K Bank said on June 25 it will take part in Pangea, a stablecoin cooperation project jointly 추진 by South Korean and European banking sectors.

Pangea is a project involving South Korea’s banking sector, Kivalis, a corporate entity pushing to issue stablecoins in the European Union, global financial messaging network SWIFT and blockchain interoperability technology company Chainlink.

Participating institutions plan to jointly research and verify a next-generation overseas remittance model.

Unlike existing stablecoin discussions, which have focused on dollar-based models, the project will review ways to directly link a won stablecoin and a euro stablecoin.

The participating institutions plan to examine the global usability of stablecoins based on their respective national currencies, a joint response system for the banking sector and ways to connect with global settlement infrastructure.

K Bank plans to confirm applicability to the banking sector through this verification and also analyse potential risk factors.

A K Bank official said, "Through cooperation with global financial institutions, we will verify the potential of next-generation overseas remittance and settlement models and continue to strengthen the competitiveness of digital asset-based financial services."