ChainThink reports that on July 13, according to The Block, Japan’s largest security token issuance and management platform, Progmat, has completed its migration to the Avalanche blockchain, transferring over ¥452 billion (approximately $2.7 billion) in managed tokenized assets from a Corda 5-based permissioned chain to a dedicated Avalanche Layer 1.
The migration, announced in February this year, was completed as planned without disrupting the normal operations of financial institutions. Progmat stated that the new architecture no longer relies on a single blockchain and supports future multi-chain expansion, with all smart contracts successfully migrated to the EVM environment.
Without altering any existing functionality, the asset rights transfer processing speed has increased by 3 to 5 times, reducing transaction final confirmation time to under 2 seconds.
Progmat was initially incubated by Mitsubishi UFJ Trust and Banking Corporation (MUFG) and became independently operational in 2023. It is currently supported by major Japanese financial institutions, including Mizuho Bank, the Tokyo Stock Exchange, and SBI.
The platform holds a 53% share of Japan’s security token market and accounts for 64.6% of the total issued security tokens, covering the majority of tokenized real estate and corporate bond projects.
In addition, Progmat established a Working Group on Tokenization of Japanese Government Bonds and On-Chain Repurchase Agreements (Repo) in May this year, collaborating with asset management firms, banks, and securities companies to study the tokenization of Japanese government bonds and explore use cases such as 7×24 trading and T+0 real-time settlement.