TheBlock
Progmat, the largest security token infrastructure platform in Japan with 64.6% of the country's market share, is moving nearly $3 billion of tokenized assets onto the Avalanche blockchain. Originally developed inside Mitsubishi UFJ Trust and Banking before being spun out, Progmat now sits at the center of Japan's institutional tokenization stack.
Why it matters
The migration brings the dominant share of Japan's regulated security token issuance onto a single public L1. For Avalanche, it validates institutional-grade RWA demand from one of the world's largest capital markets; for the broader tokenization sector, it sets a real-world benchmark for how much value a single jurisdiction's infrastructure can route on-chain.
Market impact
At $3 billion in assets riding on Avalanche through Progmat, the integration becomes one of the largest live RWA deployments globally. The flow pushes Avalanche deeper into the institutional lane and gives tokenized treasuries and funds a regulated Japanese corridor to settle on, with Mitsubishi UFJ's banking pedigree as the trust anchor.
Frequently asked questions
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What is Progmat?
Progmat is Japan's largest security token infrastructure platform, originally developed inside Mitsubishi UFJ Trust and Banking before being spun out. It accounts for 64.6% of Japan's security token issuance by value.
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How much in security tokens is moving to Avalanche?
Nearly $3 billion in tokenized assets are being migrated to the Avalanche blockchain through Progmat's infrastructure.
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Why is this significant for Avalanche?
It gives Avalanche one of the largest live institutional RWA deployments globally, routing the dominant share of Japan's regulated security token market through its rails.
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What is the connection to Mitsubishi UFJ?
Progmat was originally developed inside Mitsubishi UFJ Trust and Banking, Japan's largest bank, before being spun out as an independent entity.
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What does this mean for the broader RWA sector?
It sets a real-world benchmark for how much value a single country's regulated tokenization infrastructure can move on-chain, strengthening the case for public L1s in institutional finance.
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