Citibank and SWIFT complete pilot program for fiat-to-crypto PvP settlement.
TL;DR
Citibank and SWIFT completed a pilot for fiat-to-crypto PvP settlement, proving interoperability between traditional finance and blockchain using SWIFT infrastructure and USDC on Ethereum testnet.
Tags
On November 21, Citibank and SWIFT announced the completion of a pilot program for Payment-versus-Payment (PvP) settlement between fiat and digital currencies, validating the feasibility of interoperability between traditional financial systems and distributed ledger networks. This pilot program was implemented using existing SWIFT infrastructure and seamlessly integrated with institutional-grade blockchain connectors, business process coordinators, and smart contracts. Furthermore, Citibank used the beta version of USDC on the Ethereum Sepolia testnet to simulate a near-production environment during the pilot.