Japan’s First Real-Time Security Token DVP Settlement Goes Live With DCJPY

Japan’s top brokers completed the first real-time DVP settlement of security tokens using DCJPY tokenized deposits on the ibet for Fin blockchain. Here’s what changed.

Six major Japanese financial institutions just did something the country’s securities industry has been circling for years. Real-time, blockchain-based settlement of security tokens using tokenized deposits. No bank transfers. No lag.

SBI Securities, Daiwa Securities, SBI Shinsei Bank, BOOSTRY, Osaka Digital Exchange, and DeCurret DCP completed proof-of-concept DVP settlement for security tokens using DCJPY on the ibet for Fin blockchain. The announcement came through official releases from SBI Shinsei Bank and DeCurret DCP.

Japan’s security token market had grown to 270 billion yen in public offerings by end of November 2025. Token transfers happened instantly on-chain. Fund settlements still moved through conventional bank transfers. That mismatch created settlement risk and piled on administrative work.

When Blockchain Speed Meets Old-School Bank Wiring

That gap is exactly what this project targets. DVP, or Delivery Versus Payment, ties the transfer of securities and payment together so neither completes without the other. The problem was doing that across two different systems, one blockchain, one banking rail.

DCJPY is a tokenized deposit issued by SBI Shinsei Bank through DeCurret DCP’s platform. It represents actual bank deposits. Not a stablecoin. Not crypto. A tokenized version of yen sitting in an account, with the same accounting treatment and value stability as a regular deposit. That made it a viable candidate for settling securities trades, according to the official release from DeCurret DCP.

The workflow runs like this. The selling broker locks the security token before final transfer. Settlement data syncs between systems. The buying broker requests DCJPY issuance, moving funds from a deposit account into a dedicated account. A transfer instruction goes out. DeCurret DCP verifies the settlement data. Then, in the same moment, the DCJPY moves and the security token completes its final transfer. The seller redeems DCJPY back to yen. Simultaneous. No gap.

BOOSTRY led development of the ibet for Fin blockchain, which is the consortium-based platform handling ST issuance and management. ODX, which operates the secondary ST trading system START, joined as an observer.

What the August Test Actually Confirmed

Back in August 2025, the consortium ran verification using test data. All the key stakeholders participated, including the parties slated for actual issuance. They confirmed the system design, the operational workflow, and a simulated DVP settlement scheme using test bonds on the ibet for Fin test environment alongside verification DCJPY from DeCurret DCP’s test environment.

The project now moves to live issuance of both security tokens and DCJPY. System integration and operational procedures between the two platforms are still being finalized, per the official release.

The tokenized deposit settlement model is gaining ground globally, with the London Stock Exchange Group also launching a similar platform earlier this year. Japan’s push follows its own domestic momentum. SBI Holdings has separately been working to tokenize equities through a blockchain partnership with StarTail Group, targeting availability as early as 2026. The DCJPY DVP project runs alongside that broader push.

The consortium described this as the first step toward instant gross settlement for security tokens. After proof-of-concept wraps, results will be shared across ST market participants. The goal is making this DVP scheme a standard settlement infrastructure across multiple securities firms using the ODX-operated START secondary market.

Secondary market liquidity for security tokens in Japan has been a known weak point. This project directly addresses the settlement mechanics that kept it slow.

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