Chainlink teams up with 47 South Korean, European banks to speed up international money transfers

Chainlink announced a partnership with 47 South Korean and European banks on March 13, 2024, to accelerate international money transfers. This initiative, named Project Pangea, aims to leverage stablecoins for settling large-value currency transactions between Europe and South Korea with near real-time settlement capabilities. The collaboration intends to reduce the current settlement times, which can take several days, by utilizing blockchain technology and stablecoins for cross-border payments. Project Pangea is expected to enhance the efficiency and reduce the costs associated with international remittances and wholesale payments. The participating banks represent a significant portion of the financial institutions in both regions, signaling a strong commitment to modernizing cross-border financial infrastructure. This move by Chainlink and its banking partners could set a precedent for future adoption of digital assets in traditional finance for interbank settlements.