East & Partners

Swift Executes Fiat-to-Digital Currency Settlement Trial with Citi

(11 November 2025 – Singapore) Swift and Citi have presented an illustrative feasibility trial for settling payments between fiat and digital currencies with a hybrid model for interoperability between TradFi systems and blockchain networks.

The Payment-versus-Payment (PvP) workflow was enabled by leveraging existing Swift infrastructure augmented with institutional-grade distributed ledger technology (DLT) connectors, orchestrators, and smart contracts. The solution incorporates an escrow mechanism as an approach to solving for irreversible blockchain transactions while ensuring PvP settlement and eliminating the settlement risk of both parties.

The collaborative, holistic messaging standard is designed to account for distinct data fields and characteristics inherent in fiat-digital currency transactions, in addition to tracking the end-to-end process from trade initiation to settlement confirmation.

“The collaboration with Citi proves that we can leverage the reach of our existing network while introducing advanced capabilities required to orchestrate fiat-digital currency PvP” stated Swift Head of Strategy, Jonathan Ehrenfeld.

“Trials with Swift represent a significant leap forward in understanding and developing infrastructure required to support digital currency transactions” commented Citi Head of FX Products, Ayesa Latif.

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