Citibank and Swift Complete Pilot for PvP Settlement Between Fiat and Digital Currencies

According to BlockBeats, Citibank and Swift have successfully completed a pilot project for Payment-versus-Payment (PvP) settlement between fiat and digital currencies. This initiative demonstrated the feasibility of interoperability between traditional financial systems and distributed ledger networks. The pilot was executed using the existing Swift infrastructure, seamlessly integrating institutional-grade blockchain connectors, business process coordinators, and smart contracts. Citibank utilized the Ethereum Sepolia testnet's test version of USDC to simulate a near-production environment.