SBI Securities: Completion of Japan's First Actual Issuance Verification of Security Token Settlement Using Tokenized Deposits

SBI Securities Co., Ltd. (Representative Director and President: Masato Takamura, hereinafter 'SBI Securities'), Daiwa Securities Co., Ltd. (Representative Director and President: Akihiko Ogino, hereinafter 'Daiwa Securities'), SBI Shinsei Bank, Limited (Representative Director and President: Katsuya Kawashima, hereinafter 'SBI Shinsei Bank'), BOOSTRY Co., Ltd. (Representative Director and President: Kazuma Hirai, hereinafter 'BOOSTRY'), Osaka Digital Exchange Co., Ltd. (Representative Director and President: Kimio Mikazuki, hereinafter 'ODX'), and DeCurret DCP Inc. (Representative Director, President and CEO/COO: Satoshi Hirako, hereinafter 'DeCurret DCP') conducted a demonstration of DVP³ settlement for Security Tokens (hereinafter 'ST')¹ using the tokenized deposit DCJPY (hereinafter 'DCJPY') (hereinafter 'this project'), based on the 'Commencement of Collaboration for Actual Issuance Verification of Security Token Settlement Using Tokenized Deposits, Japan's First' dated December 26, 2025, to realize a new settlement scheme for the development of the ST secondary market. ■Background of This Project Since the issuance of Japan's first digital bond (private placement bond) in 2020, the domestic ST market has been accelerating the diversification of product characteristics and the expansion of handling financial institutions. On the other hand, while the delivery of STs is carried out instantly on the blockchain, fund settlement is conducted via bank transfers. Therefore, strengthening settlement risk management and reducing the administrative burden have been pointed out as issues in the securities industry. With the future expansion of the ST market, solving these issues has become important for the securities industry, and the standardization and early practical application of the DVP settlement method utilizing digital currency are expected. In this project, a new settlement scheme through system integration between BOOSTRY and DeCurret DCP was demonstrated in ST trading transactions between SBI Securities and Daiwa Securities. Through this, we aim to demonstrate DVP settlement, which reduces settlement risk and administrative burden, as one of the settlement methods for trading in the ST secondary market, and to contribute to the further expansion of the ST market. ■Overview of This Project The demonstration scope of this project is DVP settlement using DCJPY during the secondary circulation of STs. In the demonstration process, we used STs issued and managed on the blockchain platform "ibet for Fin"⁴, led by BOOSTRY in development and operated/maintained by them as the consortium secretariat, and DCJPY issued by SBI Shinsei Bank using DeCurret DCP's platform. The demonstration scheme and the roles of each participant in this project are as follows: [Chart 1 Demonstration Scheme Diagram] (1) The selling securities company temporarily transfers the Security Token (ST) (preparation before final transfer) (2) ST settlement information is linked across systems (3) The buying securities company requests the issuance of DCJPY (transfers the issuance amount from a deposit account to a dedicated account) (4) The buying securities company issues instructions for the transfer (remittance) of DCJPY to the selling securities company (5) DeCurret DCP reconciles the settlement information (6) Simultaneously with the transfer of DCJPY, the execution of the ST transfer is signed through system integration (final transfer of ST) (7) The selling securities company requests the cancellation of DCJPY (transfers the issuance amount from the dedicated account to a deposit account) [Chart 2 Roles of Participants in the Demonstration] Company Participant's Position Daiwa Securities Acquisition and trading of STs SBI Securities Trading of STs SBI Shinsei Bank Issuance and cancellation of DCJPY BOOSTRY Leading the development of ibet for Fin, providing ST issuance/management system DeCurret DCP Issuer of ST corporate bonds, providing the DCJPY network ODX Participating as an observer anticipating use in PTS transaction settlement in the future Digital currency is a general term for assets with currency characteristics that are recorded, managed, and transferred using distributed ledger technology. By leveraging the functional characteristics of distributed ledger technology, it becomes possible to equip settlement with programmability, streamlining the shift to DVP in securities settlement and the settlement operations within the securities administration flow, thereby anticipating reductions in settlement risk and administrative burdens. DCJPY, used as a settlement means in this project, is a tokenized deposit that links tokens with deposits of SBI Shinsei Bank on the platform provided by DeCurret DCP. Because a tokenized deposit linked to bank deposits possesses general deposit characteristics such as value stability and accounting treatment methods, it is considered a strong candidate for ST settlement. In March 2026, verification of escrow-type DVP settlement during ST secondary circulation was conducted using digital corporate bonds issued by DeCurret DCP and DCJPY handled by SBI Shinsei Bank. Specifically, DeCurret DCP issued...