Overview
- The trial executed a payment-versus-payment workflow that settled fiat and a tokenized dollar transfer at the same moment.
- Swift’s existing network was augmented with blockchain connectors, an orchestrator and smart contracts, with a dedicated escrow gating finality.
- Citi used test USDC from Circle on Ethereum Sepolia to mirror near-production conditions without moving real funds.
- The setup extended FX messaging such as MT30X to track end-to-end events across bank systems and the blockchain.
- Citi and Swift plan to involve more institutions to refine the model and develop operational and messaging standards, citing monthly stablecoin transfers nearing $1 trillion and a Citi GPS projection of up to $1.9 trillion in issuance by 2030.