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Chainlink collaborates with over 50 banks to conduct stablecoin settlement testing

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CryptoWorld News reports that Chainlink has announced its participation in the Pangea project, an effort supported by banks aimed at accelerating foreign exchange settlements between Europe and South Korea. The group plans to test settlement based on stablecoins to address the typical two-day clearance period for currency transactions. The project brings together Chainlink, FairsquareLab, Unika, and Qivalis, with Chainlink's announcement stating that the group consists of over 50 banks managing assets exceeding $10 trillion. Qivalis is supported by 37 European banks, while Unika represents more than 10 South Korean commercial banks. The Pangea project will explore the use of compliant euro and Korean won stablecoins for direct payment-to-payment exchanges, aiming to reduce settlement risks for banks and businesses. The group plans to utilize ISO 20022 messaging and existing SWIFT infrastructure instead of requiring banks to replace their core systems. Chainlink will provide data, interoperability, and orchestration tools, while FairsquareLab will offer on-chain foreign exchange settlement technology and the Pangea L1 network.
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ThereIsTvlInTheWind
· 6h ago
Behind $10 trillion in assets, the RWA narrative adds another heavyweight puzzle piece.
View OriginalReply0
LiquidityTeaMaster
· 7h ago
Euro-Korean Won stablecoin direct settlement, cross-border payment pain points precisely addressed
View OriginalReply0
Stop-LossForBluePeony
· 7h ago
Compliant stablecoins + banking alliances, the showcase of regulator-friendly DeFi is here
View OriginalReply0
YieldBonsai
· 7h ago
FairsquareLab handles on-chain settlements. Does anyone have a general explanation of what Qivalis does?
View OriginalReply0
0xNap
· 7h ago
Traditional finance is finally starting to seriously embrace on-chain settlement—turning it from taking two days to being instant. The efficiency improvement is really something.
View OriginalReply0

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