Chainlink partners with 47 Korean and European banks to advance stablecoin cross-border settlement

CoinFeed June 23 news, according to CoinDesk, Chainlink has joined the "Project Pangea" alliance involving 47 banks from Europe and South Korea, aiming to achieve real-time cross-border settlement of euro and won stablecoins for foreign exchange transactions within one year. The project will test T+0 atomic PvP (payment versus payment) settlement using regulated euro- and won-pegged stablecoins to replace the traditional T+2 delivery cycle, with the goal of reducing counterparty and settlement risks in the approximately $150 billion Europe-Korea trade corridor. Pangea will serve as middleware, enabling banks to continue using Swift and ISO 20022 messaging standards while completing on-chain settlement via the Pangea L1 chain without the need to restructure existing payment systems. The on-chain infrastructure is provided by Chainlink.