Citibank and Swift complete pilot of fiat and digital currency PvP settlement process
2025-11-21 03:18:46
Citibank and Swift have announced the completion of a pilot of a Payment-versus-Payment (PvP) settlement process between fiat and digital currencies, validating the feasibility of interoperability between traditional financial systems and distributed ledger networks. The pilot is enabled by existing Swift infrastructure and seamlessly integrates institutional blockchain connectors, business process coordinators, and smart contracts. In addition, Citibank used a beta version of the Ethereum Sepolia testnet, USDC, to simulate a near-production environment.
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