When Progmat that it would migrate Japan's largest security token platform to Avalanche, it was a signal. That migration is now complete.

Progmat has finished moving all digital securities on its platform to an Avalanche L1, covering more than JPY 452 billion in total asset value. The migration was completed on schedule, with no operational disruption to participating financial institutions.

What Progmat Is

Progmat is Japan's dominant digital asset issuance and management platform, holding the top market share by both number of deals and total issuance value. Its portfolio spans real estate security tokens and tokenized corporate bonds, the two primary asset classes in Japan's domestic security token market.

The numbers reflect the scale of what has been built. Currently, Progmat's platform accounts for:

• JPY 452 billion+ in total asset value across all active Security Token (ST) projects

• 53.4% market share by number of deals, 64.6% by total issuance value

• 45 of 89 publicly disclosed ST projects in Japan handled by Progmat

• JPY 231.3 billion of the JPY 364.3 billion total market handling amount

Until now, all of that activity existed on a permissioned private ledger, accessible to domestic financial institutions but invisible to the broader global RWA ecosystem.

How the Migration Was Done

Rather than a straight swap of one ledger for another, Progmat redesigned the underlying architecture so the platform is no longer tied to any specific blockchain, making it easier to facilitate a multi-chain platform as requirements evolve.

All existing smart contracts were ported to EVM without changing the behavior or specifications of any live project, and financial institutions continued operating normally throughout. The most tangible result: rights transfer processing is now approximately 3 to 5 times faster than the pre-migration environment.

The Next Frontier: Japanese Government Bonds On-Chain

With the migration complete, Progmat is already moving to the next challenge. In May 2026, Progmat launched a Tokenized Government Bonds & On-Chain Repo Working Group within its Digital Asset Co-Creation Consortium, with the goal of bringing Japanese Government Bonds (JGBs) onto public blockchain infrastructure.

The working group is studying tokenized JGBs paired with stablecoin-based repo transactions to enable 24/7 trading and same-day (T+0) settlement, capabilities the existing JGB settlement infrastructure cannot support. The working group's roster spans asset managers, banks, securities firms, and public-blockchain infrastructure, with Avalanche named among the public-chain technologies under consideration alongside major domestic financial institutions and BlackRock Japan. The group plans to publish a report in October 2026 and aims to launch a commercialization project before year-end.

JGBs represent one of the world's largest sovereign bond markets by outstanding balance. The infrastructure that was just rebuilt is the foundation a JGB tokenization project would run on.

From Announced to Operational

When Progmat announced the migration in February, the story was about intent: what Japan's largest ST platform had decided to build, and why Avalanche was the right foundation for it.

A large-scale migration of regulated financial infrastructure, completed  without disruption, on a public blockchain. Japan's ST market is now on-chain in a way that global participants can actually see and engage with.

The next phase, more asset classes, broader investor access, and eventually on-chain settlement for government bonds, builds on what was finished.