BlockBeats News, July 13th, Japan's largest security token issuance and management platform Progmat has completed its migration to the Avalanche blockchain, transferring all tokenized assets under management worth over 452 billion yen (approximately $2.7 billion) from the Corda 5-based permissioned chain to the dedicated Avalanche Layer1.

The migration was announced in February this year and was completed as planned without affecting the normal operation of financial institutions. Progmat stated that the new architecture no longer relies on a single blockchain, can support future multi-chain expansion, all smart contracts have been migrated to the EVM environment, and while maintaining the original functionality, the speed of asset ownership transfer has increased by 3 to 5 times, with transaction finality shortened to within 2 seconds.

Originally incubated by Japan's largest bank, Mitsubishi UFJ Trust and Banking Corporation (MUFG), Progmat became operationally independent in 2023. It is currently supported by major Japanese financial institutions such as Mizuho Bank, Tokyo Stock Exchange, and SBI, holding a 53% market share in the Japanese security token market and accounting for 64.6% of the total security token issuance, covering most of the tokenized real estate and corporate bonds projects.

In addition, in May this year, Progmat established a working group for the tokenization of Japanese government bonds and on-chain repurchase (Repo), collaborating with asset management institutions, banks, and securities companies to research the tokenization of Japanese government bonds and explore applications such as 24/7 trading and T+0 real-time settlement.