On November 4th, traditional financial giants Citibank and Fidelity Investments have developed a proof-of-concept for digital foreign exchange (FX) swaps to trade in on-chain money market funds (MMFs). The proof-of-concept will be showcased at the Singapore Fintech Festival from November 6th to 8th, demonstrating how investors can settle multi-asset positions in real time. It will also enable investors to diversify their portfolios by accessing higher yields from foreign currency cash funds by investing in money market funds denominated in other currencies, as mentioned in Monday's announcement. Citi and Fidelity developed the proof-of-concept under the Monetary Authority of Singapore's (MAS) Project Guardian, which focuses on advancing common standards for tokenization. Tokenization, the term for minting financial instruments into digital assets and trading them on-chain, is an approach that many traditional financial giants are exploring to improve the efficiency of global financial marekting.