Japan's largest security-token platform moved ¥452 billion in tokenized assets from Corda 5 to a dedicated Avalanche L1, adding EVM compatibility and cutting settlement times to under two seconds.
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Progmat moves ¥452B in tokenized securities to Avalanche L1
Japan's largest security-token platform moved ¥452 billion in tokenized assets from Corda 5 to a dedicated Avalanche L1, adding EVM compatibility and cutting settlement times to under two seconds.
Progmat completed the migration of every active security-token project on its platform to a purpose-built Avalanche L1 under an initiative called Project Keystone, the company said July 13. The move covers more than ¥452 billion ($3.1 billion) in underlying assets and issued securities, including 45 publicly disclosed deals worth ¥231.3 billion. The company redesigned its system with a mediator layer that separates core business logic from the underlying ledger, allowing future connections to other chains while preserving existing issuance, ownership and transfer processes.
"The migration makes the platform's security tokens compatible with the Ethereum Virtual Machine while keeping the institutional controls required for regulated financial products," Progmat said. The company described itself as Japan's leading security-token platform by domestic market share. AvaCloud, which supplies the dedicated Avalanche network, said the setup meets SOC 1 and SOC 2 Type II assurance standards. Progmat and Ava Labs also created a joint response system for outages during nights and holidays.
Rights transfers now process three to five times faster than on the previous Corda-based system, according to Progmat's internal testing. Avalanche transactions reach finality in less than two seconds, though that does not cover every banking or administrative step around a trade. The company moved its smart contracts from Java-based Corda code to Solidity-based EVM contracts, keeping existing functions and service requirements intact. Existing users did not need to rebuild their products.
The migration positions Progmat for planned cross-chain settlement links between security tokens, stablecoins and tokenized bank deposits. Datachain said in February that the partners plan cross-chain services for delivery-versus-payment and payment-versus-payment transactions, which would exchange assets and payments across different networks in one coordinated process. Progmat's revised design can support more than one chain when asset features or investor needs differ.
BlackRock's BUIDL fund adds $436M in a week on Avalanche
The Progmat migration arrived as BlackRock's tokenized money market fund, BUIDL, pushed past $900 million in assets under management on Avalanche. The balance grew by about $436 million, or 105%, in seven days — one of the sharpest weekly increases the fund has posted on any chain. Across all networks including Ethereum, Solana and Avalanche, BUIDL's combined size now sits near $2.87 billion, with each token pegged to a $1 net asset value. Avalanche's distributed real-world assets stood near $2.10 billion, according to data cited by the company.
What the convergence means for Avalanche's RWA thesis
Two separate institutional flows converged on Avalanche within the same week: a U.S. asset manager routing more Treasury-backed capital onto the network and a Japanese regulated platform migrating its entire security-token business. For Avalanche, the combined signal is that both crypto-native and traditional finance infrastructure are choosing the same L1 for tokenized assets. The next data points to watch are whether BUIDL's AUM holds above $900 million in coming weeks and whether other regulated platforms in Asia follow Progmat's path toward EVM-compatible infrastructure. Progmat also plans to support a Metaplanet and JPYC study into Bitcoin-backed digital credit, though that project remains under review with no issued product or fixed terms.
This article is for informational purposes only and does not constitute investment advice.
