Progmat completes migration of all security token projects to Avalanche L1

Progmat said it has migrated every active security-token project on its platform from Corda 5 to a dedicated Avalanche Layer 1, moving more than ¥452 billion in underlying assets and issued securities onto an EVM-compatible network. The company said the transition preserves existing issuance, ownership and transfer functions while accelerating rights transfers by three to five times based on internal tests. Under Project Keystone, Progmat inserted a mediator layer between applications and the ledger so business functions no longer depend on a single blockchain, a design it said should support future connections to other chains. AvaCloud provides the dedicated network and operating services, and Progmat said the setup meets SOC 1 and SOC 2 Type II assurance standards. The migration also positions the platform for planned cross-chain settlement links involving security tokens, stablecoins and tokenized bank deposits, including delivery-versus-payment and payment-versus-payment services previously outlined with Datachain.