Pangea aims to bring together financial institutions across Europe and South Korea to evaluate direct, atomic swaps of euro- and South Korean won-denominated stablecoins using Chainlink’s data infrastructure alongside FairSquareLab’s onchain foreign exchange settlement technology.

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