- Chainlink helps convert Swift payment instructions into blockchain-based atomic settlements on the Pangea network.
- Project Pangea targets near real-time EUR-KRW FX settlement, reducing processing times from two days to minutes.
- Forty-seven banks managing over $10 trillion in assets support regulated stablecoin-based cross-border payments.
Chainlink has joined Project Pangea, a cross-border settlement initiative involving 47 European and South Korean banks managing more than $10 trillion in assets. According to the project details, the group aims to reduce EUR-KRW foreign exchange settlement times from two days to near real-time. The initiative combines regulated euro and Korean won stablecoins, banking standards, and blockchain infrastructure to support faster transaction finality.
Project Structure Brings Together European And Korean Banks
Project Pangea connects 37 European banks through Qivalis and more than 10 South Korean banks through UniKA. Together, the institutions focus on the Europe-South Korea trade corridor, which processes more than $150 billion in annual trade volume.
The project uses a dedicated blockchain known as the Pangea Layer 1 Network. Notably, the network supports regulated euro-pegged and Korean won-pegged stablecoins for settlement.
Chainlink participates alongside Qivalis and UniKA by providing middleware services. As a result, banks can convert traditional payment instructions into blockchain-based settlement transactions.
Atomic Settlement
At the core of the project is atomic payment-versus-payment settlement. Under this model, both sides of a foreign exchange transaction settle simultaneously.
If one side cannot complete the transaction, the entire exchange stops automatically. Consequently, neither participant faces the risk of completing only one side of the trade.
The project also integrates with Swift and follows ISO 20022 messaging standards. Therefore, participating banks can continue using existing payment workflows while accessing blockchain-based settlement rails.
According to the project details, European banks will initiate transactions through Swift. Chainlink technology then converts those instructions into on-chain atomic settlements executed on the Pangea network.
Live Transaction Target Set For The Next 12 Months
Project participants plan to begin compliant live transactions within the next 12 months. According to Chainlink Vice President for Asia-Pacific and the Middle East Niki Ariyasinghe, the group is working toward operational deployment during that period.
The initiative follows earlier work between Chainlink and Swift on interoperability projects. Meanwhile, Chainlink also partnered with the Global Alliance for KRW Stablecoins in January 2026.
Separately, Qivalis expanded from 12 member banks to 37 by May 2026. The group continues developing regulated euro-denominated stablecoin infrastructure as part of the broader Project Pangea framework.
