Progmat shifts $2B+ in tokenized securities to Avalanche, ditching Corda for EVM compatibility and cross-chain DvP settlement in a landmark infrastructure overhaul.
Japan-based digital asset infrastructure agency Progmat introduced on February 26, 2026, a full migration of its safety token platform to Avalanche. The transfer covers each energetic safety token deal on the platform. On the time of the announcement, that complete working stability exceeded 439.6 billion yen, or greater than $2 billion.
The agency confirmed it’s dropping Corda 5 as its underlying distributed ledger. Avalanche replaces it fully. Progmat CEO Tatsuya Saito, posting on X as @tatsu_s1203, outlined the twin objective of the transition. “We’re transferring Progmat ST from Corda5 to Avalanche, making all ST offers EVM-compatible and progressively permissionless,” Saito stated within the put up.
The migration falls below an inside undertaking codenamed “Undertaking Keystone.” Work started within the autumn of 2025. Full completion is predicted by June 2026.
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The Corda Exit No person Noticed Coming
Progmat’s selection of Avalanche comes down to a few issues. Safety customization by way of Avalanche L1s, native cross-chain communication by way of InterChain Messaging, and EVM compatibility that connects the platform on to the broader Ethereum developer base.
The L1 structure provides Progmat management over who participates. Validator entry, contract deployment rights, and person permissions can all be adjusted with out taking the chain offline. That issues for monetary establishments working below strict regulatory constraints.
As Saito famous on X, the agency desires to fulfill monetary sovereignty necessities whereas nonetheless opening doorways to DeFi companies and overseas institutional traders. These two objectives often sit in rigidity. Avalanche’s adjustable permission mannequin is how Progmat threads that needle.
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$2 Billion Is Simply the Starting
The migration isn’t solely concerning the chain swap. Progmat is commercializing cross-chain settlement for the primary time. That features Supply Versus Cost between safety tokens and stablecoins, and Cost Versus Cost between stablecoins issued throughout totally different authorized jurisdictions.
Each options have been in improvement for years. DvP settlement between ST and SC markets has been a goal since October 2021, based on Saito’s X put up. Undertaking Trinity, introduced in August 2025, moved that work towards industrial deployment. Undertaking Pax, operating since September 2024, has dealt with cross-border stablecoin infrastructure with establishments in Europe, South Korea, and Japan.
The cross-chain layer makes use of IBC/LCP by way of Datachain alongside Avalanche’s native ICM. Progmat picked these protocols particularly to keep away from lock-in to a single bridge supplier. The agency is partnering with Ava Labs and Datachain to ship the complete stack.
This isn’t Progmat’s first main infrastructure overhaul. The primary got here in October 2024 when the agency grew to become the primary in Asia to finish a full migration to a Corda 5 SaaS setup. That was 18 months in the past. Now Corda is out fully.
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What the EVM Shift Really Adjustments
Going EVM-compatible is a major unlock for market contributors. Ethereum’s improvement tooling, sensible contract libraries, and DeFi protocols all turn into accessible to safety token issuers on Progmat ST. That wasn’t doable on Corda.
The sensible impression: overseas institutional traders can entry Japanese tokenised securities. DeFi platforms can join with regulated ST merchandise. And stablecoin tasks working on EVM chains can settle trades immediately in opposition to Progmat property.
Japan’s safety token market has operated on purpose-built chains since its inception. Main monetary establishments, licensed below Japan’s Monetary Devices and Alternate Act, constructed the market with custody-based fashions in thoughts. That construction stays intact. The chain layer modifications. The compliance stack doesn’t.
As Saito framed it on X, the tip aim is bringing institutional investor entry to international requirements. The 439.6 billion yen in current ST offers will transition with minimal disruption to issuers and traders. New ST issuances began disclosing the Avalanche migration of their securities registration paperwork instantly after the announcement.
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