Japan’s dominant security token infrastructure provider, Progmat, has completed the migration of approximately ¥452 billion, or $2.7 billion, in tokenized assets to a dedicated Avalanche Layer-1 blockchain. The platform previously operated on a private ledger based on Corda 5. Progmat manages infrastructure representing 64.6% of Japan’s total security token issuance value, including tokenized real estate and corporate bonds.
The migration transferred all active smart contracts to an EVM-compatible environment without disrupting participating financial institutions. Progmat said the new architecture is blockchain-neutral and designed to support future multi-chain expansion. Rights-transfer processing is now estimated to be three to five times faster, with transaction finality occurring in less than two seconds.
The move is significant for institutional digital assets because it shifts a large regulated tokenization platform from closed infrastructure to a public blockchain. Avalanche could gain additional network activity and institutional integrations, while Progmat may improve interoperability and access for global market participants. The company is also examining tokenized Japanese government bonds and same-day onchain settlement through an industry working group.
