OBDIA to Lead Korea-Europe Bank 'Coin Experiment'...Shinhan, Woori, JB, and K Bank Join

Korea-EU Banking Sector's Won-Euro Stablecoin Project "Pangea"

The Open Blockchain & Artificial Intelligence Association (OBDIA) announced on the 25th that it will participate in the stablecoin collaboration project 'Pangea,' which involves banks from both Korea and Europe.

Pangea is a project that jointly researches and verifies overseas remittance and next-generation foreign exchange and settlement models using stablecoins based on domestic currencies. Major Korean banks, European banks, global financial infrastructure institutions, and blockchain technology firms are participating, and various use scenarios will be reviewed in a test environment.

According to OBDIA, Pangea is a meaningful project in that it examines the interoperability and overseas applicability of stablecoins based on domestic currencies issued by Korean and European financial institutions. This sets it apart from previous discussions, which had been centered solely on dollar-based stablecoins.

Pangea is a follow-up to last year's stablecoin cross-border remittance demonstration project 'PAX,' which involved financial institutions from Korea and Japan, and will expand its scope to include Europe.

The participating organizations plan to review overseas remittance, currency exchange, foreign exchange transactions, and settlement processes using stablecoins based on the won and the euro, and will also discuss the technical and operational issues that may arise in future institutionalization processes.

Alongside major Korean banks, Pangea includes Qivalis, a European stablecoin issuer; SWIFT, the global financial messaging network; Chainlink, a blockchain interoperability technology company; and Pair Square Lab, a Korean blockchain technology company.

OBDIA will participate as the project secretariat, supporting collaboration among participating organizations, operating the steering committee, linking domestic and international partner organizations, and overseeing external communications.

In addition, OBDIA will support the operation of UniKA (Unified Korea Alliance), a collaborative framework among Korean banks, and will work to connect the opinions of the Korean financial sector to global discussions.

UniKA is a collaborative framework established so that Korean banks can jointly respond to global discussions on digital money and stablecoins. It will be operated primarily through a steering committee composed of participating institutions.

OBDIA President Ryu Changbo stated, "The global discussion on stablecoins is expanding from a focus on issuance to a focus on utilization," adding, "We will support Korean banks in working with global financial institutions to review next-generation foreign exchange and settlement models and to participate in international discussions."

He further emphasized, "Pangea is not a business of a single institution, but a collaborative project in which domestic and international financial institutions together examine the future financial infrastructure. We also plan to expand digital money cooperation with various countries in the future."

This content was produced with the assistance of AI translation services.