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FairsquareLab announced today that it has signed a strategic Memorandum of Understanding with Chainlink to push forward cross-border stablecoin interoperability. The agreement names Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as a key technology partner for Phase 2 of Project PAX, a FairsquareLab-led initiative that brings together major financial institutions in South Korea and Japan to pilot a stablecoin-enabled remittance and payment network.
Project PAX, which already involves partners such as Shinhan Bank, NH NongHyup Bank and K Bank in South Korea, along with Progmat and several Japanese banks, is designed to marry traditional fiat rails with stablecoins to smooth the fiat-to-stablecoin-to-fiat flow. The goal is straightforward: lower remittance costs, speed up transactions and make settlement across different blockchain networks practical for regulated financial institutions. Integrating CCIP, FairsquareLab says, will allow the project to validate real-time cross-chain and cross-network fund transfers while co-developing the technical standards and operational processes needed for reliable interoperability.
Interoperability between blockchains matters for more than just speed. By enabling secure data and asset transfers across diverse networks, the partners argue, the technology can close gaps between blockchain ecosystems and increase transparency and traceability of funds within existing regulatory frameworks. That, in turn, could strengthen financial infrastructure by standardizing how payment networks connect and by helping to reduce the risks tied to informal transfer channels, an outcome that supports Anti-Money Laundering and broader compliance efforts.
Advancing Stablecoin Interoperability
Chainlink’s CCIP is being pitched in the announcement as the interoperability standard that can enable secure stablecoin transfers across chains. Under the MOU, FairsquareLab and Chainlink will explore integrating CCIP into Project PAX’s remittance layer to validate transfers in real time and to ensure transactions remain compliant and auditable as they move across different blockchain environments.
Joonhong Kim, CEO of FairsquareLab, framed the collaboration as a practical step toward bringing blockchain interoperability into mainstream finance. “This collaboration marks a critical step toward implementing blockchain interoperability within real-world financial systems,” he said, adding that FairsquareLab intends to expand Chainlink’s technology into the broader stablecoin infrastructure they are building with financial institutions at home and abroad.
Representing Chainlink, Niki Ariyasinghe, Head of Business Development for Asia-Pacific and the Middle East, emphasized the regional ambition of the partnership. Ariyasinghe noted that working with FairsquareLab will help accelerate CCIP adoption across Asia by enabling financial institutions to move value and data across multiple chains in a way that’s seamless, compliant and reliable. “Collaborating with a firm like FairsquareLab helps accelerate the global connectivity of the blockchain industry,” she said.
Taken together, the announcement signals a push by both a technology provider and a payments infrastructure developer to bridge the gap between regulated financial services and emerging blockchain tools. If Project PAX’s pilots succeed, banks and remittance providers could gain a tested blueprint for using stablecoins and cross-chain protocols to lower costs and improve the speed and traceability of international payments, a development that would be closely watched by regulators and market participants alike.
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