Chainlink and 47 European, South Korean Banks Launch Project Pangea for Blockchain-Based Cross-Border Payments
Traditional cross-border foreign-exchange transactions generally settle on T+2, about 48 hours after execution, increasing funding needs and counterparty risk. Project Pangea targets the Europe–South Korea trade corridor, worth more than $150 billion annually. It will use compliant euro- and won-denominated stablecoins for payment-versus-payment atomic swaps, with the goal of reducing settlement to T+0.
On June 23, 2026, Chainlink, FairSquareLab, South Korea’s UniKA and Qivalis, which is backed by 37 European banks, announced the project’s launch. A total of 47 banks with more than $10 trillion in combined assets under management are participating. The consortium expects compliant transactions to go live within 12 months. Banks will be able to continue using Swift and ISO 20022, with Chainlink serving as an intermediary for settlement on Pangea L1.
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The history behind this eventBottomline, Chainlink Link 600-Plus Banks to Blockchain Settlement
Bottomline, a provider of Swift connectivity and payment technology to financial institutions, is partnering with blockchain infrastructure company Chainlink to bridge established cross-border payment systems with tokenized assets. The initiative is significant because banks can retain the ISO 20022 messaging standard already embedded in their operations while adding blockchain-based settlement, reducing the need for extensive changes to existing payment workflows.
Under the partnership, more than 600 bank customers served by Bottomline will be able to use Chainlink’s Cross-Chain Interoperability Protocol, or CCIP, to transfer tokenized assets and settle transactions on blockchain networks behind their existing messaging processes. The companies have not disclosed the value of the agreement, a formal launch date or the names of the first participating banks.
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