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Progmat

APACtokenized depositproductionOperator: MUFG (lead) with SMBC and MizuhoIssuance unverified

MUFG-led consortium platform with SMBC and Mizuho participation, issuing trust-based tokenized cash and bank-issued stablecoin products in Japan under the post-2023 PSA stablecoin framework. The trust-issuance route has the trust company holding the reserve and issuing beneficial interests as the on-chain instrument.

Operating details

How it actually settles
Architecture

Two product lines on a single platform: Progmat Coin for trust-issued JPY stablecoins (Mitsubishi UFJ Trust holds the underlying yen reserve and issues beneficial trust interests as the on-chain instrument) and Progmat ST for security tokens covering real estate and corporate bonds. Currently runs on Corda 5 with a migration underway to a dedicated Avalanche L1 (Project Keystone), targeted for completion by end of June 2026, with Datachain-built LCP cross-chain settlement enabling DvP against stablecoins. Issuance is also extended to Ethereum, Polygon, and Cosmos for stablecoin distribution.

Participants

MUFG · Mitsubishi UFJ Trust and Banking · SMBC · Mizuho · JPX (Japan Exchange Group) · SBI Holdings · NTT Data · Mitsubishi Corporation · Datachain · Ava Labs

Scale

Roughly 63% of cumulative issuance volume and 53.8% of project count in Japan's domestic security token market, with about JPY 439.6 billion in assets under management and over JPY 216.9 billion in cumulative tokenized issuance to date. Progmat projects the national ST market balance to surpass JPY 1.5 trillion by end of 2026.

Regulatory wrapper

Stablecoin issuance runs through the trust-bank route under the 2023 PSA amendments classifying coins as electronic payment instruments, with the November 2025 three-bank pilot designated under the FSA's Payment Innovation Project framework. Security tokens are issued as electronically recorded transferable rights under FIEA (Financial Instruments and Exchange Act).

Known limits

Distribution remains permissioned and intermediated through licensed Japanese broker-dealers, with no direct retail wallet access and limited interoperability outside the Progmat-affiliated network until the Avalanche L1 migration delivers EVM compatibility. Tokenized equities and the joint MUFG/SMBC/Mizuho stablecoin both remain pre-production, targeted for March 2026 and beyond.

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