Citigroup and SWIFT have successfully completed a pilot program for payment-to-payment (PvP) settlement between fiat and digital currencies. This initiative marks a significant advancement in integrating traditional financial systems with blockchain technology. The pilot utilized the Ethereum Sepolia network and USDC as the test coin, achieving synchronized settlement and risk control through smart contracts and a central coordinator. The successful completion of this pilot represents a crucial step in enhancing cross-chain interoperability standards. Citigroup and SWIFT plan to collaborate further with the global financial community to develop standards and promote the large-scale deployment of this settlement model.