Progmat moves ¥452bn security-token platform from Corda to Avalanche L1

Progmat completed the migration of its entire security-token infrastructure from a private permissioned ledger running on Corda 5 to a dedicated Avalanche Layer 1 network on 13 July 2026, finishing on the schedule set when the move was announced in February 2026. The transition encompassed all live tokenised assets on the platform, representing over 452 billion yen (approximately 2.7 billion US dollars at the time of migration), with no operational disruption reported.

The architectural shift delivers measurable performance gains: rights-transfer processing is now three to five times faster than under the legacy Corda system, and settlement finality completes in under two seconds. For a platform handling assets at this scale, those latency figures carry direct implications for collateral mobility and secondary-market clearing cycles.

Progmat began life inside Mitsubishi UFJ Trust and Banking and was incorporated as an independent entity in October 2023. Its shareholder base, which includes MUFG, Mizuho, the Tokyo Stock Exchange, and SBI, gives it unusual reach across Japan’s major institutional rails. The completed migration signals that Progmat is repositioning its infrastructure for throughput and interoperability rather than the access-control logic that originally made permissioned ledgers attractive to regulated issuers. Whether Japanese regulators treat a public-but-permissioned Avalanche L1 as equivalent to a private ledger for custody and conduct purposes is the open question operators should be tracking.