Progmat, Japan's leading security token platform, has successfully migrated its platform and tokenized assets, valued at over 452 billion yen ($2.7 billion), from a private Corda 5 blockchain to the public Avalanche blockchain. This transition enhances processing speeds for rights transfers by 3 to 5 times and reduces transaction finality to under 2 seconds, without altering existing project contracts or disrupting financial institutions' operations.
Originally incubated by Mitsubishi UFJ Trust and Banking Corporation, Progmat became independent in 2023 and dominates 64.6% of Japan's security token market, primarily in tokenized real estate and corporate bonds. The move to an EVM-compatible public chain facilitates greater interoperability with global blockchain participants.
Japan's Progmat Shifts $2.7 Billion Security Token Platform to Avalanche
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