Citibank and Fidelity jointly launched an on-chain real-time foreign exchange swap proof of concept

ChainCatcher news, according to CoinDesk, traditional financial giants Citi and Fidelity have jointly developed a proof of concept for an on-chain money market fund digital foreign exchange swap. The project will be showcased at the Singapore FinTech Festival from November 6 to 8, aiming to demonstrate how investors can achieve real-time settlement of multi-asset positions.

This proof of concept was developed under the Monetary Authority of Singapore's (MAS) "Project Guardian" framework, which is dedicated to advancing a tokenized universal standard. Through this innovation, investors may gain the following advantages: real-time settlement of multi-asset positions; higher returns by investing in money market funds denominated in non-local currencies; increased diversification of their portfolios.