Chainlink has partnered with 47 South Korean and European banks to accelerate the speed of cross-border international fund transfers

BlockBeats News, June 23rd, Blockchain infrastructure company Chainlink Labs announced that it will join a consortium of multiple banks, which collectively manage assets worth over $100 trillion, with the goal of facilitating real-time cross-border forex payments settlement based on stablecoins within a year.

The consortium is named "Project Pangea." Niki Ariyasinghe, Vice President of Chainlink for the Asia Pacific and Middle East, stated in a video interview on Tuesday that the project aims to reshape the global forex market.

In addition to Chainlink, the consortium includes: Qivalis, a Euro stablecoin consortium supported by 37 European banks; and UniKA, a Korean bank alliance representing over 10 commercial banks.

The project's goal is to explore moving forex settlement from the traditional T+2 (transaction plus 48 hours) cycle to a nearly instant T+0 settlement, primarily relying on regulated Euro- and Korean Won-pegged stablecoins — meaning crypto tokens pegged 1:1 to the value of the underlying fiat currency.