Chainlink launches Project Pangea for euro-won stablecoin FX settlement
In brief
- Chainlink launches Project Pangea with 37 European and 13+ Korean banks for stablecoin FX settlement
- Initiative enables direct atomic swaps of euro and won stablecoins for cross-border payments
- Qivalis euro consortium and Unified Korea Alliance partner on research and evaluation phase
- No production timeline; focus on regulatory feasibility of stablecoin-based settlement
The consortium
Qivalis is a euro stablecoin consortium backed by 37 European banks. The Unified Korea Alliance includes more than a dozen Korean commercial banks. FairSquareLab, a South Korean digital asset infrastructure company, will provide onchain foreign exchange settlement technology.
Project Pangea aims to evaluate direct, atomic swaps of euro- and won-denominated stablecoins using Chainlink's data infrastructure. The working group will study whether this model can reduce settlement friction and operational costs across borders.
Research phase, not production
Project Pangea is a working group rather than a live payment network, and no production implementation timeline has been announced. The initiative signals how financial institutions are evaluating stablecoins for wholesale financial infrastructure rather than consumer payments.
The global foreign exchange market processes roughly $9.6 trillion in daily trading volume, according to the Bank for International Settlements. Blockchain technology is increasingly being tested to modernize legacy financial infrastructure. Fintech startup OpenFX recently raised $94 million to expand its stablecoin-based payments network, underscoring institutional appetite for tokenized settlement.
Citigroup projects the global stablecoin market will grow to $1.9 trillion by 2030, up from roughly $315 billion today. In its most optimistic forecast, Citigroup estimates the stablecoin market could grow to as much as $4 trillion by 2030.
