Japan's Progmat Completes $3 Billion Security Token Migration to Avalanche

According to its official statement on July 12, Japan-based digital asset platform Progmat, backed by Mitsubishi UFJ Financial Group (MUFG), completed the migration of infrastructure supporting approximately $3 billion in security tokens to the Avalanche Layer 1 blockchain. The portfolio includes tokenized corporate bonds and real estate investment products issued by Japanese financial institutions since 2022. The migration moves only the blockchain infrastructure while underlying financial assets remain unchanged.

Progmat's subnet-based implementation on Avalanche combines public blockchain security with a permissioned environment, enabling institutional compliance with Japan's Financial Instruments and Exchange Act. According to Progmat's announcement, all security token projects (JPY 452 billion and above) are now EVM-compatible, with transaction settlement time reduced to under 2 seconds—3 to 5 times faster than the previous Corda 5 infrastructure.