Chainlink, the industry-standard oracle platform, along with FairSquareLab, Korea’s leading digital asset infrastructure company; Qivalis, a euro stablecoin consortium powered by 37 leading European banks; and a consortia of more than 50 multinational banks representing over $10 trillion in AUM, launched Project Pangea – an initiative to unlock T+0 cross-border settlement via Chainlink’s oracle infrastructure and ISO 20022 standards.
The project was announced in Zurich, Switzerland at Point Zero Forum, the annual global policy and technology event organized by the Global Finance & Technology Network (GFTN) and the State Secretariat for International Finance (SIF). Chainlink’s President of Capital Markets, Fernando Vázquez; FairSquareLabs’ CEO, Joonhong Kim; and Qivalis’ Head of Asia Pacific Partnerships, Jean-Luc Gustave, revealed the novel solution on stage during a panel discussion about transforming global FX markets.
Project Pangea unites dozens of global financial institutions from across Europe and South Korea to facilitate the atomic swap of regulated, fiat-referenced digital assets such as EUR and KRW stablecoins via Chainlink’s data, interoperability, and orchestration standards alongside FairSquareLab’s onchain FX settlement technology.
The strategic, collaborative task force is designed to establish a scalable multi-currency settlement network that processes over $9.6 trillion in daily FX market trading volume without major bottlenecks caused by the existing system’s fragmented market structure. The goal is to transition from traditional T+2 settlement cycles toward T+0 settlement models that would transform global finance by enabling real-time cross-border transactions.
Chainlink has enabled over $31 trillion in transaction value, secures the vast majority of DeFi, and is the leading infrastructure provider connecting global financial institutions such as Swift and UBS to the blockchain economy. Chainlink also supports government use cases by delivering data from the U.S. Department of Commerce onchain.
Earlier this year, Chainlink Labs joined the Global Alliance for KRW Stablecoins (GAKS) to expand compliant real-world usage of KRW-backed stablecoins such as KRWQ, which automates its reserve verification via Chainlink’s Proof of Reserve.
Project Pangea leverages Chainlink’s Cross-Chain Interoperability Standard (CCIP) to securely transfer EUR stablecoins from their native networks to the KRW settlement chain, Chainlink Data Streams for high-speed FX market data to ensure onchain quotes are synchronized with global markets, and the Chainlink Runtime Environment (CRE) as the orchestration layer allowing institutions to seamlessly connect with onchain finance through their existing systems.
Chainlink Labs’ Fernando Vazquez described the collaboration as a major milestone in the movement of global value.
“Project Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins. This is a clear example of how the Chainlink standard powers global-scale settlement for the next generation of capital markets and a clear signal that global finance is increasingly moving onchain.”
“For Korea, Project Pangea is more than an efficiency gain – it opens a path for the Korean won to connect more directly with global currency markets, reducing reliance on intermediary currencies,” said FairSquareLab’s Joonhong Kim.
“Together with Qivalis and Chainlink, and leading the UniKA alliance, FairSquareLab is building a network that brings the Korean banking sector into a new era of real-time, cross-border settlement and redefines how value moves across borders.”
Qivalis’ Jean-Luc Gustave highlighted the project’s potential to establish a new paradigm for cross-border settlement between Europe and South Korea.
“Connecting regulated EUR and KRW stablecoins through atomic settlement would move the conversation past theoretical use cases, proving how next-generation infrastructure would optimize international trade corridors. For global participants, migrating to a friction-free cross-border model could unlock significant capital efficiency by eliminating traditional settlement risk and reducing intraday liquidity costs, safely opening the door to high-volume institutional flows.”