PANews reported on November 4 that according to CoinDesk, traditional financial giants Citibank and Fidelity Investments have jointly developed a proof-of-concept for digital foreign exchange swaps for money market funds on a chain. The project will be presented at the Singapore Fintech Festival from November 6 to 8, aiming to demonstrate how investors can achieve real-time settlement of multi-asset positions.

The proof of concept was developed under the framework of Project Guardian, a project of the Monetary Authority of Singapore (MAS), which is committed to promoting universal standards for tokenization. Through this innovation, investors may gain the following advantages: achieving real-time settlement of multi-asset positions; obtaining higher returns by investing in money market funds denominated in non-local currencies; and increasing portfolio diversification.