DARPA Launches P5 Program for Private and Efficient International Payment Systems
On December 19, 2025, the US Defense Advanced Research Projects Agency (DARPA) announced the P5 program, aiming to enhance financial privacy and efficiency in international payment systems for American financial institutions. The program seeks information on current technologies and innovations to achieve this goal, highlighting the lack of privacy in existing systems like SWIFT and many cryptocurrencies.
The P5 RFI indicates that while blockchain alternatives exist, they are not immune to deanonymization. The program emphasizes the importance of financial privacy as a competitive advantage for the US, particularly in the context of large international transfers.
DARPA is also examining trade-offs between privacy, transaction volume, and security. Additionally, the initiative may intersect with global efforts to develop Digital Public Infrastructure and Central Bank Digital Currencies.
