PANews reported on November 21 that, according to PR Newswire, Citibank and SWIFT announced the successful completion of a pilot program for PvP (payment-to-payment) settlement between fiat currency and digital currency, marking a significant step forward in the integration of traditional financial systems and blockchain technology. The pilot program utilized the Ethereum Sepolia network based on USDC (the test coin) and achieved synchronized settlement and risk control through smart contracts and a central coordinator. Both parties plan to continue working with the global financial community to advance standards development and promote the large-scale deployment of this model.PANews reported on November 21 that, according to PR Newswire, Citibank and SWIFT announced the successful completion of a pilot program for PvP (payment-to-payment) settlement between fiat currency and digital currency, marking a significant step forward in the integration of traditional financial systems and blockchain technology. The pilot program utilized the Ethereum Sepolia network based on USDC (the test coin) and achieved synchronized settlement and risk control through smart contracts and a central coordinator. Both parties plan to continue working with the global financial community to advance standards development and promote the large-scale deployment of this model.
Citigroup and SWIFT complete fiat-to-crypto currency settlement pilot, advancing cross-chain interoperability standards.
PANews reported on November 21 that, according to PR Newswire, Citibank and SWIFT announced the successful completion of a pilot program for PvP (payment-to-payment) settlement between fiat currency and digital currency, marking a significant step forward in the integration of traditional financial systems and blockchain technology. The pilot program utilized the Ethereum Sepolia network based on USDC (the test coin) and achieved synchronized settlement and risk control through smart contracts and a central coordinator. Both parties plan to continue working with the global financial community to advance standards development and promote the large-scale deployment of this model.
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