Japan’s Project Trinity completes stablecoin settlement tests for tokenized securities

Nine Japanese companies said on October 6 that they had completed the first two phases of Project Trinity, a trial linking tokenized securities transfers to stablecoin payments. The result supports a path toward safer settlement between securities firms, with production work still ahead.

The group includes Sumitomo Mitsui Banking Corporation, Daiwa Securities, SBI Securities and Osaka Digital Exchange. Its near-term target is delivery versus payment, or DvP, on a T+2 schedule: the security and money change hands together two business days after the trade. Immediate settlement after trading remains the longer-term ambition.

That addresses a specific weakness in Japan's secondary security-token market. The consortium says securities delivery and cash payment are currently not always synchronized. A party can perform its side of the transaction without receiving the other side, leaving principal exposed. Connecting those transfers is the purpose of the trial.

During the April-to-September operational phase, SBI Securities and Daiwa Securities carried out two transfers for their own accounts using a privately placed tokenized corporate bond issued by SBI VC Trade. The transactions modeled trading on Osaka Digital Exchange's START market. SMBC issued the trust-type stablecoin used for payment; both assets were issued specifically for the verification exercise.

Progmat supplied the security-token platform and bond-register service. Progmat and Datachain jointly provided the technology linking securities and payment tokens on different blockchains. SMBC supplied the stablecoin infrastructure with help from TISI and Fireblocks.

CoinPost's October 6 report describes the exercise as a limited feasibility finding across legal, technical and operational work. The firms also tested stablecoin purchase and redemption, insufficient stablecoin balances and mismatched transaction checks. Expected outcomes were confirmed within the scenarios and timetable used for the trial.

The announcement follows the project's August 2025 launch. Ledger Insights reported then that Trinity would investigate stablecoins for securities settlement as part of SBI's wider push into regulated payment tokens. Today's result advances that work from plans into transactions using issued test assets.

Scaling beyond the exercise requires further work. The consortium identified the need for stable operations within settlement deadlines and better business applications when multiple transactions, token platforms and payment methods coexist. The participating firms said they would consider their next steps alongside changes to regulation, market infrastructure and digital currencies suitable for settlement between firms. No commercial launch date was announced.