Progmat moves ¥452B in tokenized securities to Avalanche

Progmat, Japan's leading security-token platform, has successfully migrated its entire infrastructure from Corda 5 to a dedicated Avalanche Layer 1 network. This transition involves over ¥452 billion in underlying assets and issued securities, marking a significant shift toward EVM compatibility for the platform. By adopting a mediator layer, Progmat has decoupled its business functions from a single blockchain, allowing for future multi-chain interoperability while maintaining strict regulatory compliance. The migration utilizes Solidity-based smart contracts, which Progmat claims improves rights transfer speeds by three to five times compared to the previous system. The new architecture meets SOC 1 and SOC 2 Type II standards, ensuring the platform remains suitable for institutional financial requirements. This move is a strategic step toward enabling cross-chain delivery-versus-payment and payment-versus-payment services involving stablecoins and tokenized bank deposits. While the migration enhances technical flexibility, the network remains an application-specific environment rather than an open retail trading venue. This development highlights the growing trend of major financial institutions leveraging public blockchain infrastructure to modernize legacy asset management systems.