Chainlink partners with 47 Korean and European banks to advance stablecoin cross-border settlement

Odaily reports that Chainlink has launched Project Pangea in collaboration with FairSquareLab, a digital asset infrastructure company in South Korea; UniKA, a unified Korean alliance composed of over a dozen Korean commercial banks; and Qivalis, a euro stablecoin alliance backed by 37 European banks.

The project aims to bring together financial institutions from Europe and South Korea to evaluate the feasibility of conducting direct atomic swap settlements using stablecoins denominated in euros and Korean won. This will leverage Chainlink's data infrastructure and FairSquareLab's on-chain foreign exchange settlement technology. Currently, the project is operating as a working group and has not yet announced a timeline for production implementation. Additionally, fintech startup OpenFX recently raised $94 million to expand its stablecoin-based payment network. (Cointelegraph)