Nine Japanese Institutions Complete Project Trinity Settlement Tests

Nine Japanese institutions completed Project Trinity’s second phase, carrying out two test transfers that settled security and payment tokens across separate blockchains. The work tested whether the linked transfers could support a T+2 settlement cycle.

The test used corporate bond tokens issued by SBI VC Trade and a trust-backed stablecoin issued by Sumitomo Mitsui Banking Corp. Daiwa Securities and SBI Securities conducted test transfers modeled on trades in Osaka Digital Exchange’s START market.

The transfers tested delivery versus payment, or DvP, a process that links a security’s delivery with its payment. The trial examined whether the approach could support settlement two business days after a trade, known as T+2.