skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,169.30 0.48%
ethereum
Ethereum (ETH) $ 3,414.24 2.05%
tether
Tether (USDT) $ 1.00 0.00%
solana
Solana (SOL) $ 256.81 1.93%
bnb
BNB (BNB) $ 659.16 2.29%
xrp
XRP (XRP) $ 1.46 3.99%
dogecoin
Dogecoin (DOGE) $ 0.434749 4.25%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 1.07 0.54%
staked-ether
Lido Staked Ether (STETH) $ 3,409.53 1.77%

Citi, Fidelity Exhibit Proof-of-Concept for Real-Time Forex Swap Onchain

  • Citi and Fidelity have developed a proof-of-concept for a digital foreign exchange swap in an onchain money-market fund.

  • The two firms have developed the proof-of-concept under the MAS’ Project Guardian.

  • Short-Term Holders Panic Amid Bitcoin's Drop, $295M Long Liquidations

    01:25

    Short-Term Holders Panic Amid Bitcoin’s Drop, $295M Long Liquidations

  • Kamala Harris' Winning Odds Rise on Polymarket; SEC Goes After Immutable

    02:20

    Kamala Harris’ Winning Odds Rise on Polymarket; SEC Goes After Immutable

  • Robinhood's Next Steps After Q3 Earnings

    18:27

    Robinhood’s Next Steps After Q3 Earnings

  • Mega ETF Inflows and Bitcoin Wallet Activity Signal Further Bullishness

    01:49

    Mega ETF Inflows and Bitcoin Wallet Activity Signal Further Bullishness

  • Traditional financial (TradFi) powerhouses Citi (C) and Fidelity have developed a proof-of-concept for a digital foreign exchange (FX) swap in an onchain money-market fund (MMF).

    The proof-of-concept, which will be exhibited at the Singapore Fintech Festival from Nov. 6-8, demonstrates how investors could settle multi-asset positions in real-time. It could also allow them to access higher yields on foreign cash funds through. For example, allowing them to diversify their portfolios through investing in MMFs denominated in currencies other than the ones they hold, according to an announcement on Monday.

    Citi and Fidelity have developed to proof-of-concept under the Monetary Authority of Singapore’s (MAS) Project Guardian, which is focused on advancing common standards for tokenization.

    Tokenization, the term for minting financial instruments as digital assets and trading them onchain, is a concept many TradFi giants are exploring as a means of improving efficiencies of global financial markets.

    For example, it could allow trades between assets denominated in different currencies to be settled in real-time as opposed to taking multiple days, as Citi and Fidelity are attempting to demonstrate with this proof-of-concept.

    Edited by Parikshit Mishra.

    Disclosure

    Please note that our

    privacy policy,

    terms of use,

    cookies,

    and

    do not sell my personal information

    have been updated

    .

    CoinDesk is an

    award-winning

    media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

    editorial policies.

    CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Jamie Crawley

    Leave a Reply

    Loading data ...
    Comparison
    View chart compare
    View table compare
    Back To Top