Chainlink has joined a consortium of European and South Korean banks that aims to shift cross-regional currency settlements onto regulated stablecoins pegged to the euro and the South Korean won.
The goal is to speed up money transfers between Europe and South Korea. Currently, interbank transfers take about two days.
Transactions are initiated through the banks’ familiar Swift system, while Chainlink acts as the link between banks and the blockchain—directly exchanging one stablecoin for another without using the dollar as an intermediary.
The first real transactions under regulatory requirements are planned to be launched within 12 months.
The alliance includes the Euro-Consortium Qivalis (37 banks) and the Korean UniKA. An important nuance: this is currently a working group, not a finished product.