Financial Heavyweights Complete Landmark Stablecoin Settlement Pilot for Digital Securities Market
A consortium of leading Japanese financial institutions and blockchain technology providers has successfully completed Phase 1 and Phase 2 of "Project Trinity," a joint trial validating Delivery versus Payment (DvP) settlement for secondary market security token transactions using stablecoins.
The consortium includes major firms such as Sumitomo Mitsui Banking Corporation (SMBC), Daiwa Securities, SBI Securities, Osaka Digital Exchange (ODX), SBI R3 Japan, BOOSTRY, Progmat, Datachain, and SBI VC Trade.
Key Findings and Operational Highlights
- Structural Mitigation of Principal Risk: Current secondary market trading for security tokens (ST) lacks simultaneous transfer of securities and cash, creating counterparty "principal risk" due to non-DvP settlement. Project Trinity solves this by utilizing smart contracts on a blockchain to execute ST delivery and stablecoin (SC) payment concurrently.
- Execution Details (Phase 2): Conducted between April and September 2026, the operational testing phase simulated secondary trades on ODX's START market. SBI Securities and Daiwa Securities executed two proprietary ST transfer transactions using self-issued corporate ST bonds from SBI VC Trade. Settlement was fulfilled on a T+2 cycle using SMBC's trust-beneficiary-type stablecoins (Type 3 Electronic Payment Means).
- Technical Integration: Progmat provided the ST platform and bond registry management. Cross-chain interoperability between separate blockchains for tokens and stablecoins was managed jointly by Progmat and Datachain. SMBC supplied the stablecoin infrastructure with technical collaboration from TISI and Fireblocks.
- System Capabilities Verified: The trial successfully tested stablecoin purchasing and redemption cycles, DvP trade settlements, and error-handling workflows for liquidity shortfalls or matching discrepancies under scheduled timelines.
- Future Outlook: Having verified legal, technical, and operational feasibility for T+2 DvP settlements, the participating firms identified key operational targets for commercial adoption. These include enhancing application performance and establishing operational frameworks capable of handling high-volume, multi-platform, and mixed-settlement environments as digital currency infrastructure evolves in Japan.
Japanese Financial Consortium to Pilot First Tokenized Deposit Settlements for Security Tokens
A consortium of six major Japanese financial and technology firms—including SBI Securities, Daiwa Securities, and SBI Shinsei Bank—have announced the launch of a collaborative project to verify real-world settlement of security tokens (ST) using tokenized deposits. The initiative aims to implement a Delivery Versus Payment (DVP) settlement
Norbert Gehrke
