Citibank and SWIFT complete pilot program for fiat-to-crypto PvP settlement.
Citibank and Swift announced the completion of a pilot for a Payment-versus-Payment (PvP) settlement process between fiat currency and digital currency, verifying the feasibility of interoperability between traditional financial systems and distributed ledger networks. This pilot was implemented based on the existing Swift infrastructure and achieved through seamless integration of institutional-grade blockchain connectors, business process coordinators, and smart contracts. In addition, Citibank used a test version of USDC on the Ethereum Sepolia testnet in the pilot to simulate a near-production environment.
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