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Deployments · platform by Osaka Digital Exchange

START security token market (Osaka Digital Exchange)Updated 8 Nov 2026

Japan's first secondary market for security tokens, run by Osaka Digital Exchange, an SBI-founded proprietary trading system backed by Daiwa, Nomura, SMBC and Cboe. Trading started in December 2023 with two real estate tokens and was thin at first. By the end of March 2026 eight tokens traded there, with a combined market value of ¥33.6 billion, and the first security token corporate bond had been added. In December 2025 ODX joined a trial settling START trades against DCJPY tokenised deposits.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 25 Dec 2023[2] — Small: eight tokens and ¥33.6 billion market value in March 2026. · Reviewed today

Assets
Beneficial interest[4]
Real estate security tokens (most listings) and, from 2026, a security token corporate bond
Networks
Unknown ledger Not disclosed[3]
START lists tokens issued on both Progmat and ibet for Fin, and the sources do not say which ledger each uses. ibet for Fin was earlier inferred and removed by editor decision 2026-10-18-japan-korea-1.
Use cases
Secondary trading[2]Delivery versus payment (DvP)[3]
Jurisdictions
Japan

Participants

Operates under

Metrics

  • 110 trades / monthTrades in first month · as of Jan 2024[2]
  • ~¥11m / monthValue traded in first month · as of Jan 2024[2]
  • 8 tokensTokens trading · as of 31 Mar 2026[4]
  • ¥33.6bnMarket value of tokens trading · as of 31 Mar 2026context[4]
    Market capitalisation of listed tokens; the tokens sit on their issuing platforms, not START.
  • 9 tokensReal estate tokens trading · as of 31 Oct 2026[5]
  • ~¥35m / monthValue traded · as of 31 Oct 2026[5]
  • ~¥105.4bnMarket value of tokens trading · as of 31 Oct 2026context[5]
    Market capitalisation of listed tokens; the tokens sit on their issuing platforms, not START.

Timeline

  1. Happened 6 Oct 2026 · Scope expansion · recorded 18 Oct 2026
    Project Trinity, in which ODX took part, completes a test of settling START-style security token trades between brokers against a bank-issued stablecoin; no live date set.[1]
  2. Happened Oct 2026 (month only) · Production milestone · recorded 8 Nov 2026
    Nine real estate tokens trade on START, worth about ¥35 million against a combined market value of about ¥105.4 billion.[5]
  3. Happened Mar 2026 (month only) · Scope expansion · recorded 12 Oct 2026
    The first security token corporate bond starts trading on START.[4]
  4. Happened 26 Dec 2025 · Scope expansion · recorded 12 Oct 2026
    ODX, SBI Securities, Daiwa Securities, SBI Shinsei Bank, BOOSTRY and DeCurret DCP begin a trial settling START trades against DCJPY.[3]
  5. Happened 25 Dec 2023 · Launch · recorded 12 Oct 2026
    START opens for trading with two real estate security tokens.[2]

Sources

  1. [1]Project Trinity, a proof of concept for DvP settlement with stablecoins in secondary security token trading, completes testing up to phase 2 (operational verification) — SMBC, Daiwa Securities, SBI Securities, SBI R3 Japan, ODX, BOOSTRY, Progmat, Datachain and SBI VC Trade (joint release), 6 Oct 2026. Accessed 18 Oct 2026. In Japanese; our summary is translated.B
  2. [2]ODX's START, Japan's market for security tokens to expand beyond real estate — Ledger Insights, 13 Feb 2024. Accessed 12 Oct 2026.C
  3. [3]SBI証券や大和証券など6社、デジタル証券決済にデジタル通貨の実証 — Impress Watch, 26 Dec 2025. Accessed 12 Oct 2026. In Japanese; our summary is translated.C
  4. [4]BOOSTRY Publishes Japan Security Token Market Report (FY2025) — BOOSTRY (via Nomura Holdings media room), 2 Apr 2026. Accessed 12 Oct 2026. Third-party market report by a START participant, not ODX's own disclosure..B
  5. [5]European tokenisation issuance to market — Digital Atelier Solutions, 2 Nov 2026. Accessed 8 Nov 2026. Cites itsmoneytokenized.jp-style market statistics for START in October 2026; original Japanese-language source not opened..C

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