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Nine Japanese companies, including SBI Securities, Daiwa Securities and Sumitomo Mitsui Banking Corp., have completed a proof-of-concept test for simultaneous settlement of tokenized securities using a stablecoin, CoinPost reported.
The test used a stablecoin issued by Sumitomo Mitsui Banking Corp. as the settlement instrument, and participants confirmed a certain level of legal, technical and operational feasibility for a delivery-versus-payment model that processes tokenized securities delivery and payment at the same time. The companies plan to review related infrastructure and operating systems with future commercialization in mind.