Chainlink and international banks have partnered on stablecoin FX.
The leading pricing and onchain rate oracle provider has announced that it is joining a collaborative project between European and Asian banks. Called Pangea, this is specifically aimed at creating a global stablecoin FX platform to manage liquidity between local-currency stablecoins.
Approximately 50+ banking groups have already committed to this vision, such as those part of Qivalis in Europe and UniKA in South Korea, especially to reduce the settlement times of delivery of international currency transfers in a market that sees just under $10T of volume every single day.
Also, EUR (Euro) and KRW (Korean-Won) stablecoins will be used, with infrastructure being split between SWIFT, Chainlink custom solutions, and blockchain networks such as Ethereum and Polygon.
