Key facts
- Chainlink has partnered with 47 banks.
- The banks are from Europe and South Korea.
- The partnership formed a working group called Project Pangea.
- Project Pangea will explore the use of stablecoins for FX settlement.
- The stablecoins to be explored are regulated euro and won stablecoins.
- The goal is real-time foreign exchange settlement.
Chainlink has announced a significant collaboration with 47 banks from Europe and South Korea, forming a working group known as Project Pangea. The primary objective of this initiative is to explore the potential of using regulated euro and won stablecoins for real-time foreign exchange settlement. This project aims to investigate how these digital currencies can be leveraged to facilitate faster and more efficient cross-border transactions within the traditional financial system.
The formation of Project Pangea represents a concerted effort by these financial institutions to understand and potentially adopt blockchain-based solutions for foreign exchange settlement. The focus on regulated stablecoins suggests a pathway towards compliance and integration within existing financial frameworks. By bringing together a diverse group of banks, the project seeks to gather broad insights and develop practical applications for stablecoin technology in international finance.