A new initiative called Project Pangea has been launched by a consortium of financial and technology organizations, prominently featuring Chainlink, FairSquareLab, UniKA, and Qivalis. This project aims to pioneer a framework for cross-border foreign exchange settlement that utilizes regulated stablecoins, facilitating direct exchanges between euro and won-denominated digital currencies. This groundbreaking announcement was made on Tuesday.
The primary goal of Project Pangea is to directly connect European and South Korean financial institutions, circumventing the necessity for traditional intermediary currencies. Fernando Vazquez, President of Capital Markets at Chainlink Labs, characterized the launch as a significant milestone in transforming global currency movement. “Project Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins,” he stated. This initiative reflects the increasing trend of global finance transitioning to blockchain technology.
A key aspect of Project Pangea is its focus on achieving real-time atomic settlement through a robust blockchain infrastructure, all while ensuring compatibility with existing banking systems. The platform is set to support Payment-versus-Payment transactions, which will help mitigate settlement risk, enhance capital efficiency, and expedite cross-border transfers. The collaborative effort merges Chainlink’s capabilities in interoperability and market data services with FairSquareLab’s advanced liquidity and settlement technologies, creating a comprehensive multi-currency network tailored for institutional participants.
Joonhong Kim, CEO of FairSquareLab, expressed enthusiasm about the project’s potential to connect the Korean won more directly to global currency markets. He emphasized that Project Pangea represents a shift away from relying on intermediary currencies. The partnership with Qivalis and Chainlink, alongside the formation of the UniKA alliance, is poised to usher in a new era of real-time, cross-border settlement for the Korean banking sector, fundamentally redefining how value is transferred across borders.
The architecture of Project Pangea consists of three layers: banking systems, connectivity infrastructure, and blockchain settlement networks. This innovative design is expected to significantly enhance the efficiency of international value transfer across various markets. By incorporating blockchain settlement mechanisms alongside established frameworks like Swift and ISO 20022, the consortium aims to facilitate a smoother transition for banks into the era of onchain finance without needing to alter their current operational structures dramatically.
Jean-Luc Gustave, Head of Partnerships, APAC, for Qivalis, believes that Project Pangea could position their forthcoming euro stablecoin as a pivotal player in institutional foreign exchange innovation. By establishing a connection between regulated EUR and KRW stablecoins through atomic settlement processes, Project Pangea seeks to advance discussions beyond theoretical applications, showcasing how next-generation infrastructure can optimize international trade corridors.
Qivalis itself is a European banking consortium working toward the creation of a regulated euro stablecoin aimed at facilitating on-chain payments, settlements, and digital asset trading. The initiative is spearheaded by Jan-Oliver Sell, a former Coinbase Germany executive. The anticipated launch of the stablecoin is set for the latter half of 2026, marking Europe’s potential response to the currently dominant US dollar stablecoins.
The consortium’s foundation comprised 12 key members, and it has recently expanded its reach by adding 25 more institutions, bringing the total number of participating banks to 37, signifying a growing commitment to modernized financial practices.
