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Progmat security token platformUpdated 18 Oct 2026

Japan's largest security token platform, built inside Mitsubishi UFJ Trust and Banking and spun out as Progmat in 2023. Banks and securities firms use it to issue and manage tokenised real estate trust beneficiary interests and corporate bonds. In July 2026 it moved all its security tokens, worth more than ¥452 billion, from a Corda-based ledger to a dedicated Avalanche L1, and by then handled 45 of 89 publicly disclosed Japanese security token deals and about two-thirds of issuance value. A working group on tokenised Japanese government bonds started in May 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since 2023[1] — Status since-date approximate: Progmat was spun out in October 2023; Progmat-run issuance began earlier under Mitsubishi UFJ Trust and Banking. The first-issue date was not confirmed in this run. · Reviewed 21d ago

Assets
Debt securityBeneficial interest[1]
Real estate trust beneficiary interests (most of the volume) and corporate bonds; the facets describe the real-estate interests, the bonds have their own asset records
Networks
Progmat Corda ledger Private, permissioned[2]
Until July 2026.
Progmat Avalanche L1 Private, permissioned[2]
From July 2026.
Use cases
Primary issuance[1]Asset servicing[2]
Jurisdictions
Japan

Participants

Operates under

Assets

Metrics

  • over ¥452bnValue of active security tokens · as of 10 Jul 2026[1]
  • ¥231.3bnSecurity token deal value handled · as of 10 Jul 2026[1]
    Of ¥364.3 billion for the whole Japanese public market (64.6%).
  • 45 dealsSecurity token deals handled · as of 10 Jul 2026[1]
    Of 89 publicly disclosed Japanese deals.
  • ¥226.9bnCumulative security token issuance on Progmat ST · as of 4 Mar 2026[12]
    After the Osaka Dojimahama Tower token; 45 deals.
  • ¥22.4bnMUFG Realty Token Osaka Dojimahama Tower issue size · as of 4 Mar 2026context[12]
    Single issue; shown for scale.

Timeline

  1. Happened 10 Jul 2026 · Scope expansion · recorded 12 Oct 2026
    All security tokens on Progmat, over ¥452 billion, move from the Corda-based ledger to a dedicated Avalanche L1 with no disruption to participants.[1]
  2. Happened May 2026 (month only) · Announcement · recorded 12 Oct 2026
    Progmat forms a working group with banks, securities firms and asset managers, including BlackRock Japan, to study tokenised Japanese government bonds.[1]
  3. Happened 4 Mar 2026 · Production milestone · recorded 18 Oct 2026
    The ¥22.4 billion MUFG Realty Token Osaka Dojimahama Tower completes its public offering on Progmat ST, underwritten by Nomura and Mitsubishi UFJ Morgan Stanley Securities; Progmat's cumulative issuance reaches ¥226.9 billion across 45 deals.[12]
  4. Happened 11 Nov 2025 · Production milestone · recorded 18 Oct 2026
    MUFG issues a JPY 10 billion subordinated Tier 2 security token bond to the public, the first by a Japanese bank, recorded on Progmat and sold through Mitsubishi UFJ Morgan Stanley Securities.[6][7][8]
  5. Happened 3 Mar 2025 · Production milestone · recorded 17 Oct 2026
    Toyota Finance issues the Toyota group's first public security token bond, JPY 1 billion for one year to retail investors, on Progmat (SaaS), with Daiwa Securities as underwriter.[5]
  6. Happened 21 Mar 2024 · Production milestone · recorded 18 Oct 2026
    Daiwa Securities Group issues a JPY 1 billion one-year security token bond on Progmat paying 0.80% interest entirely in Rakuten Cash electronic money; it was Progmat's 23rd public deal.[10][11]
  7. Happened 20 Dec 2023 · Production milestone · recorded 18 Oct 2026
    Okasan Securities Group issues a JPY 2 billion one-year retail security token bond at 1.0% with its register on Progmat.[9]
  8. Happened Oct 2023 (month only) · Production milestone · recorded 12 Oct 2026
    Progmat is spun out of Mitsubishi UFJ Trust and Banking as a separate company.[3]

Sources

  1. [1]Progmat is Now on Avalanche — Avalanche, 10 Jul 2026. Accessed 12 Oct 2026. Network operator's blog with Progmat's figures..B
  2. [2]Progmat completes migration of $2.8 billion in security tokens from Corda to Avalanche — Ledger Insights, 13 Jul 2026. Accessed 12 Oct 2026.C
  3. [3]Japan's largest security token platform moves nearly $3 billion to Avalanche blockchain — The Block, 13 Jul 2026. Accessed 12 Oct 2026.C
  4. [4]【Progmat】Digital Asset Platform — Progmat. Accessed 12 Oct 2026.B
  5. [5]Toyota group's first security token bond (nickname Toyota Wallet ST bond) to be issued — Toyota Financial Services, Toyota Finance, Daiwa Securities, MUFG Bank, Mitsubishi UFJ Trust and Banking, Progmat, 10 Feb 2025. Accessed 17 Oct 2026. In Japanese; our summary is translated.B
  6. [6]Issue of a publicly offered unsecured subordinated bond in security token (ST) bond form in Japan — MUFG, Mitsubishi UFJ Trust and Banking, Mitsubishi UFJ Morgan Stanley Securities and Progmat (joint release), 9 Oct 2025. Accessed 18 Oct 2026. In Japanese; our summary is translated.B
  7. [7]JCR rating announcement 25-D-1106, Mitsubishi UFJ Financial Group (ratings affirmed) — Japan Credit Rating Agency, 26 Nov 2025. Accessed 18 Oct 2026. In Japanese; our summary is translated. Rated-bond table gives the ST bond's size (¥10 billion), issue date (11 Nov 2025) and coupon..B
  8. [8]MUFG is planning Japan's first bank digital bond — Ledger Insights, 9 Oct 2025. Accessed 18 Oct 2026. States that transfers must be recorded on Progmat..C
  9. [9]Shelf registration supplement (bonds), Okasan Securities Group 1st series unsecured security token bond — Okasan Securities Group (EDINET filing), 5 Dec 2023. Accessed 18 Oct 2026. In Japanese; our summary is translated. Names Progmat as the ledger for the bond register kept by Mitsubishi UFJ Trust and Banking..A
  10. [10]Collaboration on Japan's first publicly offered security token bond paying all interest in electronic money — Daiwa Securities Group, Daiwa Securities, Rakuten Securities, Rakuten Payment, Mizuho Bank, Mitsubishi UFJ Trust and Banking and Progmat (joint release), 21 Feb 2024. Accessed 18 Oct 2026. In Japanese; our summary is translated.B
  11. [11]New issue - Daiwa Securities Group unsecured security token bond — Rakuten Securities, 12 Mar 2024. Accessed 18 Oct 2026. In Japanese; our summary is translated.B
  12. [12]Completion of the public offering and issue of the MUFG Realty Token Osaka Dojimahama Tower (transfer-restricted) — Mitsubishi UFJ Trust and Banking, Mitsubishi UFJ Real Estate Asset Management, Nomura Securities, Mitsubishi UFJ Morgan Stanley Securities, Smartplus and Progmat (joint release), 4 Mar 2026. Accessed 18 Oct 2026. In Japanese; our summary is translated.B

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