Progmat

What Progmat does

Progmat is a Tokyo-based B2B SaaS company that provides digital asset tokenization infrastructure for Japanese financial institutions and corporations. Incorporated in October 2023 as a spin-off from Mitsubishi UFJ Trust and Banking Corporation, the company operates three core platforms: Progmat ST for security token (digital securities) issuance and management, Progmat Coin for stablecoin infrastructure, and Progmat UT for utility token/functional NFT issuance. Progmat also operates the Digital Asset Co-Creation Consortium (DCC) with 344+ participating companies and offers Progmat SaaS as a cloud-based tokenization service with implementation support. As of the available data, the platform has facilitated 46 of approximately 89 nationwide security token deals (~52% market share), with ¥4,641 billion+ in outstanding tokenized asset balance and ¥2,373 billion+ in cumulative issuance.

The underlying technology combines proprietary blockchain infrastructure (originally built on Corda, now migrating to an Avalanche L1 sovereign network) with the LCP (Light Client Proxy) cross-chain protocol developed with Datachain, enabling Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) settlements between security tokens and stablecoins. Strategic partnerships include Project Pax with MUFG, SMBC, and Mizuho to develop a bank-issued yen stablecoin under Japan's FSA FinTech PoC Hub, and a 24/7 tokenized Japanese government bond trading system with Tokio Marine Holdings, Daiwa Securities, and SBI Securities. Revenue is generated through subscription/recurring SaaS fees for platform access plus transaction and issuance fees for ST, UT, and SC operations, sold via enterprise field sales targeting Japanese banks, securities firms, and asset managers under annual quote-based contracts.

Headquartered in a WeWork co-working space in Tokyo's Marunouchi district, Progmat employs between 11 and 50 staff and is led by Founder/CEO Tatsuya Saito (formerly of MUFG Trust, holder of 7-9 tokenization-related patents) together with a board that includes part-time representatives from MUFG Trust. The company is privately held with MUFG, SMBC, and Mizuho as strategic backers, and is pursuing international expansion into Hong Kong and South Korea alongside advocacy for a Japanese 'Tokenization Act' framework.

Name

Progmat

Legal name

株式会社Progmat (Progmat, Inc.)

Website

https://progmat.co.jp

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Progmat is a Tokyo-based B2B SaaS provider of digital asset tokenization infrastructure for Japanese financial institutions, operating Progmat ST (security tokens), Progmat Coin (stablecoins), Progmat UT (utility tokens), and Progmat SaaS via the DCC consortium of 344+ companies.

Ownership category

akta.pro rank

Product category

Digital Asset Tokenization Platform

NAICS

Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)

akta.pro secondary industries

Tokenization Platforms (RWA, Securities, Funds) (FSAGAMAA), RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH)

Keywords

• Digital asset tokenization
• Blockchain infrastructure
• Security token platform
• Stablecoin issuance
• Cross-border payments

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Platform SaaS Fees: Progmat operates as a B2B SaaS platform providing digital asset infrastructure. Revenue is generated through subscription/service fees for using Progmat ST, Progmat SaaS, and implementation support services for tokenization.
2. Transaction/Issuance Fees: Revenue from facilitating security token issuances, stablecoin transactions, and cross-border payment settlements through the platform.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Progmat develops and operates Japan's largest digital asset platform for tokenizing real-world assets on blockchain, providing Progmat ST (security tokens), Progmat Coin (stablecoins), and Progmat UT (utility tokens) along with a cloud-based Progmat SaaS offering and end-to-end Implementation Support Services. The platform supports issuance, distribution, management, 24/7 trading, and cross-chain settlement for financial institutions including banks, securities firms, and asset managers.

Product overview

Progmat operates as Japan's largest digital asset platform, offering an integrated suite of tokenization products including Progmat ST for security tokens (digital securities), Progmat Coin for stablecoin infrastructure, and Progmat UT for utility tokens. The platform provides Progmat SaaS as a cloud-based infrastructure service, enabling financial institutions to launch digital asset offerings. The ecosystem is supported by the Digital Asset Co-Creation Consortium (DCC) with 344+ participating companies, and cross-chain services powered by the LCP protocol for interoperability between different blockchain networks. The platform has facilitated over ¥4,641 billion in tokenized securities issuance and supports Japan's digital securities market with top market share.

Differentiator

Problem solved

Functional benefit

Products and services

• Progmat ST (Security Token Platform)
• Progmat Coin (Stablecoin Platform)
• Progmat UT (Utility Token Platform)

Quantifiable outcome

• Settlement time reduction from T+2 to near-instant for tokenized securities
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, major, minor and flagship.

