In December 2025, SBI Shinsei Bank and DeCurret DCP carried out Japan’s first real-world test of settling security tokens using tokenized deposits. They used DCJPY, a digital currency backed 1:1 by bank deposits. The test showed that tokenized deposits can enable instant, simultaneous settlement of assets and payments, reducing risk and improving efficiency in financial transactions.
A group of major Japanese financial institutions, including SBI Securities, Daiwa Securities, and SBI Shinsei Bank, has completed the country’s first live test of security token settlement using tokenized bank deposits.
The project tested Delivery versus Payment (DVP) settlement using DCJPY, a tokenized deposit issued on a blockchain-based platform. The initiative aims to modernize settlement infrastructure and reduce risks tied to traditional bank transfer systems.
Japan 🇯🇵Unlocked the Future.
April 24, financial giants SBI Securities, SBI Shinsei Bank + partners completed the country’s FIRST real-world BREAKTHROUGH instant settlement using security token deposits through smart contracts with an enterprise ETHEREUM private consortium chain.… pic.twitter.com/eLXl2OMLxa— 🌸Eri ~ Carpe Diem (@sentosumosaba) April 24, 2026
Tokenized deposits enable real-time settlement
The trial used DCJPY, a digital representation of bank deposits issued via infrastructure provided by DeCurret DCP, alongside the “ibet for Fin” blockchain platform developed by BOOSTRY.
Transactions involved the transfer of security tokens between participating firms, with payment and asset delivery executed simultaneously on-chain. The system was tested across secondary and tertiary market trades, confirming that both securities and funds could be settled in a single coordinated process.
The approach addresses a long-standing gap in the market, where digital securities can be transferred instantly but payments still rely on slower, off-chain bank processes.
Industry targets commercialization of digital settlement model
The test confirmed the operational feasibility of using tokenized deposits for security token settlement, while also identifying areas for improvement before wider adoption. These include deeper system integration, automation of processes, and alignment with existing financial infrastructure.
Participants plan to move toward a limited rollout among select institutions, with a focus on improving efficiency in securities trading and post-trade settlement. Long term, the group aims to expand participation and develop a standardized framework for tokenized settlement across the broader securities market. Meanwhile, SBI VC Trade, a subsidiary of SBI Holdings, launched Japan’s first USDC stablecoin lending service on March 19, 2026.
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