Chainlink cooperates with 47 South Korean and European banks to promote cross-border stablecoin settlement

According to CoinDesk, Chainlink has joined the "ProjectPangea" alliance involving 47 banks in Europe and South Korea, and plans to achieve real-time cross-border settlement of euro and Korean won stablecoins for foreign exchange transactions within one year. The project will test T+0 atomic PvP (payment-to-payment) settlement with regulated stablecoins pegged to the euro and South Korean won to replace the traditional T+2 delivery cycle, with the goal of reducing counterparty and settlement risks in the approximately US$150 billion EU-South Korea trade corridor. Pangea will serve as middleware, allowing banks to continue to use Swift and ISO20022 messaging standards to complete on-chain settlement through the PangeaL1 chain without having to restructure existing payment systems. On-chain infrastructure is provided by Chainlink.