K Bank Joins EU Stablecoin Project 'Pangaea'

K Bank announced on June 25 that it will participate in the 'Pangaea' stablecoin collaboration project, jointly pursued by South Korean and European banks.

Pangaea aims to research and validate next-generation overseas remittance models, involving domestic banks, the EU-based stablecoin issuer Kivalis, the global financial messaging network SWIFT, and the blockchain interoperability technology firm Chainlink.

The project is a global banking initiative exploring direct connections between South Korea's won stablecoin and Europe's euro stablecoin. Previously, K Bank participated in the 'Project Pax,' a technology validation initiative for stablecoin remittances between South Korea and Japan.

This year, K Bank has strengthened its partnerships by signing memorandums of understanding with entities such as Change in the United Arab Emirates, Kasikorn Bank in Thailand, and the blockchain company Ripple. The bank plans to refine service models through technology validation (PoC) with each partner and gradually expand its market applications.

Additionally, the Open Blockchain and Artificial Intelligence Association (OBDIA) is also participating in the project. OBDIA is an organization formed by 13 major domestic banks in South Korea to explore the stablecoin ecosystem.