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Progmat, Inc. — Digital-asset platform overview

Confidence: Likely Updated 2026-05-25 Review by 2026-09-22 Sources 5 Machine-translated Original (JA)
#fintech#jp-stablecoin#progmat#trust-type-sc#megabank-consortium
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This entry sits under fintech index. Read it with Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for adjacent context and Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax) for the broader system boundary.

Not a JVCEA member · not a crypto-asset exchange operator · a provider of a digital-asset issuance platform · established 2023-10-02 · Marunouchi, Chiyoda-ku, Tokyo

1. Corporate entity / shareholders

  • Trade name: 株式会社Progmat (English: Progmat, Inc.)
  • Date of establishment: 2023年10月2日
  • Head office location: 〒100-0005 Marunouchi 1-6-5 , Chiyoda-ku, Tokyo, Marunouchi Kitaguchi Building 9F (inside WeWork)
  • Representative Director, Founder and CEO: Tatsuya Saito (齊藤 達哉)

Shareholder composition (disclosed portion · approximate):

ShareholderShareholding ratio (approximate)Role
Mitsubishi UFJ Trust and Banking (MUTB)approx. 49%sole largest shareholder · trust trustee
SMBC Groupapprox. 15%co-entrusting bank
Mizuho Trust & Bankingapprox. 15%co-entrusting bank
NTT Dataapprox. 10%technology partner
JPX (Japan Exchange Group)approx. 5%exchange partner
Datachainapprox. 3%cross-chain technology

Design intent: MUTB 49%is intentional (FSA guidance). The three megabanks hold equal positions while avoiding sole MUFG control. The fact that SMBC and Mizuho can be used as independent corporations rather than as “MUFG subsidiaries” provides the rationale for decentralized infrastructure (→ see Multi-Megabank Consortium Governance).

Board composition (disclosed portion · summarized by role only):

  • Representative Directors (part-time) × 1名
  • Directors (part-time) × 4名 (seconded from shareholder banks / partner entities)
  • CFO & CRO × 1名
  • CTO × 1名

Individual names are based on public information and may change. Confirm profile details each time in JapanFG / progmat company anchor and official IR.

2. License / registration status

  • Not a JVCEA member: no crypto-asset exchange registration. Progmat itself is not a token “issuer” but a “provider” of the issuance platform.
  • No direct FSA registration: operates as a provider of a digital-asset platform (the subjects of regulation are the issuer side, namely the respective trust banks / banks).
  • Related to Electronic Payment Instruments Business (EPI): SCs (stablecoins) issued on Progmat are classified under the amended Payment Services Act as “specified trust beneficiary rights (第3号EPI).” The issuers are trust companies such as Mitsubishi UFJ Trust and Banking and Mizuho Trust & Banking.
  • Predecessor: began activity around 2019年 as an internal project within Mitsubishi UFJ Trust and Banking. Spun off into an independent corporation in 2023年10月.

3. Currencies handled (types of digital assets whose issuance is supported)

Progmat is not a token issuer but provides a platform that supports the issuance of the following 3 types of tokens:

ST (security tokens / digital securities)

  • Domestic overall 87件 / Progmat 45件 (assets under management, Progmat portion over 4,522億円, overall over 6,674億円)
  • Main issuance track record: real-estate / hotel / office ST, MUFG subordinated-bond ST (the 2025-10 first deal), NTT Leasing ST (2026-03)
  • Issuance trustees: Mitsubishi UFJ Trust and Banking (mainstay), Mizuho Trust & Banking, Alterna Trust, etc.

SC (stablecoin / Progmat Coin)

  • Trust type (第3号EPI): the three megabanks MUFG, SMBC, and Mizuho are co-entrustors, with Mitsubishi UFJ Trust and Banking as the single trustee
  • 2023-09: announcement of the cross-institutional study “Progmat Coin Joint Study Across Financial Institutions” (6社 participating)
  • 2024-09: launch of Project Pax (a Datachain-linked, cross-border SC-transfer pilot)
  • 2024-08: announcement of a licensed-SC issuance plan with DMM Group
  • 2024-09: transition to an expanded-implementation phase for domestic and P2P remittance support
  • SC issuance planned: Progmat Coin (XJPY / XUSD, etc.) — issuers are the respective trust banks, Progmat provides the platform

UT (utility tokens / digital rights certificates)

  • over 2,804件 (cumulative from 2022年7月〜 to the latest point in time)
  • Main uses: shareholder benefits, digital gifts, memberships, etc.

