Progmat Completes Migration to Avalanche, Enhancing Security Token Platform

Progmat, a Japan-based digital asset infrastructure firm, has successfully completed the migration of its security token platform to Avalanche. This move marks a significant shift in the company's underlying distributed ledger, replacing Corda as its foundation. According to internal sources, the project codenamed 'Project Keystone' was initiated in autumn 2025 and is expected to be fully completed by June 2026.

The migration of Progmat's security token platform to Avalanche has been touted as a major upgrade for the company. The new architecture will enable EVM compatibility, allowing foreign institutional investors to access Japanese tokenized securities and DeFi platforms to connect with regulated ST products. Additionally, the cross-chain settlement capabilities will be enhanced, enabling Delivery Versus Payment between security tokens and stablecoins, and Payment Versus Payment between stablecoins issued across different legal jurisdictions.

The choice of Avalanche as Progmat's new underlying distributed ledger is rooted in its unique features. The L1 architecture provides Progmat with control over who participates, allowing for validator access, contract deployment rights, and user permissions to be adjusted without taking the chain offline. This is particularly important for financial institutions operating under strict regulatory constraints. Furthermore, Avalanche's adjustable permission model allows Progmat to balance its need for financial sovereignty requirements with opening doors to DeFi services and foreign institutional investors.

The migration of Progmat's security token platform to Avalanche marks a significant development in the company's infrastructure overhaul. This is not the first major upgrade for the firm, as they became the first in Asia to complete a full migration to a Corda 5 SaaS setup in October 2024.