Citibank Completes Fiat-to-Crypto PvP Settlement Process Pilot with Swift

BlockBeats News, November 21, Citibank and Swift announced that they have completed a pilot project for Payment-versus-Payment (PvP) settlement between fiat currency and digital currency, validating the interoperability of the traditional financial system with a distributed ledger network. This 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. Furthermore, Citibank used a test version of USDC on the Ethereum Sepolia testnet to simulate a near-production environment.