Here’s another rewritten version with a slightly more concise, market-news editorial style:

Project Pangea is designed to use stablecoins to settle multimillion-dollar FX trades between Europe and South Korea in near real time.

Chainlink said it has joined a banking consortium representing more than $10 trillion in assets, targeting real-time, stablecoin-based cross-border FX settlement within the next 12 months.

According to Niki Ariyasinghe, Chainlink’s vice president for Asia-Pacific and the Middle East, the initiative aims to modernize global FX infrastructure. Alongside Chainlink, the group includes Qivalis, a euro stablecoin consortium backed by 37 European banks, and UniKA, a Korean banking alliance of more than 10 commercial lenders.

The project seeks to move FX settlement from the traditional T+2 cycle to near-instant T+0 settlement using regulated euro- and Korean won–pegged stablecoins, each maintaining a 1:1 peg with its respective currency.

A key component is atomic payment-versus-payment (PvP) settlement, where both legs of a trade settle simultaneously or not at all, reducing counterparty and settlement risk.

Ariyasinghe said the effort is focused on live deployment rather than proof-of-concept testing.

“This is not just a POC,” he said. “Everyone is coming in with their eyes wide open. The goal is real infrastructure… with live transactions under a full legal and regulatory framework within the next 12 months.”

The project focuses on the Europe–South Korea trade corridor, which handles over $150 billion in annual trade flows. It also reflects broader adoption trends, with Asia accounting for an estimated 60% of global stablecoin payments.

Ariyasinghe said this underscores where demand is strongest, particularly in markets where existing financial infrastructure is less efficient and tokenized cash is filling gaps.

Rather than replacing existing systems, Project Pangea acts as a middleware layer. Banks initiate transactions via SWIFT, while Chainlink’s infrastructure translates them into atomic settlement instructions on the Pangea L1 Network.

The system is designed to integrate with SWIFT and ISO 20022 standards, allowing institutions to connect to blockchain rails without replacing core infrastructure.

While some see parallels with Ripple’s payments network, Chainlink described the initiative as complementary rather than competitive.

“I wouldn’t necessarily describe it as a rival,” Ariyasinghe said. “We’re a technology provider. It’s about applying the technology where it creates value and scaling it organically.”

Ultimately, the goal is to reduce the time capital remains locked in transit.

“If money is stuck for days, it can’t be used,” he said. “Reducing that delay is clearly beneficial for users.”

By cutting settlement times from days to near real time, participating institutions aim to lower liquidity costs, reduce risk, and improve efficiency in cross-border trade.