USDProgmat Moves Japan’s Largest Security Token Platform to Avalanche
Migration brings live institutional assets onto a public, EVM-compatible blockchain
TL;DR
- Progmat transferred more than ¥452 billion, or about $2.7 billion, in active tokenized securities from Corda 5 to Avalanche.
- The company said financial institutions continued operating without disruption while transfer processing became three to five times faster.
- Progmat redesigned the platform to support multiple blockchains rather than tying future operations exclusively to Avalanche.
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Progmat has completed the migration of Japan’s largest security token issuance and management platform from a private Corda 5 ledger to a dedicated Avalanche Layer 1, moving more than ¥452 billion, equivalent to approximately $2.7 billion, in active tokenized assets onto public blockchain infrastructure. The migration covered Progmat’s full operating platform and every live asset managed through it, rather than a test deployment or a limited selection of securities.
The completed move was publicly reported on July 13, 2026, following a Progmat announcement dated July 10, 2026. Progmat initially announced the project in February 2026 and completed it according to the original schedule. The migrated portfolio included tokenized real estate, corporate bonds and other structured securities already used by institutional clients, meaning the transfer involved existing regulated financial products rather than newly created experimental tokens.
Progmat said the project was not a direct replacement of one blockchain with another. The company reworked the platform’s underlying architecture to remove its dependence on a single ledger and allow additional networks to be incorporated as institutional, regulatory and product requirements change.
“Rather than a straight swap of one ledger for another, Progmat redesigned the underlying architecture so the platform is no longer tied to any specific blockchain, making it easier to facilitate a multi-chain platform as requirements evolve,” Progmat said.
All existing Progmat smart contracts were transferred into an Ethereum Virtual Machine-compatible environment without changing the behavior, specifications or operating logic of live projects. Progmat said financial institutions continued their normal issuance, management and transfer activities throughout the migration, with no disruption to existing operations.
“All existing smart contracts were ported to EVM without changing the behavior or specifications of any live project, and financial institutions continued operating normally throughout,” Progmat said.
Migration improves transfer speed and preserves institutional controls
Progmat reported a substantial improvement in the processing of securities ownership rights after the move. The company said rights-transfer processing became approximately three to five times faster than under the previous environment, while transfer finality fell below two seconds.
“The most tangible result: rights transfer processing is now approximately 3 to 5 times faster than the pre-migration environment,” Progmat said.
The migration moved Progmat from a closed ledger primarily accessible to participating Japanese financial institutions to public blockchain infrastructure that can connect more readily with external applications and market participants. The platform can still enforce controls over which parties may hold or transfer regulated securities, meaning use of a public network does not automatically make those assets freely transferable by any blockchain user.
Avalanche’s dedicated execution environment can be configured around institutional requirements, including transaction permissions, approved validator arrangements, compliance rules and privacy controls. Its rapid transaction finality was also identified as relevant for securities operations, where the speed of confirming ownership changes affects settlement processing.
The move places securities issuance, transfer and settlement records on public blockchain infrastructure while preserving application-level restrictions required by regulated financial products. The reported asset value represented the aggregate securities managed through Progmat for institutional clients at the time of completion. Its dollar equivalent may change with foreign-exchange movements and changes in the value of the underlying assets.
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Progmat retains a multi-chain strategy
Avalanche is now the platform’s public execution infrastructure, but Progmat’s redesigned architecture does not make the network its permanent exclusive base. The company can add other blockchains when required for a specific product, institution, jurisdiction or technical use case.
Datachain provided cross-chain infrastructure support during development of the migration. Its involvement aligned with Progmat’s decision to build a blockchain-agnostic platform capable of connecting with more than one network rather than reproducing the limits of the previous single-ledger structure.
Progmat was originally developed inside Mitsubishi UFJ Trust and Banking, part of the MUFG banking group, before becoming an independent company in October 2023. The platform continues to receive support from major Japanese financial institutions and market participants, including Mizuho, the Tokyo Stock Exchange and SBI.
Progmat supports the majority of Japan’s tokenized real-estate securities and corporate bonds. Its existing role in domestic issuance means the Avalanche migration affects a large portion of Japan’s operating digital-securities market rather than a single issuer or isolated product.
The migration also adds a large portfolio of regulated securities to Avalanche’s institutional activity. Unlike decentralized finance applications or speculative crypto assets, the transferred products are existing financial securities whose operations depend on custody, compliance, controlled participation and settlement infrastructure.
Government bonds and on-chain repos are the next area of study
Progmat expanded its work into sovereign-debt infrastructure in May 2026 by launching a Tokenized Government Bonds & On-Chain Repo Working Group with banks, securities firms and asset managers.
The group is examining how Japanese Government Bonds could be issued, transferred, used as collateral and settled through blockchain infrastructure. Its work includes studying continuous trading and same-day settlement, including 24-hour, seven-day market access and T+0 settlement.
Tokenized government bonds could also be used as programmable collateral in on-chain repo transactions. The initiative remains an industry study, however, and no production launch date, confirmed issuance amount or commercial deployment for tokenized Japanese Government Bonds was disclosed.
FAQ
Why did Progmat leave Corda?
Progmat wanted faster processing and an architecture that was not tied to one blockchain.
Are the securities freely transferable?
No. The platform can retain participant, compliance and transaction restrictions.
Did existing institutions experience downtime?
Progmat said financial institutions continued normal operations throughout the migration.
Is Progmat permanently tied to Avalanche?
No. Its redesigned architecture can support additional blockchain networks.
This article has been refined and enhanced by ChatGPT.
