Progmat, the Japanese tokenization platform backed by MUFG, has moved more than ¥452 billion (roughly $3.2 billion) in security-token assets from R3’s Corda 5 to Avalanche’s Layer 1 blockchain. The migration, announced July 13, adds Ethereum Virtual Machine (EVM) compatibility and cuts settlement times to below two seconds.
The transfer is one of the largest single shifts of tokenized securities onto a public blockchain. Progmat previously ran on Corda, a permissioned ledger designed for enterprise use. By relocating to Avalanche, the platform gains access to a broader developer ecosystem and a public network that still meets institutional compliance needs.
EVM support is a key feature. It lets Progmat deploy smart contracts written in Solidity, the standard language for Ethereum-based tokens. That means the platform can now tap into existing DeFi protocols, token standards, and liquidity pools without custom bridges or wrappers.
Settlement under two seconds is a material improvement over traditional securities settlement, which often takes two days. For institutional players, faster finality reduces counterparty risk and frees up capital faster. The Avalanche L1 also allows Progmat to maintain its own validator set and customize gas mechanics, giving it control over throughput and cost.
Progmat is operated by Progmat, Inc., a subsidiary of Mitsubishi UFJ Financial Group. The company has been a leader in Japan’s security-token market, which regulators have actively encouraged through a favorable legal framework. This migration indicates that large, regulated issuers are willing to move significant volumes onto public blockchains when the infrastructure supports both speed and compliance.
The move was technically complete as of the announcement. Market watchers will now focus on whether other Asian financial institutions follow suit, and how Avalanche’s validator network handles the additional load from institutional-grade security tokens.
Progmat shifts $3.2 billion in tokenized securities to Avalanche for faster settlement
Japanese tokenization platform Progmat moved over ¥452 billion ($3.2 billion) in security tokens from R3’s private ledger to Avalanche’s public blockchain, cutting settlement time from days to under two seconds. This benefits institutional investors by speeding up transactions and expanding access to decentralized finance tools.