Share this article
Citigroup, Fidelity International Unveil Proposal for On-Chain Fund With Real-Time FX Swaps
Their proof-of-concept aims to boost liquidity and efficiency in multi-currency transactions.
Updated Nov 4, 2024, 5:53 p.m. Published Nov 4, 2024, 10:07 a.m.
CORRECTION (Nov. 4, 2024, 16:00 UTC): An earlier version of this story referred to Fidelity Investments being involved in this situation. It is, in fact, a separate company: Fidelity International.
Global bank Citigroup (C) and Fidelity International, an $862 billion asset manager, have developed a proof-of-concept for an on-chain money-market fund that includes a digital foreign exchange swap.
STORY CONTINUES BELOW
Their aim is to enable real-time settlement of multi-currency transactions, enhancing treasury management by eliminating delays and improving liquidity. The solution will be showcased at the Singapore FinTech Festival 2024, according to a Monday press release from the companies.
By tokenizing money-market funds and using blockchain technology, Citi and Fidelity International — which is separate from the better-known Fidelity Investments — aim to facilitate faster, seamless transactions, allowing investors to manage FX risks more efficiently. This advancement could enable corporate treasurers to diversify portfolios and access higher yields on U.S. dollar-denominated MMFs while maintaining liquidity.
The collaboration is part of the Monetary Authority of Singapore's Project Guardian, which explores blockchain's potential in financial markets.
This move aligns with a broader trend in traditional finance, as major players like BlackRock and other established institutions embrace tokenization as a way to enhance operational efficiency, offer new investment opportunities, and stay competitive in a rapidly evolving market.
Read More: Singapore Pushes for Commercialization of Tokenization
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
Top Stories