4. Scope of business

Progmat’s position = platform provider (≠ issuer)

[Issuer (trust bank / bank)]
    │ entrustment contract
    ▼
[Progmat] ← platform provision (SaaS + implementation support)
    │ token technology
    ▼
[Blockchain infrastructure]
    │ issuance
    ▼
[Investors / settlement participants]

Main services (the “Progmat SaaS” announced 2024-11 ):

  • SaaS provision of a token-issuance / management infrastructure (for financial institutions)
  • Implementation-support services (service design / regulatory response / technical implementation)
  • Secretariat operation of the DCC (Digital-asset Co-creation Consortium): participating companies 331社 (as of 2026-05)

Out of scope: crypto-asset trading / exchange / custody by the company itself (because it is not a JVCEA member)

Project Pax (cross-border) — for details on the SWIFT-API-compatible corridor, see Cross-border SC via SWIFT API:

  • 2024-09: launch of a Japan-Korea SC-transfer pilot in coordination with Datachain / TOKI
  • 2025-02: conclusion of an MOU with a Korean financial institution
  • 2025-03: a Hong Kong – Japan trade-settlement proof of concept (in coordination with IDA / Datachain / TOKI)
  • 2026-02: Ava Labs / Datachain strategic partnership (accelerating public-chain financial infrastructure)

Latest developments (2026):

  • 2026-04: publication of the interim summary on tokenized stocks / the “Tokenization Act”
  • 2026-05: start of joint study on tokenized-JGB “on-chain repo transactions”

5. Market share / transaction volume

ST digital-securities market (approximate, as of 2026-01 ):

  • Of the 87件 domestic-overall ST issuances, the Progmat-platform portion is 45件 (approx. 52%)
  • Of the 6,674億円 domestic ST assets under management, the Progmat portion is 4,522億円 (approx. 68%)

→ In Japan’s ST (digital-securities) market, Progmat is effectively the de facto market-standard platform.

SC (stablecoin) market:

  • Official issuance track record is zero as of 2026-05 (in transition to the implementation phase, preparing for issuance)
  • Competitors: JPYC (funds-transfer-operator type), DCJPY (GMO Aozora Net Bank), Minna no Bank’s Solana linkage, etc.
  • As a trust-type SC, a one-of-a-kind position in the B2B large-lot settlement segment, backed by the three megabanks’ infrastructure

Customer base: mainly major financial institutions, securities firms, and AM companies (retail is via ST public offerings)

6. History / major events

Year/MonthEvent
Around 2019年Start of ST-platform development within Mitsubishi UFJ Trust and Banking (predecessor)
2022-02Mitsubishi UFJ Trust and Banking announces the start of development of the NFT “Progmat UT” and a digital-asset wallet
2023-09Announcement of joint study of “Progmat Coin” by multiple financial institutions (6 financial institutions participating)
2023-10-02Spun off into an independent corporation as Progmat, Inc.
2024-08Announcement of a licensed-SC issuance plan for DMM Group
2024-09Launch of Project Pax (Datachain-linked cross-border SC pilot)
2024-11Launch of “Progmat SaaS” and “implementation-support services” (declaration of becoming “national infrastructure”)
2025-10Japan’s first ST of a retail bank subordinated bond (MUFG 100億円)
2026-02Conclusion of the Ava Labs / Datachain strategic partnership (accelerating public-chain expansion)
2026-03Start of real-estate-ST business-entry support with TMI Associates
2026-04Publication of the “interim summary” on tokenized stocks / commencement of study of the Tokenization Act
2026-05Start of joint study of on-chain repo transactions of tokenized JGBs

Administrative dispositions / major incidents: none disclosed (as of 2026-05)

Main trends of 2025-2026:

  1. Platform expansion from SC to ST: initially ST-centered, but now a full-line rollout toward SC (第3号EPI), UT, and public chains
  2. Declaration of becoming national infrastructure (2024-11): clarified, as “Progmat SaaS,” a horizontal expansion to mid-tier financial institutions beyond the major financial institutions
  3. Full-scale cross-border push (Project Pax): from the Japan-Korea / Japan-Hong Kong proofs of concept, toward global expansion from 2025年 onward. Coordination with Ava Labs / Datachain / TOKI / IDA
  4. Entry into tokenized stocks (from 2025-11〜): legal-system development and proof of concept toward realizing 24-hour, 1円-unit trading of “tokenized stocks”
  5. Mention of the public market (appearance on Nikkei CNBC’s “Eggs of IPO” on 2026-04 ): a mention of an IPO has been made in a public setting, but there is no official announcement of a specific schedule
  6. DCC participating companies 331社: the cross-industry consortium functions as a public-private ecosystem
Name / positionTitleNotes
Tatsuya Saito (齊藤 達哉)Representative Director, Founder and CEOfrom Mitsubishi UFJ Trust and Banking. Led the predecessor project → CEO upon spin-off
Representative Directors (part-time) × 1名—seconded from shareholder banks
Directors (part-time) × 4名—seconded from shareholder banks / partner entities
Auditors (part-time) × 1名—
CFO & CRO—
CTO—
VP, Japan Business Development—

Apart from the CEO, individual names are highly likely to change, so they are summarized by position only. Confirm details in JapanFG / progmat and official IR.

Sources

Last refresh (2026-05-25): tightened board personnel listing per audit (replaced 5+ named non-executive directors with roles-only summary; kept CEO name only); refreshed dates.