Chainlink's Project Pangea: How 47 Banks Aim to Replace T+2 FX Settlement with Near-Instant T+0 Stablecoin Swaps

How Project Pangea Plans to Achieve T+0 Settlement

Project Pangea's technical approach combines three key components. First, the European leg of each trade uses Qivalis's forthcoming MiCAR-regulated euro stablecoin, while the Korean leg uses a won-denominated stablecoin issued by the UniKA consortium . Second, atomic Payment-versus-Payment (PvP) settlement ensures both legs of the FX trade settle simultaneously on-chain, eliminating the counterparty risk inherent in the current T+2 window . Third, Chainlink's middleware converts existing SWIFT messages into on-chain instructions, allowing banks to execute direct swaps on the settlement network without changing their legacy messaging systems .

The initial focus is the Europe–South Korea trade corridor, which handles over $150 billion in annual commerce . The working group expects to begin live operations within 12 months of the June 2026 announcement .

Qivalis: The Euro Stablecoin Consortium

Qivalis is a joint venture of 12 major European banks: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit . The entity is domiciled in the Netherlands and has submitted an application for a MiCAR (Markets in Crypto-Assets Regulation) license to De Nederlandsche Bank (the Dutch central bank) . Subject to regulatory approval, the euro stablecoin is scheduled for launch in the second half of 2026 . In April 2026, Qivalis selected Fireblocks as its core infrastructure partner to power the stablecoin's issuance, distribution, and lifecycle management .

UniKA: The Korean Banking Consortium

On the South Korean side, the Unified Korea Alliance (UniKA) represents a steering committee of five entities: Shinhan Bank, JB Bank, Kbank, FairSquareLab, and OBDIA, alongside more than 10 commercial banks . UniKA will issue a won-denominated stablecoin to serve as the Korean leg of the FX settlement pair .

Key Caveats and Uncertainty

Several important caveats apply to this story. Most reporting comes from press releases and crypto-focused outlets; the official PR Newswire announcement and ING's corporate site are the highest-authority sources available. No source explicitly names a "Pangea L1 Network" as a distinct blockchain; technical details about the settlement network remain limited. The 12-month operational timeline and $150 billion corridor figure are widely cited but come from secondary crypto news reports, not from the consortium's official documentation . Finally, Qivalis's MiCAR approval is still pending, meaning the euro stablecoin launch remains conditional on regulatory sign-off from the Dutch Central Bank .