Chainlink and Global Banking Groups Initiate Project Pangea to Create T+0 Settlement System for International FX Markets

June 23, 2026

Chainlink Collaborates with Multinational Groups to Transform FX Infrastructure

Chainlink has established a working group with several multinational organizations in Europe and South Korea. Collectively, these groups manage assets exceeding $10 trillion. The primary goal of this initiative is to enhance foreign exchange (FX) infrastructure, specifically by assessing the shift from the traditional T+2 settlement cycle to a more immediate T+0 model.

As of June 23, 2026, the collaboration includes entities like FairSquareLab and UniKA— the Korean alliance behind Project Pangea. This steering committee is made up of five organizations, including Shinhan Bank and JB Bank, along with over ten participating commercial banks from Korea. In addition, a consortium of 37 major European banks has introduced Project Pangea, which aims to redefine global foreign exchange markets through real-time, stablecoin-based cross-border payment systems.

The initiative strives to unite numerous global financial institutions to facilitate direct atomic swaps of regulated fiat-referenced digital assets, including euros and Korean wons. By utilizing Chainlink’s data integration and FairSquareLab’s on-chain FX payment technology, this project seeks to improve the efficiency of cross-border transactions.

Enhancing FX with Real-Time On-Chain Payments

The foreign exchange market currently handles a daily trading volume of around $9.6 trillion. However, existing banking systems encounter significant limitations due to fragmented market structures, which often delay cross-border transactions. These delays occur because financial institutions must first convert capital into different currencies.

Project Pangea aims to leverage Chainlink to transform this landscape using established ISO 20022 messaging standards and existing Swift infrastructure. This will enable compliant direct atomic payment-to-payment swaps for EUR and KRW stablecoins. The focus areas of the project include:

Facilitating direct atomic FX trading among compliant regional currencies.
Supporting instantaneous (T+0) payments.
Enhancing on-chain liquidity for seamless access to global currency markets.

Chainlink is central to this initiative, allowing traditional financial systems to link up with both public and private blockchain networks, utilizing the same ISO 20022 standards familiar to banks. This project encompasses various standards and services found in the Chainlink framework and FairSquareLab’s technology.

Cross-chain interoperability standard (CCIP) — Enables secure transfers between euros and KRW by integrating native networks.
Data stream — Supplies fast foreign exchange market data for ensuring on-chain quotes align with global markets.
Chainlink Runtime Environment (CRE) — Acts as a bridge between Swift’s systems and blockchain networks.
FairSquareLab On-Chain FX Payment Technology — Liquidity engine for interbank settlements that anchors price discovery to trusted oracle quotes, minimizing risks.
FairSquareLab Pangea L1 Network — A payments-only blockchain designed to operate FX payment contracts neutrally and efficiently, ensuring timely settlements.

A Unified Drive for On-Chain Finance and Technology

Fernando Vazquez, President of Capital Markets at Chainlink Labs, expressed enthusiasm about partnering with leading banks through Project Pangea, marking a significant step toward reshaping global value exchange. This illustrates how the Chainlink standard is paving the way for modern capital markets.

Joonhong Kim, CEO of FairSquareLab, asserted that Project Pangea is not merely about optimizing efficiency; it creates new pathways for the Korean won to engage directly with global currency markets, which reduces reliance on intermediary currencies. Along with Kyvaris and Chainlink, FairSquareLab is spearheading the UniKA Alliance to lead the South Korean banking sector into an era of real-time cross-border payments.

Jean-Luc Gustave, Head of APAC Partnerships at Qivalis, noted that this initiative might establish Kybalis as a future euro stablecoin. It aims to innovate institutional exchanges and redefine cross-border payments between Europe and South Korea, enhancing capital efficiencies and minimizing risks.

Innovative Architecture

Chainlink provides real-time market data and interoperability infrastructure, while Swift ensures integration through ISO 20022 messaging. The system’s revenue is programmatically converted into LINK tokens, supported by a strategic on-chain reserve designed to sustain the network’s growth.

The architecture involves three key layers:

Banking layer (Swift / ISO 20022)
Connection layer (Chainlink CCIP and data streams)
Payment layer (on-chain payment contracts such as Pangea AMM smart contracts)

Banks will continue using their familiar payment messaging standards, converting these into on-chain actions through Chainlink CCIP.

About Chainlink

Chainlink stands as the leading oracle platform in the decentralized finance (DeFi) sector, facilitating the on-chain transition of capital markets. It supports a variety of financial activities, having realized substantial transaction volumes since its inception and securing a significant portion of DeFi.

Numerous prominent financial institutions, including Swift and Mastercard, have integrated Chainlink’s standards. The platform introduces a fee model that efficiently converts enterprise earnings into LINK tokens, reinforcing its strategic reserves for long-term viability.