Japan's Progmat migrates $3 billion in security tokens to Avalanche blockchain, BlackRock fund surges

Progmat, spun out of Mitsubishi UFJ Trust and Banking in October 2023, has completed migration of its full security token platform — representing ¥452 billion (~$2.7 billion) in regulated assets — from a private Corda 5 ledger to a dedicated public Avalanche Layer 1 blockchain, with zero disruption to financial institutions. All existing smart contracts were ported to EVM without behavioral changes, achieving rights transfer speeds 3–5× faster and finality under two seconds. Progmat holds approximately 53% of Japan's security token market and 64.6% of total issuance value, with the platform now redesigned for a multi-chain architecture enabling global participant access. Concurrently, BlackRock's tokenized BUIDL fund surged 105% in a single week to surpass $900 million on Avalanche, which holds the second-largest BUIDL allocation after Ethereum.

Progmat security token migration

• ▪Progmat completed the migration of its security token platform, representing over 452 billion yen in assets, from a private Corda 5 ledger to a dedicated Avalanche Layer 1 blockchain
• ▪Progmat controls approximately 53% of Japan's security token market and accounts for 64.6% of the country's total tokenized asset issuance value
• ▪Progmat's migration to Avalanche achieved transaction finality in under two seconds
• ▪The migration of Progmat's security token platform to Avalanche resulted in rights transfer processing speeds that are 3 to 5 times faster than the pre-migration environment

BlackRock BUIDL fund growth

• ▪BlackRock's tokenized money market fund, BUIDL, surpassed $900 million in assets under management on the Avalanche network, representing a 105% weekly increase
• ▪The total multi-chain asset size of BlackRock's BUIDL fund across all supported networks reached approximately $2.87 billion
• ▪Avalanche holds the second-largest allocation of BlackRock's BUIDL fund behind Ethereum, accounting for roughly one-third of the total fund value

Institutional RWA adoption trends

• ▪Progmat launched a Tokenized Government Bonds & On-Chain Repo Working Group in May 2026 to study 24/7 trading and same-day settlement for Japanese Government Bonds
• ▪The Tokenized Government Bonds & On-Chain Repo Working Group, which includes BlackRock Japan and Avalanche, plans to release its findings in October 2026

Avalanche protocol upgrade milestones

• ▪Avalanche implemented the Granite protocol upgrade on November 19, 2025, introducing dynamic block times, biometric login support, and stabilized validator epochs
• ▪The Avalanche9000 protocol upgrade reduced the minimum validator staking requirement from 2,000 AVAX to 500 AVAX and slashed custom blockchain deployment costs by 99.9%