Progmat, a former Mitsubishi UFJ Belief and Banking enterprise, introduced that it’ll migrate all stay tasks to Avalanche Layer 1 with out disrupting the operations of its monetary establishments.
The corporate has transferred over 452 billion yen (over $3 billion) of regulated actual property and stay bond tokens to public chain rails.
Japanese giants transfer to Avalanche
Avalanche confirmed the transfer in a July 10 weblog put up.
Whereas the worth of property might seize the headlines, crucial truth is the place these property are saved. Corda and Avalanche couldn’t be extra completely different. R3 constructed Corda as a permissioned ledger for a choose group of licensed establishments, whereas Avalanche is a public chain community.
A transfer of this magnitude is actually unprecedented. Most regulated issuers had averted it up till this level.
Securities will proceed to be regulated. Whereas the banks, securities firms, and belief firms that deal with these tokens stay below strict surveillance, tokens can’t be traded freely in public wallets. The shifting half is the settlement layer the place the securities reside.
The transfer was a part of what Progmat calls “Undertaking Keystone.” Undertaking Keystone is a system redesign that permits enterprise features to entry a number of blockchains. An middleman layer has been added between the ledger and its functions, permitting it to attach with different chains with out having to construct issuing, possession, and switch processes from scratch.
This transfer transformed Progmat’s sensible contracts from Corda to Solidity and made the token EVM appropriate.
Progmat added that rights switch is three to 5 occasions quicker with the brand new system than with the previous system, with transactions now reaching finality inside two seconds.
Nonetheless, the corporate releases these numbers after its personal inside testing and has not undergone impartial overview. Additionally observe that whereas finality refers to a accomplished on-chain transaction, it doesn’t keep in mind any banking or administrative procedures surrounding the transaction, and Progmat doesn’t publish transaction knowledge to that impact.
Why does timing matter?
Progmat handles nearly all of the Japanese safety token market (53.4% of transactions primarily based on variety of transactions, 64.6% primarily based on whole issuance quantity). Till this level, all this was recorded in personal ledgers, and solely home establishments may find out about such big actions.
The transfer comes amidst a serious coverage shift in Japan’s cryptocurrency area. What the Japanese authorities needs to create is Crypto ETFs are authorized and reclassifying digital property as monetary devices. The announcement was made by Finance Minister Satsuki Katayama final Thursday.
Progmat, along with its securities department; meta planet, and stablecoin issuer JPYC are a part of a deeper examine into digital credit score backed by Bitcoin.
In the meantime, this represents an institutional win for Avalanche, whose AVAX token is buying and selling at $6.83, giving it a market cap of $2.86 billion.
What else is Progmat engaged on?
Progmat reveals no indicators of slowing down and is already shifting on to its subsequent purpose. In Might 2026, the corporate established a working group inside the Digital Asset Co-Creation Consortium to think about placing Japanese authorities bonds on a public blockchain and mixing tokenized authorities bonds with stablecoin-based repo transactions to allow 24/7 buying and selling and same-day settlement.
The listing consists of asset administration firms, banks, and BlackRock Japan, and public chains into account embody Avalanche. Avalanche mentioned the group plans to subject a report in October 2026 and goals to start commercialization tasks by the tip of the yr.
