Solana blockchain achieved a milestone in October, recording over 120 million active addresses, marking the highest level of user activity in its history. The increased engagement underscores the network’s growing appeal in the blockchain and cryptocurrency spaces, as users continue to flock to the platform for its high throughput and low transaction costs.
Meanwhile, financial giants Citi and Fidelity have made strides in blockchain adoption, unveiling a proof-of-concept for a digital foreign exchange (FX) swap embedded in an onchain money-market fund (MMF).
Scheduled for exhibition at the Singapore Fintech Festival from November 6-8, this new approach allows investors to settle multi-asset positions in real-time. This capability could give investors access to higher yields on foreign cash funds by enabling diversified investments in money-market funds denominated in multiple currencies.
Developed under the Monetary Authority of Singapore’s (MAS) Project Guardian, the initiative aims to establish common tokenization standards for financial instruments.
By using blockchain technology, Citi and Fidelity’s project could drastically improve efficiencies in global markets, potentially reducing settlement times for cross-currency trades from days to seconds, a groundbreaking shift for international finance. This proof-of-concept exemplifies the rising interest from traditional financial institutions in integrating blockchain to enhance financial systems.
