Avalanche secures Progmat’s $2B RWA migration in Japan

• Lyla Velez
• February 27, 2026
• News
• 0 Comments

Key Points:

• Progmat migrates ¥439.6B tokenized securities from Corda to an Avalanche-dedicated chain.
• Selection criteria: sub-second finality, native messaging, configurable validators and contracts for compliance.
• Project Keystone aims completion June 2026, standardizing Japanese security token tooling, connectivity.

Progmat, Japan’s largest tokenized securities platform founded by MUFG, is migrating approximately ¥439.6 billion (~$2B) in tokenized securities from Corda to a dedicated Avalanche Layer-1, as reported by Ledger Insights. The pivot places regulated real‑world assets on an EVM-compatible chain while preserving institution‑grade controls.

Avalanche was selected for sub-second finality, native inter-chain messaging, and configurable validator/contract controls, as reported by Blockonomi. For banks and brokers operating under Japan’s securities laws, those properties are framed as essential to lower operational risk and improve interoperability.

The report notes work on “Project Keystone” began in autumn 2025, targeting completion by June 2026. If delivered as described, the migration could standardize smart-contract tooling for Japanese security tokens while improving cross-market connectivity.

What’s moving now vs pipeline in tokenized real-world assets (RWAs)

While headlines cite ~$2B, observers note only roughly ¥370–¥440 billion is moving now, with additional assets in the pipeline, as reported by Kanalcoin.com. That distinction matters for gauging near-term on-chain liquidity versus future issuance.

Japan’s evolving framework is shifting more crypto oversight toward the Financial Instruments and Exchange Act, according to Cointelegraph. This context explains why Progmat’s design on Avalanche emphasizes permissioning, auditability, and standardized smart contracts.

Market commentary frames the shift as more than a technology swap, with potential implications for liquidity and access. One analysis called it a “capital event” rather than just a technical transition, as reported by Ainvest.com.

Cross-chain DvP/PvP settlement: how tokens and stablecoins interact

Cross-chain delivery-versus-payment and payment-versus-payment are core roadmap items to let security tokens settle against fiat-backed stablecoins across multiple networks, according to Datachain. The partners also outline support for multi-chain stablecoin issuance as the settlement leg.

In practice, DvP means the security token and cash token exchange finalize atomically, eliminating one‑sided delivery risk. PvP applies the same atomicity to currency-for-currency flows when trades span chains.

Running these flows on an EVM-compatible Avalanche environment enables standardized wallets, custody integrations, and compliance controls to interoperate with sub-second finality. That combination is intended to compress settlement latency and reduce reconciliation overhead for regulated participants.

At the time of this writing, AVAX was around $8.93, a contextual datapoint rather than an investment view.