FairsquareLab, a digital asset infrastructure technology company, announced on the 29th that it has signed a strategic memorandum of understanding (MOU) with Chainlink, a global oracle network platform. The purpose of this agreement is to promote the development of cross-border stablecoin remittance and settlement infrastructure.
As the first step of this collaboration, Chainlink will support Phase 2 of Project PAX, led by Fair Square Labs. Project PAX includes South Korea's Shinhan Bank, Nonghyup Bank, and K Bank, Japan's Programat, and several other Japanese banks. Phase 2 will advance the technical infrastructure for stablecoin interoperability across heterogeneous blockchains.
Blockchain interoperability refers to the ability to securely exchange data and assets across different networks. This strengthens the stability of financial infrastructure and enhances transparency for anti-money laundering (AML) and regulatory compliance.
Chainlink's Cross-Chain Interoperability Protocol (CCIP) is an interoperability technology that supports asset transfers across multiple networks. Fair Square Lab plans to integrate CCIP into Project PAX's remittance infrastructure to verify real-time fund transfers between blockchains and financial networks, and jointly develop technical standards and operational processes.
Project PAX aims to reduce remittance costs and improve transaction speed by combining fiat currencies and stablecoins. Integration with CCIP is expected to improve interoperability, security, and transaction processing speed, while ensuring interoperability with existing financial systems.
“This collaboration is an important step toward implementing blockchain interoperability in a real-world financial environment,” said Kim Jun-hong, CEO of Fair Square Lab. “We plan to expand the application of Chainlink technology beyond Project PAX to the entire stablecoin infrastructure we are building in collaboration with domestic and international financial institutions.”
“Fairsquare Labs is a key partner in driving the adoption of CCIP in Asia,” said Niki Ariyasinghe, Head of Business Development for APAC and the Middle East at Chainlink Labs. “This collaboration provides a foundation for financial institutions to securely and regulatory-friendly exchange of data across multiple blockchains.”
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