Chainlink has partnered with 47 banks from South Korea and Europe, aiming to speed up cross-border international fund transfers.

Blockchain infrastructure firm Chainlink Labs announced it will join a consortium of multiple banks that collectively manage over $10 trillion in assets, with the goal of advancing stablecoin-based real-time cross-border foreign exchange payment settlements within a year. The consortium is named Project Pangea. Niki Ariyasinghe, Chainlink’s Vice President for Asia Pacific and Middle East, stated in a Tuesday video interview that the project aims to reshape the global foreign exchange market. In addition to Chainlink, the consortium includes Qivalis—a euro stablecoin consortium backed by 37 European banks—and UniKA, a South Korean banking alliance representing over 10 commercial banks. The project’s target is to shift foreign exchange settlements from the traditional T+2 (48-hour post-transaction) cycle to near-instant T+0 settlement, primarily relying on regulated euro and South Korean won-pegged stablecoins: crypto tokens anchored at a 1:1 value to their underlying fiat currencies.