Article

On December 19, 2025, DARPA launched the P5 program to improve financial privacy and efficiency in international payment systems for U.S. financial institutions, addressing shortcomings in existing systems like SWIFT and cryptocurrencies. The initiative seeks input on current technologies while emphasizing the competitive advantage of financial privacy, particularly for large international transfers, and exploring the balance between privacy, transaction volume, and security. Additionally, P5 may align with global efforts on Digital Public Infrastructure and Central Bank Digital Currencies.