Overview
- A joint announcement on June 23 said Project Pangea brings Chainlink, FairSquareLab, Qivalis and banking groups from Europe and South Korea into a working group to test stablecoin FX settlement.
- The plan uses a three‑layer design: banks keep Swift/ISO 20022 messaging, Chainlink provides connectivity and data feeds, and FairSquareLab’s Pangea L1 hosts onchain settlement contracts.
- Participants will test regulated euro‑ and won‑pegged stablecoins exchanged by atomic payment‑versus‑payment swaps so both sides of an FX trade settle at once or not at all.
- The coalition includes about 47 banks (Qivalis’s 37 European banks and more than ten Korean banks) representing roughly $10 trillion in assets and is focused on a $150 billion Europe–South Korea trade corridor.
- Project Pangea is experimental with no production launch date and faces regulatory and execution hurdles, so observers should watch pilot results, bank commitments, and cross‑jurisdictional regulatory clarity.