Chainlink has joined Project Pangea, a cross-border settlement initiative involving European and South Korean banks with more than $10 trillion in combined assets under management, as LINK traded lower despite the institutional partnership announcement.
Project Pangea brings together Chainlink, FairSquareLab, UniKA, and Qivalis to test near real-time foreign exchange settlement between Europe and South Korea using regulated euro and Korean won stablecoins. The initiative focuses on moving euro–won settlement from the traditional T+2 timeline toward T+0 settlement through atomic payment-versus-payment swaps.
At press time, LINK was trading near $7.57, down about 5% over 24 hours after falling from an intraday high near $7.99. The token remained under short-term pressure as traders weighed the Project Pangea news against weak market momentum and the first net outflow from Chainlink’s spot ETF market.
Chainlink Joins Project Pangea With 47 Banks
Project Pangea includes Qivalis, a euro stablecoin consortium backed by 37 European banks, and UniKA, a South Korean banking alliance representing more than 10 commercial banks. The group plans to use regulated EUR and KRW stablecoins to settle foreign exchange transactions in near real time.
Chainlink will provide infrastructure that connects existing banking systems with blockchain settlement networks. Its middleware is designed to convert Swift and ISO 20022 payment instructions into on-chain settlement commands without requiring banks to replace their current payment systems.
The project will use Chainlink’s Cross-Chain Interoperability Protocol, Data Streams and Chainlink Runtime Environment. These tools are expected to support cross-chain transfers, high-speed FX market data and orchestration between Swift messages and blockchain-based settlement rails.
FairSquareLab will provide on-chain FX settlement technology and the Pangea L1 Network, a settlement-focused blockchain designed to host atomic FX swaps. The system is intended to settle both sides of a currency transaction at the same time or cancel the transaction if either side fails.
Stablecoins Target Europe-Korea FX Settlement
The initiative focuses on the Europe–South Korea trade corridor, which processes more than $150 billion in goods and services annually. Project Pangea aims to reduce settlement delays, lower counterparty risk and improve access to funds during cross-border transactions.
The global FX market processes more than $9.6 trillion in daily trading volume, yet many cross-border settlements still rely on intermediaries and delayed payment rails. Project Pangea is designed to test whether regulated stablecoins can reduce friction while keeping banks within familiar compliance and messaging standards.
Chainlink’s Niki Ariyasinghe said the project is aimed at building real infrastructure rather than remaining only a proof of concept. He said the target is live transactions within a legal and regulatory compliance framework within the next 12 months.
The project is not being positioned as a direct rival to existing payment networks. Chainlink said its role is to provide technology that helps banks connect to on-chain finance through existing systems, while regulated stablecoins provide the digital cash leg for settlement.
LINK Price Faces Resistance After ETF Outflow
LINK’s price remains under short-term bearish pressure despite the Project Pangea announcement. The token broke down from the $7.85 to $7.90 area and moved toward the $7.50 to $7.55 support range before attempting to stabilize.
Immediate support is near $7.50. A move below that level could expose LINK to the $7.40 area, while a defense of support may keep the token consolidating near current levels. On the upside, the first resistance range sits near $7.60 to $7.65.
Source: TradingView
A stronger recovery would require LINK to reclaim the $7.80 to $7.90 area, where the token previously lost momentum. Until that zone is recovered, the short-term structure remains weak.
ETF flow data added to selling pressure. Arca data showed the Chainlink spot ETF market recorded about $490,920 in net outflows on June 22, ending a 203-day run without a negative daily reading. Cumulative net inflows slipped from about $123.82 million to $123.33 million.
Concurrently, the LINK’s RSI near 34.94 shows the token is recovering from oversold conditions, while MACD remains below zero with a slightly positive histogram. That setup suggests bearish momentum may be slowing, although a clear trend reversal would require stronger buying volume and a move back above key resistance.
