Japan's Largest Security Token Platform Progmat Migrates Nearly $3 Billion in Assets to Avalanche Blockchain

TechFlow reports, July 13, according to The Block, Japanese digital asset issuance and management platform Progmat has completed its migration to the Avalanche blockchain, transferring all its operating tokenized assets to a dedicated Avalanche Layer 1, with assets exceeding 452 billion yen, approximately 2.7 billion USD. The report noted that the platform previously operated on a private permissioned ledger based on Corda 5.

According to the official blog, after the migration, the rights transfer processing speed increased by approximately 3 to 5 times compared to before, without causing interruption to financial institutions using the platform. Progmat was initially developed internally by MUFG Trust Bank, later spun off into an independent company in 2023, and currently accounts for approximately 64.6% of the total issuance value in the Japanese security token market. Following this migration, platform assets will be more accessible to global participants and enhance interoperability with the broader blockchain ecosystem.