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Japan’s largest security token platform, Progmat, completes migration to Avalanche, and more than $2.7 billion in assets are officially on-chain

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Mars Finance news: Progmat, Japan’s largest securities token issuance and management platform, has completed its migration to the Avalanche blockchain. All tokenized assets under its custody with a value of over 452 billion yen (about $2.7 billion) have been moved from a permissioned chain based on Corda 5 to a dedicated Avalanche Layer 1. The migration was announced in February this year and was completed as planned, with no impact on the normal operations of financial institutions throughout the process. Progmat said 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 keeping the original functionality unchanged, asset rights transfer and processing speed has been improved by 3 to 5 times, and transaction finality confirmation time has been reduced to within 2 seconds. Progmat was originally incubated by Japan’s largest bank, Mitsubishi UFJ Trust Bank (MUFG), and became independently operated in 2023. It currently has support from 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. It covers most tokenized real estate and corporate bond projects. In addition, Progmat established a Japan Government Bond Tokenization and On-Chain Repo (Repo) working group in May this year, in cooperation with asset management institutions, banks, and securities firms, to study tokenization of Japanese government bonds and explore application scenarios such as 7×24 trading and T+0 real-time settlement.
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