Luisa Crawford
Jul 13, 2026 14:02
Japan’s largest safety token platform, Progmat, strikes ¥452B in belongings to Avalanche, paving the best way for tokenized Japanese Authorities Bonds.
Progmat, Japan’s main safety token platform, has accomplished its migration to the Avalanche blockchain, transitioning greater than ¥452 billion (roughly $3.3 billion) in tokenized belongings. The transfer, introduced in February 2026, was finalized on schedule and with out operational disruptions, marking a big step for blockchain-based finance in Japan.
The migration shifts all of Progmat’s digital securities—spanning actual property, company bonds, and different tokenized belongings—from a closed, permissioned ledger to Avalanche’s public blockchain. This transition represents not only a technological improve however a pivot towards larger transparency and world accessibility for Japan’s burgeoning safety token market.
Who Is Progmat?
Progmat, spun out of Mitsubishi UFJ Belief and Banking in 2023, dominates Japan’s digital asset issuance house, managing over half of the home safety token market. As of July 2026, Progmat helps 45 of Japan’s 89 public safety token tasks, accounting for 53.4% of the offers and 64.6% of complete issuance worth. Its portfolio contains ¥231.3 billion of the ¥364.3 billion dealt with throughout the market.
Traditionally working on a permissioned ledger, Progmat’s transfer to Avalanche integrates its operations into the broader decentralized finance (DeFi) ecosystem. This shift aligns with the worldwide pattern of tokenizing real-world belongings (RWAs) to enhance liquidity, transparency, and operational effectivity.
Why Avalanche?
Avalanche’s Ethereum Digital Machine (EVM) compatibility permits Progmat to seamlessly port its current good contracts with out altering their performance. The migration additionally resulted in a 3-5x enchancment in rights switch processing velocity, an important metric for monetary establishments counting on the platform. Avalanche’s public blockchain infrastructure positions Progmat to help multi-chain capabilities because the market evolves.
What’s Subsequent: Tokenized Japanese Authorities Bonds
With the Avalanche migration full, Progmat is setting its sights on tokenizing Japanese Authorities Bonds (JGBs), one of many largest sovereign bond markets globally. In Could 2026, it launched a working group to discover pairing tokenized JGBs with stablecoin-based repo transactions. The initiative goals to allow 24/7 buying and selling and same-day settlement (T+0), capabilities that Japan’s present bond market infrastructure lacks.
The working group, which incorporates main monetary gamers comparable to BlackRock Japan and Avalanche, plans to launch its findings in October 2026 with a pilot mission anticipated earlier than year-end. This might place Progmat on the forefront of sovereign bond tokenization, additional solidifying its function as a foundational layer in Japan’s digital asset ecosystem.
Implications for Buyers
This migration underscores the rising institutional adoption of public blockchain infrastructure for regulated monetary markets. For world traders, it opens up new alternatives to interact with Japan’s safety token market, which was beforehand siloed on personal ledgers. The mixing with Avalanche additionally units the stage for interoperability with DeFi protocols, doubtlessly unlocking liquidity channels for tokenized belongings.
Furthermore, the deliberate tokenization of JGBs may redefine how sovereign bonds are traded and settled, with implications for market effectivity and accessibility. If profitable, Progmat’s improvements may function a blueprint for different nationwide markets exploring blockchain-based monetary infrastructure.
As Japan continues its push towards on-chain securities and programmable settlements, Progmat’s partnership with Avalanche may very well be a crucial enabler of this transformation.
Picture supply: Shutterstock
