SettleMint vs Progmat
Progmat owns Japan's ST market. DALP runs global digital asset programs.
Progmat is the undisputed leader in Japan's security token market: ~63% of cumulative issuance volume, backing from Japan's three mega-bank groups, and a February 2026 announcement to migrate from Corda to Avalanche L1. The Japan market position is real and significant. DALP serves institutions that need to operate outside Japan: 7 asset classes, multi-jurisdiction compliance for MiCA, MAS, FCA, JFSA, and U.S. regulations, and EVM-native deployment flexibility.
Feature Comparison
DALP vs Progmat: What's included
| Dimension | DALP | Progmat |
|---|---|---|
| Platform type | Enterprise B2B lifecycle platform for regulated institutions globally | Japan's largest security token platform. Independent company (spun from MUFG 2023) backed by Japan's mega-banks, exchanges, and tech partners |
| Market share | Global deployments at regulated institutions | ~63% of Japan's cumulative ST issuance volume. 53.8% of all ST projects in Japan |
| Blockchain | EVM-native: Hyperledger Besu, Ethereum, EVM-compatible networks | Migrating from R3 Corda to Avalanche L1 (announced Feb 2026). Japan-specific network |
| Geographic focus | Global. Multi-jurisdiction: MiCA, MAS, FCA, JFSA, U.S. | Japan primary. Avalanche L1 migration signals international ambition. Cross-border reach not yet demonstrated |
| Asset focus | 7 templates: bonds, deposits, stablecoins, equity, funds, real estate, precious metals | Security tokens: bonds, investment trusts, real estate funds, and digital commercial paper. Japan-focused asset classes |
| Compliance | Ex-ante ERC-3643 with 12 compliance module types. OnchainID identity layer | Japanese regulatory framework (FSA, JFSA). Institutional-grade with mega-bank governance |
| Deployment | Cloud, on-premises, hybrid, air-gapped. Full data residency | Institutional-grade platform, but Japan-operated. Self-hosted deployment outside Japan not documented |
| Settlement | Atomic DvP/XvP via HTLC hashlock. Zero counterparty risk | Settlement via Japan's existing financial infrastructure. Atomic settlement mechanics not publicly documented |
Why Choose DALP
3 Reasons Regulated Institutions Choose DALP Over Progmat
Progmat's Japan dominance is real. Global programs need an EVM-native platform with multi-jurisdiction reach.
DALP deploys in any jurisdiction with compliance templates for MiCA, MAS, FCA, JFSA, and U.S. regulations. Progmat dominates Japan's ST market but is Japan-operated. Cross-border deployments outside Japan are not publicly documented.
DALP is built on EVM: Hyperledger Besu, Ethereum, and EVM-compatible networks. Progmat is migrating from Corda to Avalanche L1 — an EVM-compatible move, but a migration away from a proprietary architecture. EVM-native from inception means no migration risk.
DALP deploys on-premises, air-gapped, cloud, or hybrid with full data residency. Progmat is operated within Japan's financial infrastructure with no documented self-hosted option for external institutions.
Key Differentiators
What DALP adds beyond Japan's security token infrastructure
7 asset templates: bonds, deposits, stablecoins, equity, funds, real estate, and precious metals
298 CLI commands for full operational automation and CI/CD integration
21 pre-built Grafana dashboards: blockchain health, API performance, compliance activity
12 compliance module types with ex-ante ERC-3643 and OnchainID identity
Atomic DvP/XvP settlement with HTLC hashlock: zero counterparty risk
On-premises, air-gapped, and hybrid deployment via Kubernetes and Helm
Frequently Asked Questions
Progmat is Japan's leading security token platform with ~63% market share, backed by Japan's mega-banks and migrating from Corda to Avalanche L1. DALP is a global EVM-native enterprise platform covering 7 asset classes with multi-jurisdiction compliance and flexible deployment for institutions outside Japan.
Yes. DALP supports on-premises, cloud, hybrid, and air-gapped deployment via Kubernetes and Helm with Velero backup and full data residency control.
DALP provides 7 templates: bonds, deposits, stablecoins, equity, funds, real estate, and precious metals, each with full lifecycle logic.
Yes. DALP includes XvP and DvP atomic settlement via HTLC hashlock: both asset and cash legs complete together or both revert.
DALP provides 12 compliance module types using ERC-3643 and OnchainID, covering eligibility, transfer restrictions, issuance controls, and time-based rules. All transfers are validated before execution.