{"id":74454,"date":"2026-06-23T20:13:36","date_gmt":"2026-06-23T20:13:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chainlink-and-over-10-korean-lenders-push-to-kill-fx-delays-with-real-time-settlement\/"},"modified":"2026-06-23T20:13:36","modified_gmt":"2026-06-23T20:13:36","slug":"chainlink-and-over-10-korean-lenders-push-to-kill-fx-delays-with-real-time-settlement","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chainlink-and-over-10-korean-lenders-push-to-kill-fx-delays-with-real-time-settlement\/","title":{"rendered":"Chainlink and Over 10 Korean lenders Push to Kill FX Delays With Real-Time Settlement"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Chainlink\u2019s Project Pangea unites 37 European banks and 10-plus Korean lenders in a $9.6T FX settlement push.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">UniKA members, including Shinhan Bank, aim to cut Korean won reliance on intermediary currencies by 2026.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Fairsquarelab\u2019s Pangea layer one (L1) guarantees oracle price updates execute first, ahead of every block transaction.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>What Project Pangea Is<\/h2>\n<p>The <a href=\"https:\/\/www.prnewswire.com\/news-releases\/chainlink-and-multinational-banking-consortia-launch-project-pangea-to-develop-t0-settlement-framework-for-international-fx-markets-302807910.html\" target=\"_blank\" rel=\"noopener noreferrer\">initiative<\/a> brings together three primary partners: Fairsquarelab, described as a first-mover in core digital asset infrastructure in South Korea; UniKA (Unified Korea Alliance), a steering committee of five entities including Shinhan Bank, JB Bank, Kbank, Fairsquarelab, and OBDIA, backed by more than 10 participating Korean commercial banks; and Qivalis, a euro <span>stablecoin<\/span> consortium powered by 37 leading European banks.<\/p>\n<p>The combined group represents over $10 trillion in assets under management.<\/p>\n<h2>The Problem They Are Solving<\/h2>\n<p>The global FX market processes more than $9.6 trillion in daily <span>trading volume<\/span>. Despite that scale, cross-border transactions still depend on intermediary currency conversions that delay settlement by two business days under the current T+2 standard.<\/p>\n<p>Project Pangea aims to eliminate that delay by enabling direct, atomic Payment-versus-Payment (PvP) swaps of EUR and KRW <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoins<\/a>. The approach uses ISO 20022 messaging standards and existing Swift infrastructure, meaning participating banks do not need to replace their current systems to join.<\/p>\n<h2>How the Technology Works<\/h2>\n<p>The architecture runs across three layers.<\/p>\n<p>At the banking layer, Swift and ISO 20022 messaging handle institution-to-institution communications. At the connectivity layer, Chainlink\u2019s Cross-Chain Interoperability Protocol (CCIP) moves EUR <a href=\"https:\/\/news.bitcoin.com\/your-stablecoins-could-be-frozen-without-warning-even-if-you-did-nothing-wrong\/\">stablecoins<\/a> from their native networks to the KRW settlement chain, while Chainlink Data Streams feed real-time FX market data into a Proactive Market Maker engine.<\/p>\n<p>At the settlement layer, Fairsquarelab\u2019s Pangea L1 Network, a settlement-dedicated <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-blockchain\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">blockchain<\/a> operating independently of any single participating country or bank, executes atomic FX swaps on Ethereum, Polygon, and the Pangea L1.<\/p>\n<p>A key design feature of the Pangea L1: <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-an-oracle\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">oracle<\/a> data updates are guaranteed to execute ahead of every other transaction in a block, so all FX swaps settle against the current market price rather than a stale rate.<\/p>\n<h2>What the Participants Said<\/h2>\n<p>Fernando Vazquez, President of Capital Markets at <a href=\"https:\/\/news.bitcoin.com\/chainlink-lands-dtcc-deal-to-automate-collateral-workflows-across-global-blockchains\/\">Chainlink<\/a> Labs, described the announcement as a step toward rebuilding how global value moves. \u201cProject Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoins<\/a>,\u201d Vazquez remarked.<\/p>\n<p>The Chainlink Labs executive added:<\/p>\n<blockquote>\n<p>\u201cThis is a clear example of how the Chainlink standard powers global-scale settlement for the next generation of capital markets.\u201d<\/p>\n<\/blockquote>\n<p>Joonhong Kim, CEO of Fairsquarelab, framed the initiative in terms of Korean market access. \u201cFor Korea, Project Pangea is more than an efficiency gain, it opens a path for the Korean won to connect more directly with global currency markets, reducing reliance on intermediary currencies,\u201d Kim said.<\/p>\n<h2>Why It Matters<\/h2>\n<p>Settlement risk is a persistent cost in global FX. During the two-day window between trade execution and T+2 settlement, both counterparties carry exposure to the other\u2019s default. Atomic PvP settlement closes that window entirely: both legs of a currency swap either complete simultaneously or neither does.<\/p>\n<p>For <a href=\"https:\/\/news.bitcoin.com\/toss-bank-solana-foundation-remittances-stablecoin\/\">Korean<\/a> banks specifically, the current model requires converting won into a major intermediary currency, often the U.S. dollar, before converting into the target currency. Direct EUR-KRW atomic swaps would cut that step out.<\/p>\n<p> <iframe src=\"https:\/\/markets.bitcoin.com\/crypto\/chainlink\/embed\" width=\"100%\" style=\"max-height:500px;height:500px;border:none;overflow:hidden;border-radius:4px\" scrolling=\"no\" title=\"chainlink market data\"><\/iframe> <\/p>\n<p>Chainlink also noted that within its ecosystem, enterprise revenue and service usage fees are programmatically converted to LINK tokens and stored in the Chainlink Reserve, a strategic onchain reserve designed to support long-term network sustainability.<\/p>\n<h2>Next Steps<\/h2>\n<p>Project Pangea is structured as a working group rather than a finished product. The task force will evaluate the transition path from T+2 toward T+0 and build out the multi-currency settlement network across the participating institutions. No public timeline for full deployment has been announced.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/chainlink-and-over-10-korean-lenders-push-to-kill-fx-delays-with-real-time-settlement\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Chainlink\u2019s Project Pangea unites 37 European banks and 10-plus Korean lenders in a $9.6T FX settlement push. UniKA members, including Shinhan Bank, aim to cut Korean won reliance on intermediary currencies by 2026. Fairsquarelab\u2019s Pangea layer one (L1) guarantees oracle price updates execute first, ahead of [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":74455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74454"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74454"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74455"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}