Progmat moves $2.7B to Avalanche as BUIDL doubles to $900M

Two institutional events in one week pushed more than $3.6 billion in tokenized assets onto the Avalanche network.

BlackRock's BUIDL fund surpassed $900 million in assets on Avalanche on July 13, more than doubling from $464 million a week earlier, while Japan's largest security token platform Progmat completed a migration of ¥452 billion ($2.7 billion) in tokenized assets to a dedicated Avalanche L1.

"The migration was designed so the platform is no longer tied to any specific blockchain, making it easier to facilitate a multi-chain platform as requirements evolve," Progmat said in a July 10 blog post detailing the move from a Corda 5-based private ledger.

BUIDL's Avalanche allocation grew by roughly $436 million, or 105%, in seven days, lifting the chain's share of the fund to nearly one-third of total assets, according to RWA.xyz data. The fund's combined size across Ethereum, Solana, and Avalanche now stands at approximately $2.87 billion. Progmat's migration involved 45 publicly disclosed security token deals valued at more than ¥231.3 billion, with rights transfer processing now three to five times faster and settlement finality under two seconds.

The convergence of a BlackRock-managed product and a regulated Japanese platform onto the same network within days shows that institutional capital is routing into Avalanche's infrastructure for both yield-bearing Treasuries and regulated securities. Whether the pace holds depends on BUIDL's AUM trajectory over the coming weeks and whether other Asian platforms follow Progmat's path toward EVM-compatible infrastructure.

BUIDL's Accelerating Share on Avalanche

BUIDL, launched in March 2024 through Securitize, is designed for qualified institutional investors seeking current income from short-duration U.S. Treasury bills, cash, and repurchase agreements while maintaining a $1 net asset value per token. The fund's weekly AUM swings have been volatile historically, but a 105% increase in a single week on Avalanche marks one of the sharpest moves the fund has posted on any chain. Across all supported networks, BUIDL ranks among the largest tokenized U.S. Treasury products in the on-chain finance market.

Progmat's Structural Shift to Public Infrastructure

Progmat, originally developed inside Mitsubishi UFJ Trust and Banking and spun out in October 2023, dominates Japan's security token market with roughly 53% market share and 64.6% of total issuance value, according to the company. The migration, run under an internal initiative called "Project Keystone," introduced a new integration layer named "Mediator" that separates core business logic from the underlying ledger. All existing smart contracts were ported to Solidity from the Java-based Corda format without disrupting live projects. AvaCloud, the infrastructure provider, has secured SOC1 and SOC2 Type II certifications aimed at institutional compliance requirements.

The next signal to watch is whether Progmat's Tokenized Government Bonds and On-Chain Repo Working Group, launched in May with asset managers, banks, and securities firms, advances toward 24/7 trading and same-day settlement for Japanese Government Bonds.

This article is for informational purposes only and does not constitute investment advice.