Progmat, Japan’s leading security-token platform by domestic market share, has completed the migration of its entire platform from Corda 5 to a dedicated Avalanche Layer 1 blockchain. The company confirmed that every active project on the platform made the move, representing underlying assets and issued securities worth more than ¥452 billion.
The migration, executed under Project Keystone, makes Progmat’s security tokens compatible with the Ethereum Virtual Machine (EVM). This required rewriting smart contracts from Java-based Corda code to Solidity-based EVM contracts. Progmat claims the switch caused minimal disruption for issuers, who did not need to rebuild their products.
Redesigned architecture for flexibility
Progmat redesigned the system to decouple its business functions from any single blockchain. A new mediator layer now sits between applications and the ledger, allowing the platform to connect with other chains in the future while keeping its existing issuance, ownership, and transfer processes intact. The dedicated Avalanche L1 can also enforce rules tailored to regulated financial products.
Faster rights transfers
Progmat reports that the new setup processes rights transfers three to five times faster than the earlier system. This speed improvement comes from internal testing and has not been independently verified. The company notes that Avalanche transactions reach finality in under two seconds, though that measure does not cover all banking or administrative steps around a trade.
AvaCloud provides institutional controls
AvaCloud supplies the dedicated Avalanche network and operating services. The setup meets SOC 1 and SOC 2 Type II assurance standards, according to Progmat. Together with Ava Labs, Progmat also created a response system for outages during nights and holidays. The aim is to meet the control and availability standards expected by regulated financial companies. The network remains application-specific, not an unrestricted retail trading venue.
AvaCloud chief executive Nick Mussallem called the transfer a significant test for institutional infrastructure. However, that assessment came from a company involved in the migration.
Cross-chain settlement plans
The migration gives Progmat a base for planned links between security tokens, stablecoins, and tokenized bank deposits. Datachain said in February that the partners plan cross-chain services for delivery-versus-payment and payment-versus-payment transactions. These systems would exchange assets and payments across different networks in one coordinated process. Progmat says its revised design can support multiple chains when asset features or investor needs differ.
Elsewhere, BlackRock’s BUIDL fund reached roughly $900 million on the Avalanche network, while distributed real-world assets on the chain stood near $2.10 billion. As crypto.news reported, Progmat will also support a Metaplanet and JPYC study into Bitcoin-backed digital credit. That project remains under review with no issued product or fixed terms. Securitize placed its listed shares on Avalanche and Solana in July.
