Progmat, Japan’s digital-asset issuance and management platform, has signed a memorandum of understanding with US-based Digital Asset Holdings to explore moving the trading and settlement of real-world assets, including Japanese government bonds (JGBs), onto Canton Network, an institutional blockchain.
BlockBeats reported the agreement on November 9, 2026, at 17:03:03 UTC+8. The initiative concerns planned integration and testing, rather than a completed rollout of round-the-clock bond settlement.
Tokenization within the existing legal framework
The first phase calls for connecting Progmat’s platform to Canton Network and developing tJGB, a tokenized government-bond product intended to retain the existing legal characteristics of Japanese government bonds. The product would also link to the existing securities transfer account-book system.
The partners aim to explore 24-hour, seven-day-a-week onchain settlement while preserving the legal effectiveness of bond ownership transfers and settlement finality. The proposed use case is therefore not simply a token representing bond exposure: it is an effort to connect tokenized government bonds with the legal and operational framework already governing those securities.
Tests to include deposits, stablecoins and repo workflows
The Digital Asset Co-Creation Consortium (DCC), led by Progmat, has established a working group for the initiative. It plans to begin a second phase of live-system verification in November 2026, testing the issuance and management of assets on Canton Network, including tJGB, tokenized deposits and stablecoins. The plan also includes gradually connecting domestic and international repo-trading and collateral platforms.
According to the report, MUFG and three financial institutions under its umbrella had previously announced their participation in related cooperation. That work aims to verify delivery-versus-payment (DvP) between government bonds and digital currencies, as well as the full repo transaction workflow onchain.
The distinction for the RWA narrative is between a proposed institutional settlement use case and demonstrated adoption. The report describes an MOU, integration plans and verification work; it does not establish that continuous settlement or the planned platform connections are already operational.
