Chainlink teams up with 47 South Korean, European banks to speed up international money transfers
Key takeaways
- The coalition, called Project Pangea, aims to redefine the global FX markets, Niki Ariyasinghe, Chainlink’s vice president of Asia-Pacific and the Middle East, said in a video interview on Tuesday.
- The project goes beyond a tech experiment, Ariyasinghe said.
- Appetite is very much about building real infrastructure ...
The coalition, called Project Pangea, aims to redefine the global FX markets, Niki Ariyasinghe, Chainlink’s vice president of Asia-Pacific and the Middle East, said in a video interview on Tuesday. In addition to Chainlink, the group includes Qivalis, a euro stablecoin consortium backed by 37 European banks, and UniKA, a Korean banking alliance representing more than 10 commercial banks.
The project aims to explore moving foreign-exchange settlement from a traditional 48-hour (T+2) timeline toward near-instant (T+0) settlement using regulated euro- and South Korean won-pegged stablecoins, or crypto tokens whose value is tied 1:1 to the underlying currency.
The initiative will evaluate whether the stablecoins can be exchanged through atomic payment-versus-payment (PvP) settlement, in which both sides of a currency trade settle simultaneously or not at all, thereby reducing counterparty and settlement risk.