Chainlink has joined Project Pangea, a bank-backed initiative involving more than 50 financial institutions with over $10 trillion in assets under management, to test stablecoin-based foreign exchange settlement between Europe and South Korea. The project aims to replace the traditional T+2 currency settlement with atomic payment-versus-payment trades using compliant euro and South Korean won stablecoins. LINK traded near $7.59 as the news drew fresh market attention.
Project Pangea's stablecoin settlement plan
Project Pangea brings together Chainlink, FairSquareLab, UniKA and Qivalis, with Qivalis backed by 37 European banks and UniKA representing more than 10 Korean commercial banks. The group plans to study direct payment-versus-payment swaps where both sides of an FX trade settle simultaneously or not at all, reducing settlement risk for banks and businesses. The design uses ISO 20022 messaging and existing Swift infrastructure instead of requiring banks to replace their core systems.
Chainlink would provide data, interoperability and orchestration tools, while FairSquareLab would supply onchain FX settlement technology and the Pangea L1 Network. "This is not just a POC," said Niki Ariyasinghe, Chainlink's vice president of Asia-Pacific and the Middle East. "Everyone's coming in with their eyes wide open."
Existing bank rails remain part of the design
The project does not ask banks to buy crypto or move away from familiar payment messaging systems. Banks would send instructions through Swift, and Chainlink infrastructure would translate those instructions into onchain settlement actions. Chainlink said Project Pangea will support atomic FX transactions, instant T+0 settlement and access to onchain liquidity via Pangea AMM smart contracts on chains such as Ethereum, Polygon and Pangea L1.
Stablecoins have gained attention because they can move value outside normal banking hours. For banks, the key test will be whether the model can meet compliance, risk and liquidity standards at scale. "If I'm sending money to you and it's lost in transit for quite some time, you don't receive it, and that money isn't able to be used," said Ariyasinghe. "To reduce that time as much as possible, for customers to access that money absolutely as fast as possible, has to be a good thing."
LINK price and market context
Chainlink's LINK token traded at $7.59, down 3.2% over 24 hours, with a 24-hour trading volume of about $246 million and a market cap near $5.68 billion. The bank settlement plan adds to Chainlink's broader push into institutional infrastructure, following its CCIP stack which passed $110 billion in total value secured across cross-chain tokens and DeFi data feeds. Project Pangea also fits a broader shift toward stablecoin settlement in corporate payments, as SWIFT and the BIS have explored similar blockchain-based systems.