Chainlink launches Project Pangea for T+0 EUR-KRW FX settlement

Chainlink on June 23 unveiled Project Pangea, a framework that links euro and Korean won stablecoins to support same-day (T+0) foreign-exchange settlement while preserving banks’ SWIFT and ISO 20022 messaging workflows.

The design uses payment-versus-payment, or atomic, settlement that ties the delivery of one currency to the delivery of the other so both legs settle on the same day. Chainlink says the infrastructure would translate bank instructions sent over SWIFT and ISO 20022 into on-chain settlement activity using EUR- and KRW-denominated stablecoins.

The announcement names Qivalis for the euro component and FairSquareLab and UniKA for the Korean component. It cites a working group that the release says collectively manages more than $10 trillion in assets.

Project Pangea is presented as an institutional experiment rather than an operational market utility. The stated aim is to test whether regulated, fiat-referenced tokens can serve as settlement instruments for banks while operations teams continue using familiar messaging rails.

The announcement does not identify the exact EUR or KRW stablecoins that would be used in live transactions, nor does it specify whether initial trials would use simulated flows or real-value transfers. Bank treasury, legal, risk and compliance teams would need to approve operating rules, controls and the legal treatment of tokens before trials move to production.

Qivalis has reported it reached 37 bank participants and plans a regulated euro-denominated stablecoin launch in the second half of 2026, subject to regulatory approval. Comparable issuance plans and operational details for the won side have not been finalized in public materials.

Chainlink frames its role as the infrastructure layer that connects traditional bank messages to tokenized settlement, not as the issuer of the underlying tokens. The company and other parties have previously run pilots integrating tokenized assets with bank workflows, including tests involving SWIFT, UBS and a payments firm.

The announcement outlines next steps that include controlled bank trials to show how messaging, token transfers and compliance controls operate together. Trials that use real-value flows and disclose policies on reserves, redemption and dispute handling are noted as part of the development path. The euro and won legs must meet institutional requirements for issuance, redemption, liquidity, custody, legal clarity and dispute resolution before they can be used in routine FX settlement.