Progmat, the Japanese tokenized securities platform founded by MUFG which also has several institutional backers, announced an alliance with Ava Labs and plans to move to an Avalanche L1 blockchain. The platform currently uses the Corda enterprise distributed ledger with the aim of migrating by the end of June 2026. Progmat hosts the largest volume of security token issuances in Japan.
The primary driver is to move its existing and future security tokens to an Ethereum compatible blockchain, with a view to enabling interoperability with a wide range of permissionless chains. Additionally, existing interoperability partner Datachain will support security token issuance on non-Avalanche blockchains as well as delivery versus payment (DvP) or payment versus payment (PvP) settlement using a variety of stablecoins.
L1 chains are the new name for Avalanche Subnets, which are application specific blockchains that can be permissioned or permissionless, and have a different set of validators from the primary Avalanche permissionless blockchain which they are natively interoperable with.
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