Japan's Progmat Migrates Security Token Platform to Avalanche

Progmat, a leading digital asset infrastructure firm based in Japan, has undertaken a major transformation by migrating its security token platform to Avalanche. This shift replaces Corda 5 as the underlying distributed ledger and enables EVM compatibility and cross-chain DvP settlement. The move is part of an internal project codenamed 'Project Keystone,' which began in autumn 2025 and is expected to be completed by June 2026.

The migration involves transferring over $2 billion worth of tokenized securities from Corda to Avalanche, with the goal of satisfying financial sovereignty requirements while opening doors to DeFi services and foreign institutional investors. Progmat's CEO, Tatsuya Saito, highlighted the significance of EVM compatibility, stating that it will connect the platform directly to the broader Ethereum developer base.

Avalanche was chosen for its adjustable permission model, which allows Progmat to customize security features through L1s and enable native cross-chain communication via InterChain Messaging. This enables the firm to balance regulatory compliance with access to DeFi services and foreign investors. The migration also marks a commercial debut for cross-chain settlement, including DvP between security tokens and stablecoins.

Progmat has been working on this project for several years, with Project Trinity aiming to bring DvP settlement between ST and SC markets to commercial deployment. The firm is partnering with Ava Labs and Datachain to deliver the full stack of cross-chain protocols. This move follows Progmat's previous infrastructure overhaul in October 2024, when it became the first Asian company to complete a full migration to a Corda 5 SaaS setup.