February 27, 2026 – Progmat, Japan’s largest tokenised securities platform, is abandoning R3’s Corda blockchain. The MUFG-backed firm will migrate over $2 billion in digital assets to Avalanche. This marks one of the biggest institutional moves to a public blockchain ecosystem.
The migration covers all active security token projects on the platform. These include tokenised real estate and corporate bonds worth 439.6 billion yen. Completion is expected by June 2026.
Why the Switch Matters
The pivot reflects growing frustration with the limitations of enterprise blockchain. Corda offered security but lacked interoperability with the wider crypto ecosystem. Avalanche’s EVM compatibility solves that problem directly.
By moving to an Avalanche Layer 1, Progmat gains access to Ethereum’s developer tools. It also connects to decentralised finance protocols and global liquidity pools. For Japan’s regulated securities market, this is a strategic leap.
Avalanche’s architecture enables permissioned validator controls alongside public-chain features. This lets Progmat satisfy Japan’s strict financial regulations. At the same time, it opens doors to foreign institutional investors.
Cross-Chain Settlement Ambitions
Progmat is also commercialising cross-chain settlement through Project Keystone. The initiative uses Datachain’s light-client proxy technology to enable secure interoperability. It enables delivery-versus-payment between security tokens and stablecoins across different blockchains.
This capability addresses a critical market gap. Stablecoins are emerging across jurisdictions, including Japan, the U.S., Europe, and South Korea. Without cross-chain bridges, these ecosystems remain siloed.
The Bigger Picture
Japan’s digital securities market is projected to exceed ¥1.05 trillion ($7 billion) by late 2026. Global players such as BlackRock and Ondo Finance have already demonstrated the benefits of deploying public blockchains. Progmat’s move aligns Japan with this global trend.
The decision could pressure other enterprise blockchain platforms. R3’s Corda now loses its highest-profile Asian institutional client. Meanwhile, Avalanche strengthens its position as a preferred rail for regulated finance in the region.
Analysts will closely watch whether this migration triggers similar shifts. If Progmat’s transition succeeds, it could set a precedent for institutional tokenisation worldwide.
