Nine Japanese institutions complete Phase 2 of Project Trinity, testing cross-chain DvP settlement for T+2

Nine Japanese institutions, including Sumitomo Mitsui Banking Corporation, Daiwa Securities, SBI Securities, Progmat and Datachain, have completed the second verification phase of Project Trinity, according to Odaily. The project is designed to address settlement timing mismatches through delivery versus payment, or DvP. In the test, Daiwa Securities and SBI Securities simulated the START market of Osaka Digital Exchange, or ODX. They used an ST corporate bond issued by SBI VC Trade and a trust-based stablecoin issued by Sumitomo Mitsui Banking Corporation to carry out two cross-chain synchronized settlements. The participants said the phase provided a preliminary validation of the feasibility of a T+2 settlement cycle. The update was attributed to Nada News in the original brief. No additional transaction size, timeline details, or participant list beyond the named institutions were disclosed in the source text.