Chainlink, FairSquareLab, and two banking consortia announced Project Pangea on June 23, 2026, a framework to settle cross-border euro and South Korean won transactions instantly via atomic on-chain swaps, replacing a process that currently takes one to two business days and carries counterparty risk at every step.
UniKA, a Korean banking alliance whose steering members include Shinhan Bank, JB Bank, Kbank, and OBDIA, brings more than 10 Korean commercial banks to the initiative. Qivalis, a euro stablecoin consortium, contributes 37 European banks. Together the 50-plus institutions hold over $10 trillion in assets under management, per the official announcement. The target corridor handles roughly $150 billion in annual Europe–South Korea trade.
Chainlink sits between SWIFT and the settlement layer. Under the proposed design, a SWIFT message triggers Chainlink's Cross-Chain Interoperability Protocol (CCIP), which executes a payment-versus-payment swap of EUR and KRW stablecoins on the Pangea L1 Network. Chainlink Data Streams supply the live FX rate; the Chainlink Runtime Environment connects the SWIFT instruction to on-chain execution. Chainlink is the infrastructure layer in this arrangement, not a bank or custodian.
Project Pangea is not yet operational. Niki Ariyasinghe, Chainlink's VP for Asia-Pacific and Middle East, told CoinDesk the goal is "live transactions within a legal, regulatory compliance framework within the next 12 months." A working group will develop the framework toward that target.