• Tokio Marine Holdings, Daiwa Securities, SBI SecuritiescoreStrategic or Co-development Partner · 8 May 2026Major financial institutions collaborating with Progmat on blockchain-based 24/7 Japanese government bond trading system. Part of broader initiative to tap into $4 trillion daily global repo market where Japan accounts for 10% of volume. Expected to expand Japan's $2.3 billion digital securities market.
• Ava LabscoreTechnology or Integration · 26 February 2026Strategic partnership to migrate Progmat's digital securities platform from Corda to Avalanche L1 blockchain. The migration covers over $2 billion in tokenized real estate assets and corporate bonds, making them EVM-compatible. Scheduled for completion by end of June 2026. Leverages Avalanche's sub-second finality and sovereign network control for institutional-grade compliance.
• DatachaincoreTechnology or Integration · 26 February 2026Partnership for cross-chain interoperability using LCP (Light Client Proxy) protocol. Enables ST-SC Delivery-versus-Payment (DvP) and SC-SC Payment-versus-Payment (PvP) settlements across chains. Integrates with Avalanche to enable interoperable digital securities and stablecoin services on public blockchains.
• TMI総合律师事务所 (TMI律师事务所)majorImplementation/ SI/ Consulting Partner · 18 February 2026Strategic collaboration to provide comprehensive digital securities (ST) business entry support solutions for real estate companies. Combines Progmat's platform infrastructure with TMI's legal expertise for licensing, system development, and regulatory compliance from strategy to implementation.
• MoneyX 2026 Conference (WebX Executive Committee, JPYC, SBI Holdings, CoinPost, TV Tokyo)minorGTM or Marketing Partner · 1 February 2026Gold sponsor of MoneyX 2026 next-generation financial conference. Co-produced by WebX Executive Committee with JPYC, Progmat, SBI Holdings, CoinPost, and TV Tokyo. Japan Blockchain Foundation operates Japan Open Chain and aims to promote stablecoin and digital asset adoption.
• MUFG, SMBC, Mizuho (Project Pax)flagshipStrategic or Co-development Partner · 1 October 2025Joint development of Japan's first major bank-backed stablecoin initiative Project Pax for cross-border payments. Overseen by Japan's FSA within the FinTech PoC Hub framework. Involves MUFG Trust as issuer, targeting 300,000+ corporate clients. Project Pax aims to modernize payments and reduce transaction costs.
• IDA (Invesco Dynamic Asia), TOKIminorStrategic or Co-development Partner · 21 March 2025Collaboration to explore stablecoin-based remittances for Hong Kong-Japan trade efficiency. Jointly developing cross-border payment solutions using stablecoins to improve trade settlement between the two markets.
• DMM GroupmajorStrategic or Co-development Partner · 23 August 2024DMM Group and Progmat partnership to issue a licensed stablecoin in Japan. DMM Group leverages Progmat's infrastructure and regulatory expertise for stablecoin issuance within Japan's regulatory framework.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Ondo Finance: Tokenized US Treasuries and fixed-income RWA platform that pioneered institutional on-chain Treasuries. Comparable to Progmat's stablecoin and tokenized government bond initiatives, though focused on US rather than Japanese fixed income.
• Centrifuge: Decentralized asset-financing protocol for tokenized real-world assets, including invoices, real estate, and credit. Comparable to Progmat's RWA tokenization stack and cross-chain infrastructure ambitions.
• Tokeny: Luxembourg-based tokenization platform providing enterprise-grade infrastructure for issuing and managing tokenized securities. Directly competes with Progmat ST in offering permissioned blockchain-based securities issuance to financial institutions.
• Securitize: A leading global tokenization platform for securities and real-world assets, operating a comparable model of issuing, managing, and distributing tokenized financial products to institutional clients—directly competing with Progmat ST in the RWA and digital securities space.
• Polymath: Security token platform offering tokenization standards and infrastructure for issuing regulated digital securities. Closely aligned with Progmat's core ST platform offering for compliant digital asset issuance.

Broad incumbents

• Japan Exchange Group (JPX): Operator of Tokyo Stock Exchange and Osaka Exchange with broader capital markets infrastructure scope. Relevant incumbent as Japan's primary securities exchange, against which Progmat's on-chain trading and 24/7 JGB initiatives compete for institutional flow.

Emerging players

• Maple Finance: Institutional on-chain credit platform offering tokenized lending and yield products. Comparable in providing institutional DeFi infrastructure adjacent to Progmat's stablecoin and on-chain treasury initiatives.
• JPYC Inc. Japanese yen-pegged stablecoin issuer and direct participant in Japan's stablecoin ecosystem. Closely comparable to Progmat Coin in providing yen-denominated digital payment infrastructure.

Others

• Datachain: Japanese blockchain interoperability company and Progmat's partner for the LCP (Light Client Proxy) protocol powering cross-chain DvP/PvP settlements. An enabling infrastructure peer directly integrated into Progmat's product stack.
• Ava Labs: Core developer of the Avalanche blockchain and Progmat's strategic technology partner for the Corda-to-Avalanche L1 migration. Provides the underlying infrastructure layer that Progmat's tokenized securities platform now runs on.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/progmat_en

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Progmat