TechFlow reported on November 4 that, according to CoinDesk, traditional financial giants Citigroup (Citi) and Fidelity Investments 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" initiative, which is dedicated to advancing common standards for tokenization. Through this innovation, investors could gain several benefits: real-time settlement of multi-asset positions; access to higher-yielding money market funds denominated in non-base currencies; and enhanced portfolio diversification.
