Japan's Progmat Completes Securities Tokenized Asset Migration to Avalanche
Japan's largest securities token issuance and management platform, Progmat, has completed the migration of all managed tokenized assets worth over 452 billion yen (approximately $2.7 billion) from the Corda 5 permissioned chain to the Avalanche exclusive Layer 1 blockchain.
The migration was announced in February and completed as scheduled, without affecting the operations of financial institutions. The new architecture supports multi-chain scalability, with smart contracts migrated to the EVM environment, increasing asset rights transfer speed by 3-5 times and reducing final confirmation time to under 2 seconds.
In the market mechanism, financial institutions are accelerating the adoption of high-performance Layer 1, driving the flow of Japan's securities tokenized capital towards Avalanche. Progmat, as the leading platform in the market, benefits from this trend, while traditional permissioned chains face competitive pressure on performance.
Source: Public Information
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Progmat, incubated by Mitsubishi UFJ Trust and Banking Corporation, became independent in 2023 and is currently supported by Mizuho Bank, Tokyo Stock Exchange, SBI, among others, holding a 53% market share and 64.6% issuance scale in Japan's securities token market, primarily covering real estate and corporate bonds.
In terms of capital pathways, Progmat's migration to Avalanche aims to enhance processing efficiency while establishing a government bond tokenization and repo working group to explore 24/7 trading and T+0 settlement in collaboration with banks and securities firms, motivated by the goal of building Japan's institutional-grade on-chain financial infrastructure and seizing the global wave of RWA.
Similar to the SBI and Solana collaboration case, Progmat is currently at a critical stage of transforming Japan's securities tokenization from permissioned chains to high-performance public chain architectures.
Essentially, this represents a technological replacement: traditional permissioned chains are being replaced by EVM high-performance Layer 1, as the latter offers faster confirmations and multi-chain scalability, prompting institutional capital to shift from closed systems to open interoperable architectures to support large-scale RWA tokenization and real-time financial applications.
ABAB News · Cognitive Laws
- Migration speed equals competitiveness; performance upgrades reshape the threshold for institutional asset on-chain.
- Japanese financial institutions bet on Avalanche, moving RWA from experimentation to large-scale government bonds.
- From permissioned chains to public chains, technological architecture determines the sovereignty of financial infrastructure.