Progmat to Migrate Japanese Security Token Platform to Avalanche

Japanese security token platform Progmat, incubated by MUFG, will migrate its system from Corda Enterprise to the Avalanche L1 blockchain by June 30, 2026, in a partnership with Ava Labs.

The move aims to leverage Avalanche’s scalability and efficiency for security token operations. Datachain, Progmat’s existing interoperability partner, will continue to support the issuance of security tokens on non-Avalanche chains and facilitate delivery versus payment (DvP) and payment versus payment (PvP) settlement using multiple stablecoins.

This migration signifies a growing trend of traditional finance infrastructure adopting blockchain technology for increased transparency and efficiency.

This collaboration represents a significant step forward in bridging the gap between traditional finance and the decentralized world, offering a more streamlined and secure platform for security token issuance and trading.

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