Citibank and Swift Launch Pilot for PvP Settlement of Fiat and Digital Currencies

Citibank and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) have successfully completed a pilot program for Payment-versus-Payment (PvP) settlement between fiat currencies and digital assets. This initiative highlights the potential for integration between traditional financial systems and blockchain networks. The pilot leveraged existing SWIFT infrastructure, incorporating institutional-grade blockchain connectors, business process coordinators, and smart contracts to facilitate the seamless integration of digital and physical transactions. Citibank used the Ethereum Sepolia testnet’s USDC prototype for a near-production simulation.