Japan's largest security token platform Progmat has completed its migration to Avalanche, with over $2.7 billion in assets officially brought on-chain.

Japan’s largest securities token issuance and management platform Progmat has completed its migration to the Avalanche blockchain, moving all its managed tokenized assets worth over 452 billion yen (approximately $2.7 billion) from the Corda 5-based permissioned blockchain to a dedicated Avalanche Layer 1. The migration, announced in February this year, was completed as planned without disrupting the normal operations of financial institutions. Progmat stated that the new architecture no longer relies on a single blockchain, enabling future multi-chain expansion. All smart contracts have been migrated to the EVM environment; while retaining all original functionalities, the processing speed of asset equity transfers has increased 3 to 5 times, and transaction finalization time has been shortened to less than 2 seconds. Originally incubated by Mitsubishi UFJ Trust Bank (MUFG), Japan’s largest bank, Progmat became an independent operation in 2023. It is currently backed by major Japanese financial institutions including Mizuho Bank, the Tokyo Stock Exchange, and SBI, holding a 53% market share in Japan’s securities token market and accounting for 64.6% of the total issuance scale of securities tokens. Its business covers most tokenized real estate and corporate bond projects. Additionally, Progmat established a working group on Japanese government bond tokenization and on-chain repo in May this year, collaborating with asset management institutions, banks, and securities firms to research tokenized Japanese government bonds and explore use cases such as 24/7 trading and T+0 real-time settlement.