Progmat, Japan's largest security token platform, announced on July 13, 2026, that it has completed the migration of all its projects from Corda5 to Avalanche L1. The move covers over ¥452 billion (approximately $3.2 billion) in digital securities, transitioning the entire platform to an EVM-compatible environment. The upgrade is part of "Project Keystone," aimed at supporting rapid market growth and expanding investor participation.
Migration to Avalanche L1 and Performance Gains
Progmat's shift to Avalanche L1 brings a three-to-fivefold increase in rights transfer processing speed, with transaction finality now under two seconds. The platform, which previously relied on Corda5, now operates on a blockchain-agnostic architecture that separates business functions from the ledger layer. This new design, enabled by the "mediator" layer, allows Progmat to choose different chains based on asset characteristics and investor needs, and supports simultaneous settlement across multiple blockchains.
The migration also involved replacing Java-based Corda smart contracts with Solidity-based EVM contracts, ensuring compatibility with the Ethereum ecosystem while maintaining existing functionalities. Security was enhanced with a cloud-native key management system, and Ava Labs' AvaCloud service obtained SOC1 and SOC2 Type II certifications to meet financial institution compliance standards. The operational setup now includes 24/7 incident response shared between Progmat and Ava Labs, and eliminates the need for individual Corda nodes per client, reducing onboarding time and costs.
CEO Perspectives and Future Expansion
Progmat CEO Tatsuya Saito called the migration "a symbolic achievement that connects Japan's ST market to the global RWA ecosystem." He emphasized that the new infrastructure can handle the complex requirements of institutional investors, including multi-chain selection and cross-chain settlement. Nick Mussalem, CEO of AvaCloud, praised the seamless transition of over ¥452 billion in regulated securities without disrupting client operations, calling it "a benchmark for institutional-grade infrastructure."
The upgraded platform is designed to extend beyond security tokens to support real-world asset (RWA) tokenization and stablecoin payments. For example, Progmat is collaborating with Metaplanet and JPYC to develop Bitcoin-linked digital credit products, where Progmat will provide the financial infrastructure for ST issuance, rights transfer, and stablecoin settlement. As Japan's largest ST platform, handling 45 of 89 publicly listed ST projects and over ¥231.3 billion in transaction volume, Progmat plans to leverage the new architecture for multi-chain support and cross-chain settlement capabilities, positioning itself as a key infrastructure for the growing digital asset market.