Chainlink teams up with 47 South Korean, European banks to speed up international money transfers
Chainlink has launched 'Project Pangea' in collaboration with 47 banks across South Korea and Europe to transition international money transfers from a 48-hour settlement cycle to near-instant transactions. The initiative utilizes regulated stablecoins to improve efficiency and reduce counterparty risk in the $150 billion trade corridor.
Why it matters
This represents a significant move toward integrating blockchain infrastructure into traditional banking systems for real-world financial settlement.
The coalition, called Project Pangea, aims to redefine the global FX markets, Niki Ariyasinghe, Chainlink’s vice president of Asia-Pacific and the Middle East, said in a video interview on Tuesday. In addition to Chainlink, the group includes Qivalis, a euro stablecoin consortium backed by 37 European banks , and UniKA, a Korean banking alliance representing more than 10 commercial banks.
The report focuses on technical and business developments in fintech without taking a stance on the underlying assets.
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