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

According to CoinDesk, blockchain infrastructure company ChainlinkLabs said it will join a consortium of banks that collectively manage more than US$10 trillion in assets, with the goal of promoting real-time cross-border foreign exchange payment settlement based on stablecoins within a year.<br /> The alliance is called "Project Pangea". Niki Ariyasinghe, Chainlink's vice president for Asia Pacific and the Middle East, said in a video interview on Tuesday that the project aims to reshape global foreign exchange markets.<br /> In addition to Chainlink, the alliance also includes: Qivalis, a euro stablecoin consortium backed by 37 European banks; and UniKA, a South Korean banking alliance that represents more than 10 commercial banks.<br /> The goal of the project is to explore the advancement of foreign exchange settlement from the traditional T+2 (48 hours post-trade) cycle to the near-instant T+0 settlement method, relying mainly on regulated stablecoins pegged to the euro and the Korean won-that is, a crypto token with a 1:1 anchor value with the base fiat currency.