Progmat, which operates Japan's largest security token platform and accounts for 64.6% of the country's security token issuance by value, has migrated nearly $3 billion in tokenized assets to the Avalanche blockchain. The move is one of the largest institutional token migrations on record and positions Avalanche as the infrastructure layer for a significant share of Japan's regulated digital securities market.
Armada's crypto repo desk does not currently list Avalanche-native tokens in its eligible collateral schedule. While the Progmat migration demonstrates that institutional-grade tokenized securities are scaling on non-Ethereum chains, accepting Avalanche-based collateral would require new custody integration with Fireblocks, legal review, and LTV calibration. The development is worth tracking as a signal of where regulated tokenized collateral markets are heading geographically.