Chainlink joins Project Pangea to test euro-won stablecoin FX

Chainlink has joined Project Pangea, a working group formed with South Korea’s Unified Korea Alliance (UniKA), digital asset firm FairSquareLab and Qivalis, a euro stablecoin consortium backed by 37 European banks, to explore atomic swaps of euro- and South Korean won-denominated stablecoins for foreign-exchange settlement. The initiative was announced on Tuesday and will involve financial institutions in Europe and South Korea.

Project Pangea will use Chainlink’s oracle and market data services alongside FairSquareLab’s on-chain settlement technology. UniKA represents more than a dozen Korean commercial banks, and Qivalis aggregates participation from dozens of European banks. The group plans tests of direct, simultaneous swaps so both sides of a trade settle at the same time or the transaction does not complete.

Organizers describe Project Pangea as a working group rather than a payment network, and no production timeline has been set. The testing will focus on wholesale FX settlement, where fast finality and lower counterparty risk matter for large-value trades. The Bank for International Settlements estimates global FX trading volume at about $9.6 trillion per day.

The effort is part of wider activity among banks and corporate treasuries evaluating tokenized deposits and regulated stablecoins for cross-border payments and liquidity management. Fintech firm OpenFX recently raised $94 million to expand a stablecoin-based payments network aimed at markets in Southeast Asia and Latin America.

Ripple CEO Brad Garlinghouse described stablecoins as experiencing a “ChatGPT moment” as more institutions assess their use. Citigroup projects the stablecoin market could grow from roughly $315 billion today to about $1.9 trillion by 2030 in its base case and to as much as $4 trillion in an optimistic scenario.

Project Pangea’s participants say the work will test technical integration, compliance checks, anti-money-laundering controls and operational processes across jurisdictions. No decisions on live deployments or commercial arrangements have been announced.