Chainlink and dozens of global financial institutions from Europe and South Korea announced Project Pangea on June 23 at the Point Zero Forum in Zurich, forming a working group to develop same-day atomic settlement for foreign exchange trades.

The FX market processes roughly $9.6 trillion in daily trades under a standard two-day settlement cycle. That lag leaves counterparties exposed to bilateral credit risk on every open trade until it clears. Project Pangea is designed to close that gap.

Project Pangea uses atomic FX settlement

The mechanism is Payment-versus-Payment (PvP) atomic settlement: both legs of a currency swap, such as EUR for KRW, clear at the same instant or neither clears.

Two stablecoin blocs supply the currencies. Qivalis, a consortium of 37 European banks, issues regulated euro tokens. The Korean side is organized under UniKA (Unified Korea Alliance), whose steering committee includes Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA alongside more than 10 additional Korean commercial banks issuing KRW stablecoins.

Combined, the consortium holds more than $10 trillion in assets under management.

Chainlink supplies CCIP, price data, and Swift links

Chainlink supplies three layers of the settlement stack. Its Cross-Chain Interoperability Protocol (CCIP) moves EUR stablecoins across settlement chains. Data Streams feed real-time FX prices to the AMM smart contracts executing each swap. The Chainlink Runtime Environment (CRE) connects legacy Swift ISO 20022 messaging to on-chain settlement, keeping existing bank infrastructure in the loop.

FairSquareLab provides the settlement engine and operates a dedicated Pangea L1 blockchain, with Ethereum and Polygon serving as additional settlement layers.

"I'm very excited to launch Project Pangea along with a consortia of major global banks, as this is a major milestone toward rebuilding how global value moves," said Fernando Vazquez, President of Capital Markets at Chainlink Labs.

The FX framework is not live yet

Project Pangea is a framework announcement, not a live deployment. No production timeline was set at the Zurich forum.