Japan-based digital asset infrastructure provider Progmat has completed the migration of its security token platform from Corda 5 to a dedicated Avalanche Layer 1, shifting the blockchain infrastructure used to manage more than ¥452 billion in outstanding tokenized securities. The figure does not represent a ¥452 billion cash transfer, new issuance or liquidity entering Avalanche’s public C-Chain. Instead, the migration changes the ledger and smart-contract environment used to record ownership and process transfers for securities already managed through Progmat.
Progmat has migrated its blockchain from Corda 5 to Avalanche L1.
All ST projects (JPY 452B+) are EVM-compatible, combining institutional requirements with public-chain composability.
Rights transfers are 3-5x faster, settling in under 2 seconds.https://t.co/xTgCO3F59k
— Progmat,Inc. (@progmat_en) July 12, 2026
- Securities covered: More than ¥452 billion
- Previous infrastructure: Corda 5
- New network: Dedicated Avalanche Layer 1
- Contract environment: Ethereum Virtual Machine compatible
- Claimed improvement: Rights transfers processed three to five times faster
- Long-term objective: Settlement involving security tokens, stablecoins and tokenized bank deposits
Dedicated Avalanche network replaces Corda infrastructure
Progmat previously operated its security token platform on Corda, an enterprise distributed-ledger system used by financial institutions. The replacement system runs on an application-specific Avalanche L1 deployed through AvaCloud. A dedicated L1 allows Progmat to set network access, governance and transaction rules around the requirements of regulated financial products. The migration therefore does not make its security tokens freely tradable through public wallets or decentralized exchanges.
Progmat also moved its contracts into an EVM-compatible environment, allowing developers to use Solidity and Ethereum-based tools while retaining investor eligibility checks and transfer restrictions. Avalanche said when the project was announced that Progmat managed more than ¥439.6 billion in tokenized assets. The increase to more than ¥452 billion reflects the platform’s updated balance rather than one transaction transferring that amount across the network.
The migration also comes as Progmat expands its work beyond property and corporate securities. Its Tokenized JGB and On-chain Repo Working Group is studying how digital Japanese government bonds could be used as collateral in institutional repo transactions, with settlement efficiency and stablecoin payments among the areas under examination.
Progmat reports faster ownership transfers
Progmat said the new infrastructure processes rights transfers three to five times faster than its previous system. Avalanche transactions can reach finality in under two seconds, reducing the time required to confirm a change on the ledger.
However, blockchain confirmation is only one component of a regulated securities transaction. Other processes may remain outside the network, including:
- Investor verification
- Payment processing
- Regulatory and compliance checks
- Custody and administrative reconciliation
The reported performance improvement is based on company testing. Progmat has not released an independent benchmark, peak-load results or detailed post-migration transaction volumes. The move is therefore primarily a backend infrastructure upgrade rather than an immediate change in how investors purchase or trade the securities.
Stablecoin settlement is the longer-term objective
The EVM-compatible architecture is intended to support connections between security tokens, stablecoins, tokenized bank deposits and other blockchain networks. Progmat and its partners plan to develop delivery-versus-payment transactions, in which ownership of a security and the corresponding payment are completed together. They are also exploring payment-versus-payment settlement between assets operating on separate networks.
Related developments show that both the technology and regulatory environment around such settlement models are advancing. Hyundai Card recently used Avalanche to complete a live $20,000 USDT payment between Hyundai Motor’s U.S. and Mexican subsidiaries, although that project remains a corporate-payment pilot rather than a securities-settlement service.
Japan has also expanded access to regulated stablecoins, including Ripple’s RLUSD through SBI VC Trade. That rollout is separate from Progmat, but it highlights the growing range of regulated digital payment assets that could eventually form part of Japan’s tokenized financial infrastructure. Progmat has not announced a commercial launch date for its planned cross-chain settlement services or disclosed how individual stablecoins and tokenized deposits will be selected.
For now, the significance of the migration is more focused: Japan’s largest security-token platform has replaced its Corda-based ledger with programmable, EVM-compatible infrastructure while preserving the controls required for regulated securities.
