The Pangea project is collaborating with 47 banks to build its payment system.

Chainlink, FairSquareLab, UniKA, and Qivalis announced the launch of Project Pangea in Zurich, establishing a strategic task force that brings together the Qivalis euro stablecoin alliance, backed by 37 leading European banks, and UniKA.

6/26/20263 min read

Three-Layer Structure and Atomic PvP Settlement Mechanism

Project Pangea is built on a three-tiered architecture encompassing the banking system, connectivity infrastructure, and blockchain payment network, establishing an operational framework that allows banks to deploy on-chain payments without completely replacing their legacy infrastructure. The core mechanism of the system is atomic Payment-versus-Payment (PvP), ensuring that both parties to a foreign exchange transaction are settled simultaneously or that no transaction is completed, eliminating counterparty risk where one party transfers funds while the other has not fulfilled its obligations.

Chainlink provides essential infrastructure comprising four components: the Cross-Chain Interoperability Standard (CCIP) enabling secure transfer of euro stablecoins from the home network to the KRW payment chain; Data Streams providing high-speed forex market data to power the Proactive Market Maker (PMM) engine; a Runtime Environment (CRE) acting as the orchestration layer between Swift and the blockchain; and compliance infrastructure meeting financial institution regulatory standards. FairSquareLab contributes on-chain forex payment technology with a multi-currency stablecoin liquidity engine, anchoring price discovery directly to a reliable forex oracle instead of curve bonding to minimize slippage.

Qivalis and the Formation of the Euro Stablecoin Alliance

Qivalis is a European banking alliance building a regulated euro stablecoin to support on-chain payments, transactions, and digital assets. Based in Amsterdam and led by former Coinbase Germany CEO Jan-Oliver Sell, the project is expected to launch in the second half of 2026, positioning itself as Europe's answer to the dominance of US dollar stablecoins. The alliance initially launched with 12 founding members, then added 25 more banks last month, bringing the total to 37 banks – an unprecedented scale in the history of euro stablecoin alliances.

The rapid expansion from 12 to 37 members in a short period reflects the real need from European banks in the face of the increasing presence of USDC and USDT in the international payment system, creating a competitive environment where the euro needs its own stablecoin representative to maintain its position in the on-chain financial ecosystem. Jean-Luc Gustave, Head of APAC Partnerships at Qivalis, commented: "Project Pangea could put Qivalis's upcoming euro stablecoin at the heart of institutional foreign exchange innovation, setting a new model for cross-border payments between Europe and South Korea."

EUR-KRW Trade Corridor

The trade corridor between Europe and South Korea handles over $150 billion worth of goods and services annually, positioning it as one of the world's top 15 trade routes. However, current EUR-KRW foreign exchange transactions operate on a T+2 cycle, meaning they take a maximum of two business days to complete, creating counterparty risk and significant capital costs as businesses are forced to maintain liquidity reserves to cover the waiting period for payment.

The global foreign exchange system handles trillions of dollars in trading volume daily but still relies on a fragmented infrastructure and intermediary currencies. A typical EUR-KRW transaction today is usually conducted via the US dollar as an intermediary, EUR to USD, then USD to KRW, creating double transaction costs, exchange rate exposure, and settlement risk at each conversion step.

Integration with ISO 20022, the global financial messaging standard widely deployed in international banking systems, ensures compatibility with modern banking infrastructure without requiring costly internal management systems. Chainlink has processed over $28 trillion in total transaction volume, and the Cross-Chain Interoperability Protocol (CCIP) moves approximately $90 million worth of tokens per week, establishing a verifiable technical foundation for large-scale institutional payment systems.

Asian Stablecoin Payment Trends

Industry data shows that 60% of all global stablecoin payments are taking place in Asia, creating a favorable market environment for Project Pangea to serve the world's highest-demand stablecoin trade corridor. Niki Ariyasinghe, Vice President for Asia Pacific and the Middle East at Chainlink, commented: "In less developed financial ecosystems, demand is growing but the infrastructure isn't. These tokenized forms of cash are meeting that real need."

Project Pangea aims for direct trading within 12 months, setting an ambitious timeline for the regulatory framework, technical development, and testing with participating banks. If successful, the project is designed as a blueprint for other currency pairs and corridors, promoting the adoption of stablecoin-based payment models in regulated finance.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrencies. This is not financial or investment advice at all. Every investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The opinion in the article does not represent the official position of the platform. We recommend that readers do their own research and consult experts before making any investment decisions.

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