Progmat Completes Avalanche Migration of JPY 452 Billion in Japanese Digital Securities

Progmat, Inc. has completed the full migration of its digital securities issuance and management platform from Corda 5 to an Avalanche L1, bringing all security token projects it administers, representing a portfolio exceeding JPY 452 billion, into an EVM-compatible environment. The migration, carried out under the internal programme name Project Keystone, marks the conclusion of a substantial infrastructure overhaul for what the company describes as the domestic market leader in security token issuance.

The architectural changes go beyond a ledger swap. Progmat introduced a blockchain integration layer it calls the “mediator,” which abstracts ledger implementation from business logic, meaning the platform is no longer bound to any single chain. The on-chain and off-chain allocation design has been restructured in anticipation of integration with stablecoins and tokenised deposits. Rights-transfer processing speed has improved by a factor of approximately three to five relative to the pre-migration environment, with transaction finality on the Avalanche L1 settling in under two seconds.

For financial institution participants, the operational changes are also notable. The previous requirement to provision a dedicated Corda node for each new participant has been removed, reducing onboarding lead time and cost. Security infrastructure has been rebuilt on a cloud-native basis, targeting key-management risk. AvaCloud, the managed infrastructure product from Ava Labs, has obtained SOC 1 and 2 Type II certification, and Progmat and Ava Labs have jointly established an incident-response framework covering nights and holidays.

Progmat’s founder and chief executive, Tatsuya Saito, described the completion as a symbolic moment connecting Japan’s security token market with the global real-world asset ecosystem. The likelier read is that EVM compatibility is the operative prize: it opens Progmat-issued tokens to composability with the broader public-chain DeFi and institutional infrastructure stack, a capability that Corda’s private-ledger architecture structurally precluded.