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<p>Japan's largest tokenized securities platform, Progmat, is moving more than $2 billion in regulated financial assets onto <a href="https://x.com/Avax" rel="noopener noreferrer nofollow">@Avax</a>. <cite>The platform is migrating from Corda to a dedicated Avalanche Layer 1 (L1)</cite>, bringing tokenized real estate and corporate bonds onto a public blockchain infrastructure for the first time.</p><p><cite>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.</cite><cite>It currently accounts for roughly 63% of cumulative issuance volume and 53.8% of total projects in Japan's national security token market.</cite></p><h2 id="why-avalanche">Why Avalanche?</h2><p><cite>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.</cite> Key technical benefits include <cite>sub-2-second finality, ensuring transactions settle instantly and eliminating the multi-day lag of traditional finance.</cite><cite>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.</cite></p><p><cite>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.</cite> The decision reflects a broader push toward open, interoperable infrastructure. <cite>The practical impact is that foreign institutional investors can now access Japanese tokenized securities</cite>, something that was not possible on the previous setup.</p><h2 id="cross-chain-settlement-and-market-context">Cross-Chain Settlement and Market Context</h2><p><cite>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.</cite></p><p><cite>The full integration of Avalanche L1 support into the Progmat platform is scheduled for completion by the end of June 2026.</cite> The move comes as Japan's digital securities sector continues to expand rapidly. <cite>The sector is expected to exceed ¥1.05 trillion ($7 billion) by the end of 2026.</cite><cite>R3's Corda loses its highest-profile Asian institutional client as a result</cite>, while Avalanche strengthens its position as a preferred settlement rail for regulated finance in the region.</p><p><b>Sources:</b><br><a href="https://www.avax.network/about/blog/progmat-migrates-2b-tokenized-securities-to-avalanche" rel="noopener noreferrer nofollow">Avalanche: Progmat Migrates $2B+ of its Tokenized Securities to Avalanche</a><br><a href="https://www.ledgerinsights.com/tokenized-securities-platform-progmat-pivots-to-avalanche-blockchain/" rel="noopener noreferrer nofollow">Ledger Insights: Tokenized Securities Platform Progmat Pivots to Avalanche Blockchain</a><br><a href="https://blockonomi.com/progmat-taps-avalanche-for-2b-token-migration-as-japan-pushes-toward-global-on-chain-finance/" rel="noopener noreferrer nofollow">Blockonomi: Progmat Taps Avalanche for $2B Token Migration</a></p>

Japan'S Biggest Tokenized Securities Platform Is Moving To Avax

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