Japanese tokenization platform Progmat is exploring the potential of tokenizing overseas real estate. The platform was founded by Mitsubishi UFJ Financial Group (MUFG) and is backed by other three major banks, including Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Bank. Most security tokens issued so far have been tied to a single large property in Japan and have issued one or two digital bonds. Now Progmat is considering how to expand the types of security tokens.
The 282-member Digital Asset Co-creation Consortium (DCC) working group explored what types of tokenized assets to consider. Of the sixteen options, overseas real estate topped the list of the top five assets, with other options including real estate construction, wind power infrastructure, solar infrastructure, and funds. Overall, the conclusion was that all five shortlisted assets were in high demand and all were considered profitable, while confidence in real estate construction was less.