Progmat Moves $2.8 Billion in Live Security Tokens from Corda to Avalanche L1

Progmat, the Japanese security token platform originally founded by MUFG, has completed the full migration of its live digital securities book from the enterprise blockchain Corda to a dedicated Avalanche L1. The move covers more than ¥452 billion (approximately $2.8 billion) in regulated securities and was delivered in line with the timeline announced when the plan was disclosed in February.

The destination is not Avalanche’s permissionless mainnet. An Avalanche L1 is an application-specific blockchain with its own validator set, which can be permissioned, while remaining natively interoperable with the broader Avalanche ecosystem. The migration therefore represents a move from one permissioned environment to another that carries a structural pathway toward public chains rather than an immediate step onto a public network. The announcement does not identify who the validators are at launch, leaving open whether that role falls to Progmat’s institutional shareholders, the firms that previously operated Corda nodes, or another group.

The replatforming delivers measurable operational improvements alongside the architectural shift. Rights transfers are now three to five times faster, transaction finality sits under two seconds, and incoming user firms no longer need a dedicated Corda node, which shortens onboarding lead times and reduces costs. The tokens are now EVM (Ethereum Virtual Machine) compatible, opening a route to interoperability with public blockchains. AvaCloud, the blockchain-as-a-service arm of Ava Labs, secured additional SOC 1 and SOC 2 Type II attestations to meet financial institution requirements ahead of the migration.

The clean transfer of live regulated securities without functional disruption to issuers or user firms sets a concrete operational benchmark. For the broader tokenisation market, the more significant signal is architectural: a major institutional platform has chosen a public-chain-adjacent infrastructure over a purely closed one, suggesting that the next competitive axis in institutional tokenisation may be the quality of the bridge to public liquidity rather than the depth of permissioning.