Chainlink Joins 50-Bank Consortium to Overhaul FX Settlement

The consortium, which includes over 50 banks alongside partners FairSquareLab, UniKA, and Qivalis, seeks to replace the standard T+2 settlement cycle with T+0 transactions. Rather than requiring banks to overhaul their core systems, the model utilizes ISO 20022 messaging to bridge traditional banking instructions with on-chain settlement actions. This design allows institutions to execute payment-versus-payment swaps using euro and South Korean won stablecoins without abandoning familiar payment rails.

Niki Ariyasinghe, Chainlink’s vice president for Asia-Pacific and the Middle East, emphasized that the initiative is designed for practical implementation rather than a simple proof of concept. The settlement layer will leverage Pangea AMM smart contracts on networks including Ethereum and Polygon. While the project aims to reduce settlement risk and provide access to continuous liquidity, its long-term viability depends on meeting strict compliance and risk standards at institutional scale. Following the announcement, Chainlink’s LINK token traded at $7.59, as the firm continues to expand its institutional infrastructure push following the success of its CCIP stack.