Japan
CoinPost
SBI Securities, 8 Other Firms Test Simultaneous Settlement of Security Tokens Using Stablecoins, Confirm Partial Feasibility
- The verification used SMBC-issued stablecoins to settle ST corporate bonds self-placed by SBI VC Trade, transferred twice between SBI Securities and Daiwa Securities on Osaka Digital Exchange's START market.
- Four of the nine participants (SBI Securities, Daiwa Securities, SMBC, and Osaka Digital Exchange) verified SC purchase/redemption, DvP settlement, and handling of SC shortages or reconciliation mismatches, confirming expected results within the set scenarios and timeline.
- The project targets T+2 DvP settlement between securities firms as achievable within a few years, and flagged remaining practical issues such as building a stable operating system within settlement time limits and upgrading business applications for multiple transactions, ST platforms, and settlement methods.