On November 21st, Citibank and Swift announced the completion of a pilot project for Payment-versus-Payment (PvP) settlement between fiat currency and digital currency. This has validated the interoperability of the traditional financial system with a distributed ledger network. The pilot project was built on the existing Swift infrastructure and achieved seamless integration through an institutional-grade blockchain connector, a business process coordinator, and smart contracts. Additionally, Citibank used a test version of USDC on the Ethereum Sepolia testnet to simulate a near-production environment.
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