Chainlink and more than 50 financial institutions across 16 countries announced Project Pangea on June 23 at the Point Zero Forum in Zurich, forming a task force to develop same-day atomic settlement for foreign exchange trades.
The target is a market that processes roughly $9.6 trillion in daily trades under a two-day settlement cycle. That delay leaves counterparties carrying bilateral credit exposure until trades clear.
Project Pangea aims to shorten FX settlement to zero
Project Pangea uses Payment-versus-Payment (PvP) atomic settlement: both legs of a EUR/KRW swap 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, and Kbank alongside more than 10 additional Korean commercial banks issuing KRW stablecoins.
Combined, the 50-plus member group spans 16 countries and holds more than $10 trillion in assets under management.
Chainlink supplies CCIP, price data, and Swift messaging links
Chainlink supplies three parts of the settlement stack. Its Cross-Chain Interoperability Protocol (CCIP) carries 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.
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 settlement framework is not live yet
Project Pangea is a framework announcement, not a production deployment. No production deployment timeline was set at the forum.