Japan's Largest Security Token Platform Progmat Completes Migration to Avalanche, Over $2.7 Billion in Assets Officially On-Chain

BlockBeats News, July 13: Japan's largest security token issuance and management platform, Progmat, has completed its migration to the Avalanche blockchain, transferring all tokenized assets under management valued at over ¥452 billion (approximately $2.7 billion) from the permissioned chain based on Corda 5 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. All smart contracts have been migrated to the EVM environment, enhancing asset rights transfer processing speeds by 3 to 5 times while reducing transaction finalization time to under 2 seconds, all while maintaining original functionality. Progmat was initially incubated by Japan's largest bank, Mitsubishi UFJ Trust and Banking Corporation (MUFG), and became an independent entity in 2023. It is currently supported by major Japanese financial institutions such as Mizuho Bank, Tokyo Stock Exchange, and SBI, holding a 53% market share in Japan's security token market and accounting for 64.6% of the total issuance scale of security tokens. Progmat covers a significant portion of tokenized real estate and corporate bond projects. Additionally, Progmat established a Japanese Government Bond Tokenization and On-Chain Repo Working Group in May this year, collaborating with asset management firms, banks, and securities companies to research tokenized Japanese government bonds and explore application scenarios such as 24/7 trading and T+0 real-time settlement. [Original Link]