Citi, Fidelity Exhibit Proof-of-Concept for Real-Time Forex Swap Onchain
Summary
Citi and Fidelity have developed a proof-of-concept for a digital foreign exchange swap within an onchain money-market fund, to be showcased at the Singapore Fintech Festival. This initiative allows real-time settlement of multi-asset positions and access to higher yields on foreign cash funds by investing in money-market funds denominated in different currencies. Developed under the Monetary Authority of Singapore's Project Guardian, this effort aims to establish common standards for tokenization, enhancing the efficiency of global financial markets by enabling real-time settlement of trades across different currencies.
