Progmat
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.
- Company typePrivate
- Founded2023
- HeadquartersTokyo, Japan
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
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.
Progmat firmographics
Firmographics- 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
Progmat industry classification
Industry- 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
Where Progmat is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices1 record
Markets served
Progmat business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- 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.
- Transaction/Issuance Fees: Revenue from facilitating security token issuances, stablecoin transactions, and cross-border payment settlements through the platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Enterprise B2B SaaS platform for financial institutions |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Progmat product offering
Product offeringCore 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
Companies that use Progmat
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
Progmat technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Progmat partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, major, minor and flagship.
- Tokio Marine Holdings, Daiwa Securities, SBI SecuritiescoreMajor 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 LabscoreStrategic 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.
- DatachaincorePartnership 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)majorStrategic 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)minorGold 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)flagshipJoint 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), TOKIminorCollaboration 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 GroupmajorDMM 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
Progmat competitors and assessment
Company assessmentDirect 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
Progmat social profiles
Digital presenceProgmat financial estimates
Financial estimateRevenue estimate
Valuation estimate
Progmat leadership team
Management profileNumber of profiles
Profiles11 records
Progmat funding detail
Funding detailFunding overview
Funding rounds1 record
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Progmat M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Progmat
What does Progmat do?
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.
Is Progmat a public or private company?
Progmat is a private company. It is classified as corporate owned and is currently operating.
When was Progmat founded?
Progmat was founded in 2023. It employs 11 to 50 people.
Where is Progmat based?
Progmat is headquartered in Tokyo, Japan, in the Asia region.
How does Progmat make money?
Two revenue lines are on record. Platform SaaS Fees are the primary driver. The others are transaction/Issuance Fees.
Who are Progmat's main competitors?
Direct peers on record are Ondo Finance, Centrifuge, Tokeny, Securitize and Polymath. Japan Exchange Group (JPX) is listed as a broad incumbent. Emerging players are Maple Finance and JPYC Inc.. Others are Datachain and Ava Labs.
Does Progmat have an API?
No public API is recorded for Progmat.
What industry is Progmat in?
Progmat's product category is Digital Asset Tokenization Platform. Its primary akta.pro industry code is FSAPAIAD, Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity), with a secondary code of FSAGAMAA, Tokenization Platforms (RWA, Securities, Funds). Its NAICS code is 523210 and its SIC code is 6211.