How Progmat migrated ¥452 billion in regulated securities to public blockchain infrastructure.

The ledger was the bottleneck.

Progmat was the first platform in Asia to build on Corda, and the architecture worked until the market began to outgrow it. Every participating institution operated its own node. Onboarding a new entrant meant provisioning a new environment before that institution could participate.

At the same time, tokenization was moving toward public, EVM-compatible infrastructure with permissioned transfer controls and access to a broader onchain ecosystem. Progmat's security tokens remained inside a partitioned environment that could not provide that connectivity natively. With Japanese institutions preparing to participate in tokenized markets at greater scale, the underlying infrastructure needed to evolve before the market did.

Project Keystone. Nothing broke.

Project Keystone replaced the underlying ledger without changing what issuers or market participants depended on.

Every Java-based Corda contract was rewritten in Solidity while preserving its existing behavior, specifications, and non-functional requirements. A new mediation layer separates business functions from the ledger itself, allowing Progmat to evolve its infrastructure without requiring corresponding changes across issuer workflows.

More than ¥452 billion in regulated securities moved to the new environment with zero interruption. For issuers and participants, one of the most significant infrastructure changes in Japan's security token market was designed to be operationally invisible.

Institutional controls, public composability.

Every security token on Progmat is now EVM-compatible, connecting the platform to the tooling, applications, and onchain ecosystem of public blockchain infrastructure while preserving the controls required by regulated financial institutions.

Rights transfers now process three to five times faster than in the pre-migration environment. New participants can join without first standing up dedicated ledger infrastructure. Progmat gained the interoperability and extensibility of a public environment without compromising the operational requirements that institutions already relied on.

Why AvaCloud

AvaCloud supported Project Keystone across three critical requirements:

• Operational assurance. SOC 1 and SOC 2 Type II certifications provide controls aligned with the operational requirements of regulated financial institutions.
• Dedicated infrastructure. A purpose-built Avalanche L1 gives Progmat an execution environment configured around its own requirements, with infrastructure isolated from activity elsewhere in the ecosystem.
• 24/7 operational support. A joint incident-response framework between Progmat and Ava Labs extends across nights, weekends, and holidays.

What's live

More than ¥452 billion in regulated securities now operate in Progmat's EVM-compatible environment.

In July 2026, Progmat became the first Japanese security token platform to make its market data available through RWA.xyz. Updated monthly, the integration makes the track record of Japan's institutional tokenization market visible through a global RWA data platform and connects Progmat more directly with the international digital asset ecosystem.

"We regard the completion of this Avalanche integration and Japan's first listing on RWA.xyz as a symbolic achievement marking the full-fledged connection of Japan's ST market with the global RWA ecosystem."

— Tatsuya Saito, Founder & CEO, Progmat