52 Banks from 16 Countries Unite Under Project Pangea for Instant Cross-Border Settlement
**Project Pangea** brings together 52 banks across 16 countries, representing over $10 trillion in assets under management, to transform international foreign exchange markets.
**Key Innovation:**
- Banks can execute direct, atomic payment-versus-payment (PvP) swaps of regulated EUR and KRW stablecoins
- Settlement moves from T+2 (two-day delay) to **T+0 (instant)**
- Uses Chainlink infrastructure with ISO 20022 messaging and existing Swift systems
**How It Works:**
Chainlink provides the data, interoperability, and orchestration standards needed for complex cross-chain, cross-border transactions. Banks can connect to any public or private blockchain using their current systems and messaging standards.
**What This Unlocks:**
- Atomic FX transactions
- Instant settlement
- Access to onchain liquidity
Fernando Vasquez, President of Capital Markets at Chainlink Labs, discussed the initiative's framework for establishing a blueprint for next-generation regulated, cross-border finance.