Chainlink, a coalition of Korean commercial banks, and a 37-member European bank consortium announced Project Pangea on June 23, a working group focused on replacing the global foreign exchange market’s existing T+2 settlement cycle with real-time, stablecoin-based T+0 settlement.
Key Takeaways:
Chainlink’s Project Pangea unites 37 European banks and 10-plus Korean lenders in a $9.6T FX settlement push.UniKA members, including Shinhan Bank, aim to cut Korean won reliance on intermediary currencies by 2026.Fairsquarelab’s Pangea layer one (L1) guarantees oracle price updates execute first, ahead of every block transaction.The combined group represents over $10 trillion in assets under management.
The Problem They Are Solving How the Technology WorksThe architecture runs across three layers.
The Chainlink Labs executive added:
“This is a clear example of how the Chainlink standard powers global-scale settlement for the next generation of capital markets.”
Joonhong Kim, CEO of Fairsquarelab, framed the initiative in terms of Korean market access. “For Korea, Project Pangea is more than an efficiency gain, it opens a path for the Korean won to connect more directly with global currency markets, reducing reliance on intermediary currencies,” Kim said.
Why It MattersSettlement risk is a persistent cost in global FX. During the two-day window between trade execution and T+2 settlement, both counterparties carry exposure to the other’s default. Atomic PvP settlement closes that window entirely: both legs of a currency swap either complete simultaneously or neither does.
Chainlink also noted that within its ecosystem, enterprise revenue and service usage fees are programmatically converted to LINK tokens and stored in the Chainlink Reserve, a strategic onchain reserve designed to support long-term network sustainability.
Next StepsProject Pangea is structured as a working group rather than a finished product. The task force will evaluate the transition path from T+2 toward T+0 and build out the multi-currency settlement network across the participating institutions. No public timeline for full deployment has been announced.
