Japan's Biggest Tokenization Platform Just Moved $2.7B to Avalanche

Progmat — Japan's largest tokenized-securities platform, controlling roughly 53% of the market and 64.6% of total issuance volume — has completed migrating about ¥452 billion (roughly $2.7 billion) in tokenized assets from a private Corda 5-based ledger to a dedicated Avalanche L1 blockchain. The migration was carried out under a project called Project Keystone.

Who's behind Progmat

Progmat was originally developed inside Mitsubishi UFJ Trust and Banking (part of MUFG, Japan's largest bank) and spun out into an independent company in October 2023. Its major backers and partners include Mizuho, the Tokyo Stock Exchange, and SBI.

How the migration worked

Existing smart contracts were ported to an Ethereum Virtual Machine-compatible environment without changing the behavior of live projects, and participating financial institutions reportedly continued operating without disruption. Progmat says the new architecture cut rights-transfer processing times by roughly 3-5x, with finality now achieved in under two seconds.

What this means in practice

Progmat dominates Japan's tokenization market, including most of the country's tokenized real estate and corporate bonds — which makes this particular platform's move to Avalanche one of the largest real-world institutional-asset migrations to a public blockchain to date, not just an experimental pilot.

This material is for informational purposes only and is not investment advice.