Progmat completes move of ¥452 billion in tokenized securities to Avalanche
Progmat, a former Mitsubishi UFJ Belief and Banking enterprise, introduced the migration of all reside initiatives to Avalanche Layer 1 with none disruption within the operations of the monetary establishments utilizing it.
The corporate moved over ¥452 billion (over $3 billion) of regulated actual property and reside bond tokens to public-chain rails.
Japanese large has moved to Avalanche
Avalanche, in a July 10 weblog publish, confirmed the transfer.
Whereas the worth of the property might draw the headlines, an important reality is the place these property are saved. Corda and Avalanche couldn’t be any extra completely different. R3 constructed Corda as a permissioned ledger for choose teams of licensed establishments, whereas Avalanche is a public-chain community.
A transfer of such a scale is unquestionably unprecedented; most regulated issuers averted it earlier than this level.
The securities will keep regulated. The banks, brokerages, and belief companies dealing with stay underneath shut monitoring, whereas public wallets are unable to commerce the tokens freely. The half that strikes is the settlement layer, the place the securities are resident.
The transfer was part of what Progmat termed “Challenge Keystone.” Challenge Keystone is a system redesign that makes it attainable for enterprise features to entry a number of blockchains. A mediation layer was added between the ledger and its functions, permitting it to attach with different chains with out constructing issuance, possession, and switch processes from scratch.
Underneath the transfer, Progmat’s good contracts have been transformed from Corda to Solidity, making the tokens EVM-compatible.
Progmat has stated rights transfers are three to 5 instances sooner on the brand new system than on the previous one, including that transactions now attain finality in two seconds or much less.
Nevertheless, the corporate launched these figures after its personal inner testing and has not gone underneath unbiased evaluation. It’s additionally price noting that whereas finality signifies a accomplished on-chain transaction, it doesn’t account for the banking and administrative steps round a commerce, and Progmat has not launched transaction knowledge to that impact.
Why’s the timing related?
Progmat handles a majority of Japan’s security-token market (53.4% of offers by rely and 64.6% by whole issuance worth). Up so far, all these have been on a personal ledger, and solely home establishments have been aware of such monumental exercise.
The switch comes in the midst of a significant coverage shift in Japan’s crypto area. The Japanese authorities needs to make crypto ETFs authorized and reclassify digital property as monetary merchandise. The announcement was made by the Finance Minister, Satsuki Katayama, final Thursday.
Progmat, together with its brokerage department, Metaplanet, and JPYC, a stablecoin issuer, are a part of a deeper research into Bitcoin-backed digital credit score.
However, this presents an institutional victory for Avalanche, with its AVAX token buying and selling at $6.83 with a $2.86 billion market cap.
What else is Progmat engaged on?
Progmat isn’t slowing down in any respect, already shifting to its subsequent goal. In Might 2026, it launched a working group inside its Digital Asset Co-Creation Consortium to check placing Japanese Authorities Bonds on public blockchains, pairing tokenized JGBs with stablecoin-based repo transactions to allow 24/7 buying and selling and same-day settlement.
The roster consists of asset managers, banks, and BlackRock Japan, with Avalanche among the many public chains into consideration. Avalanche says the group plans to publish a report in October 2026 and goals to launch a commercialization venture earlier than year-end.
