Shinhan Bank joins European banks in 'Pangea' stablecoin project

Shinhan Bank announced on June 25 its participation in Project Pangea, a joint initiative with the European banking sector to test cross-border remittances using stablecoins backed by their respective national currencies. According to Digital Daily, the project aims to research and verify methods for sending and settling funds between South Korea and Europe using won- and euro-based stablecoins. Other participants include South Korean banks, Kybalion—a European banking entity promoting a euro-based stablecoin—SWIFT, Chainlink, and Fairsquare Lab.