47 Banks Team Up With Chainlink to Make Money Transfers Instant

Sending money between countries is slow — but a new project wants to fix that. Chainlink, a technology company that connects blockchains (digital record-keeping systems) to real-world data, has teamed up with 47 banks across Europe and South Korea to make international money transfers nearly instant.

The alliance is called Project Pangea, and the banks involved are huge — together they manage over $10 trillion in assets (money and investments they look after for clients).

Here's the problem they're solving. When banks trade one currency for another (called foreign exchange, or FX), it usually takes about 2 days to fully complete — a delay known as "T+2." During that wait, there's a risk one side might fail to pay. Project Pangea wants to shrink that to near-instant, or "T+0."

How will they do it? By using stablecoins — digital tokens whose value is locked 1:1 to a real currency (so one euro-stablecoin always equals one euro). The plan involves:

• A euro stablecoin backed by 37 European banks (through a group called Qivalis)
• A South Korean won stablecoin from UniKA, a group of over 10 Korean banks
• Chainlink providing the technology to link everything together

The key trick is something called atomic payment-versus-payment (PvP). This means both sides of a currency trade happen at the exact same moment — or not at all. If one side can't pay, the whole deal cancels, so no one gets cheated.

Why does this matter? The trade route between Europe and South Korea is worth around $150 billion. Faster, safer payments could save money and reduce risk for everyone involved.

Importantly, the system is designed to work *alongside* existing banking tools like Swift (the global network banks use to send payment messages), rather than replacing them. Chainlink says this isn't just a test — they aim to build real, working infrastructure within a year.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/markets/2026/06/23/chainlink-teams-up-with-47-south-korean-european-banks-to-speed-up-international-money-transfers