Nine Japanese institutions complete Phase 2 verification for Project Trinity

Nine Japanese institutions, including Sumitomo Mitsui Banking Corporation, Daiwa Securities, SBI Securities, Progmat and Datachain, have completed the second-phase verification of Project Trinity, according to ChainCatcher. The project is designed to address settlement mismatch risk through delivery versus payment, or DvP. In the test, Daiwa Securities and SBI Securities simulated the START market operated by Osaka Digital Exchange. They used ST corporate bonds issued by SBI VC Trade and a trust-based stablecoin issued by Sumitomo Mitsui Banking Corporation to complete two cross-chain synchronized settlements. The participants said the results provided phased verification of the feasibility of a T+2 settlement cycle. The announcement focuses on the completion of the second verification stage and the mechanics tested in that process.