Deployments · Progmat · platform by Progmat
Project Trinity stablecoin DvP for security token secondary tradesNew
A Japanese industry trial of delivery-versus-payment settlement for secondary trades in security tokens, paying in a trust-type yen stablecoin on a different blockchain from the tokens. Eight firms including SMBC, Daiwa Securities, SBI Securities, Osaka Digital Exchange and Progmat started it in August 2025. In phase 2, from April to September 2026, Daiwa and SBI Securities settled two trades in a privately placed security token bond issued by SBI VC Trade, modelled on START market trading, against a type 3 electronic payment instrument issued by SMBC. The tokens were issued for real but only for the test. A Datachain cross-chain protocol linked the two ledgers. The firms said T+2 DvP between brokers was shown to be feasible but set no date for live use.
Pilot since Apr 2026[1] — Phase 2 used really issued tokens, but only for the test between two brokers; ended September 2026 with no live launch date. · Reviewed 13d ago
- Assets
- [1]Trust-type yen stablecoin issued by SMBC for the test
- Networks
- Unknown ledger Not disclosed[1]The tokens sat on Progmat and the stablecoin on a separate chain; neither ledger is named in the sources used.
- Jurisdictions
- Japan
Participants
- ProgmatPlatform provider, Technology provider[1]Japan
- SMBCIssuer, Cash leg provider[1]Japan
- Daiwa SecuritiesCounterparty[1]Japan
- SBI SecuritiesCounterparty[1]Japan
- SBI VC TradeIssuer[1]Japan
- Osaka Digital ExchangeOperator[1]Japan
- DatachainTechnology provider[1][2]Japan
- SBI R3 JapanTechnology provider[1]Japan
- BOOSTRYTechnology provider[1]Japan
- TISITechnology provider[1]Japan
- FireblocksTechnology provider[1]United States
Operates under
- Japan Payment Services Act stablecoin framework (electronic payment instruments)Japan · Primary legislation[1]
- Japan security token rules under the Financial Instruments and Exchange Act (2019 amendment)Japan · Primary legislation[1]
Moves across networks
- direct linkAtomic swap or settlement[2]Datachain's Cross Framework: the security token chain coordinates and the stablecoin chain participates, with IBC messages relayed and checked by light clients on each chain. No operator sits between the legs.
Metrics
- 2 transactionsTest DvP settlements in phase 2 · as of Sep 2026[1]
Timeline
- Happened 6 Oct 2026 · Production milestone · recorded 18 Oct 2026The firms report phase 2 complete (April to September 2026) and say T+2 DvP between brokers is broadly feasible; next steps depend on market infrastructure and settlement money for interbank use.[1]
- Happened Apr 2026 (month only) · Scope expansion · recorded 18 Oct 2026Phase 2 operational testing starts, running to September; during it Daiwa and SBI Securities settle two transfers of an SBI VC Trade security token bond against SMBC's stablecoin, both issued for the test only.[1]
- Happened Mar 2026 (month only) · Production milestone · recorded 18 Oct 2026Phase 1 ends with business requirements, a phase 2 plan and legal queries to the authorities agreed.[1]
- Happened 22 Aug 2025 · Announcement · recorded 18 Oct 2026The eight firms announce Project Trinity to test stablecoin DvP for secondary security token trades.[1]
Sources
- [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. Release PDF linked from the Progmat news page..B
- [2]How to exchange an ST and an SC on different chains at the same time: Project Trinity's business requirements and contract design — Progmat, 6 Oct 2026. Accessed 18 Oct 2026. In Japanese; our summary is translated.B
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