Sumitomo Mitsui Banking Corporation
SMBC and seven partners said they would test delivery-versus-payment settlement of security token trades between brokers using a stablecoin issued by SMBC, aiming at T+2 settlement.
- Status
- Live
- Announced
- (announcement)
- Original title
- セキュリティトークンのセカンダリーマーケット（二次流通市場）取引におけるステーブルコインを活用したDvP決済に係る実証プロジェクト開始
- Stage
- Test
- Chain or network
- Progmat for the security tokens and an SMBC stablecoin platform, linked by Progmat and Datachain cross-chain technology (networks not named)
- Participants
- Daiwa Securities, SBI Securities, SBI R3 Japan, Osaka Digital Exchange, BOOSTRY, Progmat, Datachain, SBI VC Trade
- Next review
Scorecard
As of the review on . How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | Stablecoin |
| Access | Closed |
| Legal standing | Sandbox or exemption |
| Scale | Single transaction |
What they said they would do
- MetDaiwa Securities and SBI Securities to run an operational test of settling trades in actually issued security tokens by DvP against a stablecoin issued by SMBC.
- MissedRun the project in three phases: requirements and planning, technical verification, and operational verification.
Review history
Live Test
Phase 2 ran from April to September 2026: Daiwa and SBI Securities settled two transfers of a self-placed security token bond issued by SBI VC Trade, by DvP against SMBC's trust-type stablecoin, both issued only for the test. The project ran in two phases, not the three first planned. The partners have not committed to a next phase.
Evidence: smbc.co.jp
What was announced
On 22 August 2025 Sumitomo Mitsui Banking Corporation (SMBC), Daiwa Securities, SBI Securities, SBI R3 Japan, Osaka Digital Exchange (ODX), BOOSTRY, Progmat and Datachain launched Project Trinity, a test of delivery-versus-payment (DvP) settlement for trades in security tokens on the secondary market, paid in a stablecoin. DvP means the token and the payment change hands together or not at all. The partners said settlement between brokers in security token trades today is not simultaneous, leaving counterparty credit risk. They set “T+2 DvP settlement between brokers using a stablecoin” as the near-term target and real-time gross settlement after each trade as the long-term one. Daiwa and SBI Securities would test trades in actually issued security tokens, settled in a stablecoin issued by SMBC. The project was planned in three phases.
How it works
In the test, Progmat provided the security token platform and the bond registry service, Progmat and Datachain provided the cross-chain link between the token and the stablecoin, and SMBC provided the stablecoin platform with TISI and Fireblocks. The stablecoin was a third-category electronic payment instrument, a specified trust beneficiary interest. Neither network is named, so ledger is unknown. Only the test brokers took part, so access is closed. The tokens and the stablecoin were issued only for the test, so legal is sandbox and stage is test.
Record so far
Phase 1, from August 2025 to March 2026, set requirements and the plan, and the partners consulted the authorities through counsel on the legal points. Phase 2, from April to September 2026, was the operational test: SBI VC Trade issued a self-placed security token bond, and SBI Securities and Daiwa settled two transfers of it, modelled on trades on ODX’s START market, against SMBC’s stablecoin. On 6 October 2026 the nine companies reported that the results matched expectations within the scenarios tested and that T+2 DvP between brokers was feasible to a degree on legal, technical and operational grounds. The project ran in two phases rather than the three announced, merging technical and operational verification.
For Ethereum
The design puts the asset and the cash on different chains and settles across them with a cross-chain protocol from Progmat and Datachain. Neither chain is named in the releases, so whether either is EVM-based is not established.
What to watch
The partners say they will consider next steps in light of market infrastructure and the development of digital money suited to interbank settlement. A move to real trades on START would move stage to pilot.