- Japan’s leading tokenization platform, Progmat, has migrated more than ¥452 billion ($2.7 billion) in tokenized assets to Avalanche.
- The move makes asset transfers 3 to 5 times faster while opening the platform to broader blockchain interoperability.
- The migration could accelerate the adoption of tokenized bonds, real estate, and other real-world assets in Japan.
Japan’s largest digital asset issuance and management platform, Progmat, has officially completed its migration to the Avalanche blockchain, marking one of the country’s biggest blockchain infrastructure upgrades to date.
The platform transferred its entire security token ecosystem, representing more than ¥452 billion (approximately $2.7 billion) in tokenized assets, from a private Corda 5 ledger to a dedicated Avalanche Layer 1 network. The migration was completed without disrupting financial institutions already using the platform.
Rather than simply changing blockchains, Progmat also redesigned its infrastructure to become blockchain-agnostic, allowing it to support multiple networks as the tokenization market continues to evolve.
Migration Delivers Faster Transactions
One of the biggest improvements following the migration is transaction speed. According to Progmat, rights transfers are now processed approximately three to five times faster than before, with transaction finality occurring in under two seconds.
The company also confirmed that every existing smart contract was successfully migrated to an EVM-compatible environment without altering the behavior or specifications of any live financial products.
The seamless transition demonstrates how traditional finance institutions are becoming increasingly comfortable adopting public blockchain infrastructure for regulated financial assets.
Progmat Leads Japan’s Tokenization Market
Originally developed within Mitsubishi UFJ Trust and Banking (MUFG), Japan’s largest bank, Progmat became an independent company in 2023 and is backed by several of the country’s largest financial institutions, including Mizuho, the Tokyo Stock Exchange, and SBI Holdings.
Today, Progmat controls approximately 53% of Japan’s security token market and accounts for 64.6% of the country’s total tokenized asset issuance. Its platform hosts much of Japan’s tokenized real estate market alongside corporate bond issuances.
The migration to Avalanche also removes the limitations of its previous closed financial network, making tokenized assets more accessible to global participants while improving compatibility with the broader Ethereum Virtual Machine (EVM) ecosystem.
Japan Continues Expanding Tokenized Finance
Progmat’s latest move comes as Japan continues exploring blockchain applications across traditional finance. In May, the company launched a Tokenized Government Bonds & On-Chain Repo Working Group, bringing together banks, securities firms, and asset managers to study the future of tokenized Japanese Government Bonds (JGBs).
The group is evaluating how blockchain technology could enable 24/7 trading, same-day (T+0) settlement, and more efficient financial market infrastructure.
As tokenization continues gaining momentum worldwide, Progmat’s successful migration to Avalanche highlights Japan’s growing commitment to modernizing capital markets through blockchain technology. The move could also encourage greater institutional participation as real-world assets become increasingly digitized and interoperable across global blockchain networks.
