Chainlink Joins 47 Banks in Project Pangea for Real-Time Cross-Border Payments
Chainlink collaborates with 47 banks from Europe and South Korea in Project Pangea to enable near-instant stablecoin-based international transactions. This initiative, which aims to modernize the foreign-exchange settlement process, focuses on a trade corridor valued at $150 billion, according to CoinDesk.
Chainlink enters Project Pangea, a coalition with 47 South Korean and European banks, aiming to facilitate real-time, stablecoin-based cross-border payments for foreign-exchange transactions. This project intends to settle multimillion-dollar trades using euro- and South Korean won-pegged stablecoins on the Pangea L1 blockchain, targeting near-instant transaction times.
The initiative plans to move foreign-exchange settlements from the traditional 48-hour (T+2) period to near-instant (T+0) using atomic payment-versus-payment (PvP) mechanisms. This method enables simultaneous settlement of trades, significantly reducing counterparty and settlement risks associated with cross-border transactions. Niki Ariyasinghe, Chainlink's vice president for Asia-Pacific and the Middle East, emphasizes the project's objective to create real infrastructure rather than merely serving as a proof-of-concept.
The trade corridor between Europe and South Korea is vital, processing over $150 billion in annual goods and services and ranking among the world's largest trade routes. Project Pangea also assesses the existing demand for stablecoin payments in Asia, which currently accounts for approximately 60% of the global stablecoin transactions.
Instead of overhauling existing processes, Project Pangea acts as middleware, integrating seamlessly with legacy systems like Swift and ISO 20022. This design allows traditional banks to initiate transactions through established channels while leveraging blockchain technology for enhanced efficiency. Chainlink stresses a collaborative approach, avoiding competition with other blockchain solutions like Ripple while aiming for organic network growth.
Ultimately, the goal is to accelerate capital movement and streamline international trade operations. "Reducing the time for money transfer means businesses can access their funds much faster, which is beneficial to all parties involved," Ariyasinghe stated, highlighting the need for prompt transaction processes.
Summary based on original reporting by Olivier Acuna at CoinDesk, originally published Jun 23, 2026. SolanaWire does not republish source content.
BNY Assets Managers Push into Tokenized Funds Amid Market Demand
BNY reports asset managers are rapidly exploring tokenized exchange-traded funds (ETFs) driven by investor demand and fear of missing out on opportunities in blockchain-based finance, as noted in an article by CoinDesk. Despite unresolved regulatory and operational challenges, firms are eager to establish a leading position in the emerging market of tokenization.
1 hour ago·CoinDesk·Reported by Helene Braun
Bitcoin Drops to Two-Week Low as Investors Retreat from Tech Stocks
Bitcoin falls to a two-week low of $62,000, reflecting broader sell-offs in tech stocks, according to Decrypt. Ethereum and Solana see even greater losses of at least 5%, as investors anticipate U.S. Federal Reserve rate hikes amid market volatility.
2 hours ago·Decrypt·Reported by André Beganski
Ethereum Foundation Lays Off 20% of Staff Amid Reorganization
The Ethereum Foundation announces plans to lay off 54 employees, approximately 20% of its total workforce, as part of a major restructuring. This decision comes as the organization seeks to implement its new "Mandate" and treasury policy, with work divided into five focused clusters, according to Decrypt.
3 hours ago·Decrypt·Reported by Logan Hitchcock
Ethereum Foundation Announces 40% Budget Cut Amid Leadership Changes
The Ethereum Foundation will reduce its budget by 40% as it transitions to a leaner operational model, according to co-founder Vitalik Buterin. This announcement coincides with a 20% staff reduction and significant leadership turnover, with nine senior figures departing since January, as reported by CoinDesk.
3 hours ago·CoinDesk·Reported by Margaux Nijkerk
Trending this week
Bitcoin Drops Below $60,000 Amid Fed and AI Pressures, Says Deutsche Bank
Deutsche Bank reports that Bitcoin's recent decline below $60,000 is attributed to a hawkish Federal Reserve, significant ETF outflows, and a shift of investment towards artificial intelligence. This change in market dynamics indicates that Bitcoin is becoming more like an institutional asset rather than one driven by retail speculation, according to Deutsche Bank's analysis. CoinDesk provides further details.
3 hours ago·CoinDesk·Reported by Will Canny
SEC Delays Tokenized Stocks; Experts Urge for Better Compliance Systems
The SEC's recent postponement of plans to allow tokenized U.S. stocks has stirred discussions about the need for improved compliance systems, according to CoinDesk. Dr. Ravishankar Chamarajnagar argues that current systems are inadequate for real-time market dynamics, potentially endangering investors.
4 hours ago·CoinDesk·Reported by Dr. Ravishankar Chamarajnagar
Thailand Expands Probe into $300M Chinese Laundering Network
Thailand's Department of Special Investigation extends its investigation into a Chinese 'grey capital' network using illegal crypto mining to launder over $300 million annually, according to Decrypt. Authorities seized more than 6,390 mining rigs and issued eight arrest warrants as part of this crackdown.
4 hours ago·Decrypt·Reported by Decrypt Agent
Ethereum Foundation Restructures, Lays Off 20% of Workforce
The Ethereum Foundation announces a reduction of approximately 20% of its workforce, equating to 54 positions, amidst ongoing leadership changes and a strategic shift, according to CoinDesk. This restructuring aims to streamline operations and improve focus on key priorities as the Ethereum ecosystem continues to evolve.
4 hours ago·CoinDesk·Reported by Margaux Nijkerk