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The Solana blockchain recorded over 120 million active addresses in October, reaching the highest level of user activity in its history.
Solana Hits Monthly Active Address Record as Citi and Fidelity Showcase Digital FX Swap at Singapore Fintech Festival
The increasing engagement underscores the network’s growing appeal in the blockchain and cryptocurrency spaces as users continue to flock to the platform for its high trading volume and low transaction costs.
Meanwhile, financial giants Citi and Fidelity have also made strides in blockchain adoption, unveiling a proof of concept for a digital foreign exchange (FX) swap housed in an onchain money market fund (MMF).
This new approach, scheduled to be showcased at the Singapore Fintech Festival from November 6-8, allows traders to close multi-asset positions in real time.
This feature can enable diversified investments in money market funds denominated in multiple currencies, giving investors access to higher returns than foreign cash funds.
Developed under the Monetary Authority of Singapore's (MAS) Project Guardian, the initiative aims to create common tokenization standards for financial instruments.
Citi and Fidelity’s project could vastly increase efficiency in global markets using blockchain technology, potentially reducing settlement times for cross-currency transactions from days to seconds in a groundbreaking shift for international finance.
This proof of concept exemplifies the growing interest of traditional financial institutions in integrating blockchain to enhance financial systems.
*This is not investment advice.