Japan'S Biggest Tokenized Securities Platform Is Moving To Avax

Japan's largest tokenized securities platform, Progmat, is moving more than $2 billion in regulated financial assets onto @Avax. The platform is migrating from Corda to a dedicated Avalanche Layer 1 (L1), bringing tokenized real estate and corporate bonds onto a public blockchain infrastructure for the first time.

Progmat is backed by major investors including Japan's leading megabanks, the SBI Group, Japan Exchange Group (JPX), and NTT Data, and operates the Digital Asset Co-Creation Consortium (DCC), which now includes over 300 participating companies. It currently accounts for roughly 63% of cumulative issuance volume and 53.8% of total projects in Japan's national security token market.

Why Avalanche?

The architecture chosen is not a general-purpose public network but a dedicated Avalanche Layer 1, allowing the platform to define its own rules, governance structures, and compliance mechanisms while operating within Avalanche's broader ecosystem. Key technical benefits include sub-2-second finality, ensuring transactions settle instantly and eliminating the multi-day lag of traditional finance. All security tokens issued through Progmat will also be EVM-compatible, enabling composability with the broader public blockchain ecosystem and positioning Japanese digital securities within global liquidity environments.

Progmat completed a full migration to Corda 5 SaaS as recently as October 2024, the first such migration in Asia. Now, less than 18 months later, Corda is being dropped entirely. The decision reflects a broader push toward open, interoperable infrastructure. The practical impact is that foreign institutional investors can now access Japanese tokenized securities, something that was not possible on the previous setup.

Cross-Chain Settlement and Market Context

Beyond the migration, Progmat is commercializing cross-chain settlement services under a project named "Project Keystone," using a light client proxy running on Trusted Execution Environments developed in collaboration with Datachain. The technology enables delivery-versus-payment settlement between security tokens and stablecoins, and payment-versus-payment settlement between stablecoins from different jurisdictions.

The full integration of Avalanche L1 support into the Progmat platform is scheduled for completion by the end of June 2026. The move comes as Japan's digital securities sector continues to expand rapidly. The sector is expected to exceed ¥1.05 trillion ($7 billion) by the end of 2026. R3's Corda loses its highest-profile Asian institutional client as a result, while Avalanche strengthens its position as a preferred settlement rail for regulated finance in the region.

Sources:
Avalanche: Progmat Migrates $2B+ of its Tokenized Securities to Avalanche
Ledger Insights: Tokenized Securities Platform Progmat Pivots to Avalanche Blockchain
Blockonomi: Progmat Taps Avalanche for $2B Token Migration