Chainlink partners with 47 South Korean and European banks to accelerate cross-border international fund transfers
BlockBeats news, on June 23, blockchain infrastructure company Chainlink Labs announced it will join an alliance composed of multiple banks collectively managing over 10 trillion USD in assets. The goal is to promote real-time cross-border foreign exchange settlement based on stablecoins within one year.
This alliance is named "Project Pangea." Niki Ariyasinghe, Chainlink's Vice President for Asia Pacific and the Middle East, stated in a video interview on Tuesday that the project aims to reshape the global foreign exchange market.
In addition to Chainlink, the alliance includes: the euro stablecoin consortium Qivalis, supported by 37 European banks; and the South Korean banking alliance UniKA, representing more than 10 commercial banks.
The project's objective is to explore moving foreign exchange settlement from the traditional T+2 (48 hours after trading) cycle to near-instant T+0 settlement, mainly relying on regulated euro- and Korean won-pegged stablecoins—crypto tokens backed 1:1 by the underlying fiat currencies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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