Ten South Korean banks, including KB Kookmin Bank, Shinhan Bank and Woori Bank, have begun working-level talks with European financial institutions on Pangea, a stablecoin-based cross-border remittance project. Led by Unica, a consortium of South Korean banks, and Kyvallis, a European banking group, the proof of concept is testing whether stablecoins pegged to different currencies can simplify overseas transfers and support foreign-exchange operations. Participants include iM Bank, K Bank, Toss Bank, Gwangju Bank and Jeonbuk Bank. Kyvallis has applied for an electronic money token license under the European Union's Markets in Crypto-Assets regulation to issue a joint euro-denominated stablecoin, while South Korean commercialization depends on legislation governing won-denominated stablecoins. Delays to the Digital Asset Basic Act remain a constraint, although authorities plan to accelerate related legislation in the second half.