Citi successfully tested blockchain infrastructure for simulating foreign exchange transactions on Avalanche Evergreen subnets. The financial industry and MAS collaborated on the RFS Project Guardian. This study evaluated simulated spot trading on the USD/SGD currency pair. The underlying technology allows trading of many currency pairs, however it is currently in testing mode and is not available to clients.
AvaCloud, a managed blockchain service, was used to create an on-chain pricing solution. It tracks price quotes and trade execution on the Avalanche platform in real time in a manner that is compliant and meets the needs of institutional-grade trading platforms. Configuring Evergreen subnets helps integrate new technologies and improve transparency, capital efficiency, and security.
Citi’s on-chain RFS application uses Avalanche Warp Messaging (AWM), Avalanche’s network interoperability technology, to communicate across chains without third-party bridges or trust assumptions. The current focus is on simulated USD/SGD spot FX contracts, but the technology can be adapted to any asset class.