South Korean, EU banks begin working-level talks on stablecoin remittance project

Ten South Korean banks, including KB Kookmin Bank, Shinhan Bank and Woori Bank, have begun working-level consultations on Pangea, a South Korea-Europe stablecoin remittance project, Money Today reported. Pangea is a proof-of-concept project aimed at developing a stablecoin-based remittance model involving Unica, a South Korean banking consortium, and Kivallis, a European banking community. Cross-border remittances have traditionally taken several days as they had to pass through SWIFT and other intermediary institutions, while the use of stablecoins is expected to streamline the process.