Chainlink launches Challenge Pangea with 50+ banks to check T+0 FX settlement utilizing stablecoins and ISO 20022.
Chainlink has launched Challenge Pangea with multinational banking teams throughout Europe and South Korea.
The undertaking brings collectively greater than 50 banks representing over $10 trillion in belongings below administration.
The initiative will take a look at how stablecoins can help T+0 settlement in worldwide international alternate markets.
It additionally makes use of Chainlink infrastructure, ISO 20022 requirements, Swift connectivity, and FairSquareLab’s Onchain FX settlement expertise.
Chainlink Launches Challenge Pangea With Banks
Chainlink introduced Challenge Pangea with FairSquareLab, UniKA, and Qivalis. The group will research quicker settlement fashions for world international alternate markets.
UniKA represents the Korean coalition behind the undertaking. Its steering committee consists of Shinhan Financial institution, JB Financial institution, Kbank, FairSquareLab, and OBDIA.
The Korean facet additionally consists of greater than 10 taking part business banks. In the meantime, Qivalis brings a euro stablecoin consortium backed by 37 European banks.
Collectively, the teams characterize a big banking community throughout two main areas. Their work will deal with regulated, fiat-linked digital belongings for FX settlement.
Challenge Pangea Targets T+0 FX Settlement
The undertaking goals to maneuver FX settlement from conventional T+2 timelines towards real-time T+0 settlement. This would cut back ready intervals between commerce execution and settlement.
Challenge Pangea will discover direct atomic swaps of EUR and KRW stablecoins. Atomic settlement means each side of a transaction settle collectively or by no means.
NEW: Chainlink & multinational banking consortia launch Challenge Pangea to develop a novel answer redefining worldwide FX markets.
Pangea brings collectively 50+ banks, representing $10+ trillion AUM, to unlock T+0 cross-border settlement by way of Chainlink & ISO 20022 requirements 🧵 pic.twitter.com/hcEjxKthd6
— Chainlink (@chainlink) June 23, 2026
The system will deal with payment-versus-payment settlement between compliant regional digital currencies.
This mannequin is designed to scale back settlement threat in cross-border forex transactions.
The worldwide FX market processes greater than $9.6 trillion in each day buying and selling quantity.
Nevertheless, cross-border settlement can nonetheless face delays from forex conversion and fragmented techniques.
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ISO 20022 and Chainlink Assist Financial institution Connectivity
Chainlink stated its infrastructure will assist present monetary techniques join with blockchain networks. The undertaking will use ISO 20022 messaging requirements already utilized by banks.
The framework can be designed to work with present Swift infrastructure. This permits banks to check blockchain settlement with out changing their present working techniques.
Chainlink will present information, interoperability, and orchestration requirements for the undertaking. FairSquareLab will contribute its Onchain FX settlement expertise to the working group.
The undertaking additionally goals to develop Onchain liquidity throughout a number of currencies. This might help quicker entry to world forex markets by means of regulated stablecoin settlement.
Challenge Pangea provides one other banking-focused use case to Chainlink’s institutional work.
It additionally exhibits how stablecoins are being examined past buying and selling and into international alternate infrastructure.