STO Issuance Platforms Compared

Tomohiro Iida · Published May 16, 2026

STO (security token offering) issuance and management platforms: in Japan, Progmat ST (Progmat, Inc.) and ibet for Fin (BOOSTRY) are the two main options, while Securitize, INX, tZERO, and Polymesh are the platforms typically compared overseas. Which is the best fit depends on issuance scale, investor base, target asset type, and secondary-market prospects, so it's worth working through at the concept stage. This article compares Japan's two major platforms with four major overseas platforms, sets out five selection criteria, and gives recommended choices for common issuance scenarios.

Japan's two major platforms

Progmat ST (Progmat, Inc.) and ibet for Fin (BOOSTRY) are the two platforms most commonly used for ST issuance and management in Japan. They differ in their backing financial institutions, consortium design, and areas of strength.

Progmat ST (Progmat, Inc.)

Operated by Progmat, Inc., which originated from Mitsubishi UFJ Trust and Banking with co-investment from several financial and IT companies. Built on a Corda-based platform, with support for Avalanche L1 in progress. As of early March 2026 (per Progmat), cumulative ST issuance on the platform totals JPY 231.4 billion across 45 deals. Its strengths are an extensive track record structuring deals with trust banks and securities firms, drawing on its Mitsubishi UFJ Trust and Banking origin; the leading share of real-estate ST deals in Japan; and strong compatibility with the beneficiary-interest trust issuance scheme. The Osaka Dojimahama Tower deal, disclosed in March 2026 at JPY 22.4 billion, is the first real-estate ST that MUFG has handled group-wide.

ibet for Fin (BOOSTRY)

Operated by BOOSTRY, which originated from Nomura Holdings and Nomura Research Institute, with SBI Holdings and JPX Research Institute also investing. Built on GoQuorum, a permissioned Ethereum-derived platform. BOOSTRY forecasts that cumulative issuance across the entire public ST market will reach roughly JPY 530 billion by the end of fiscal year 2026. Its strengths are a cross-industry consortium established by Nomura, SBI, SMBC Nikko Securities, and BOOSTRY; joint operation with 21 domestic financial institutions (as of 2025); and a design built for tokenizing a broad range of financial products, including corporate bonds and real-estate securities. It is aimed at a wide range of ST issuances used jointly by multiple financial institutions.

Major overseas platforms

Overseas, Securitize, INX, and tZERO are the leading candidates for issuance and distribution infrastructure, while Polymesh differentiates itself with a dedicated blockchain built for regulated assets.

Five selection criteria

Expected issuance scale

For issuances in the range of a few hundred million to several billion yen, a private or public offering combining a domestic platform (Progmat or ibet for Fin) with a domestically licensed dealer is the realistic approach. Real-estate STs in the tens of billions of yen are typically handled through Progmat, and overseas platforms such as Securitize also become relevant once global distribution is in view.

Investor base

If the main target is individual investors in Japan, working with a domestic platform together with a Type I Financial Instruments Business Operator is the baseline. If the goal is to bring in overseas institutional investors, connectivity with Securitize, INX, or tZERO — which hold functions such as SEC-registered transfer agent, broker-dealer, and ATS status — is also worth examining.

Target asset type

Progmat has particular strength in real-estate trust beneficiary interests. For designs where multiple financial institutions jointly use the platform, such as corporate bonds or real-estate securities, ibet for Fin is a candidate. For fund interests and private credit, Securitize is relevant, and INX is also worth considering for connecting ST/RWA issuance with distribution.

Securing secondary trading

Domestically, START, operated by Osaka Digital Exchange (ODX), has been running since December 2023. Overseas, tZERO ATS and INX.One are among the leading secondary-trading candidates. It matters to design the connection to a secondary market at the issuance stage, not after the fact.

Compliance and regulatory fit

In Japan, handling issuance, offering, and trading assumes the Financial Instruments and Exchange Act as the baseline, making a design that connects with a Type I Financial Instruments Business Operator important. In the United States, the choice between exemptions such as Reg D and Reg A+ is a key question; in the EU, compliance with MiFID II, prospectus rules, and the DLT Pilot Regime is at issue. MiCA is aimed mainly at crypto-assets, and security tokens require separate treatment outside its scope.

Platform selection is the starting point for the whole STO design. Netsujo supports the PoC design stage of working out the best-fit option based on issuance scale, investor base, and target asset type. For the broader picture of RWA, see our guide to the basics of RWA tokenization; for real estate specifically, see our article on real-estate RWA examples and regulation in Japan.

Frequently asked questions

What's the difference between an STO and an ICO?

An STO (security token offering) issues and manages tokenized rights that carry securities characteristics as a fundraising method. An ICO (initial coin offering) generally refers to fundraising using utility tokens and similar instruments. STOs fall under each country's securities laws — in Japan, the Financial Instruments and Exchange Act — which brings heavier requirements around disclosure, KYC/AML, and dealer licensing. Bringing in institutional investors generally requires an STO design that follows securities regulation.

What licenses are needed to issue an STO in Japan?

Handling the offering or trading of Electronically Recorded Transferable Rights (ST) requires working with a registered dealer under the Financial Instruments and Exchange Act. Few issuers complete this alone; the common pattern is to form an issuance partnership with the trust banks, securities firms, and similar institutions already connected to Progmat ST or ibet for Fin.

How should we choose between Progmat ST and ibet for Fin?

Large deals backed by real-estate trust beneficiary interests are well served by Progmat ST, which has a deep implementation track record and established practice for working with trust banks, securities firms, and asset managers. Cross-industry issuances such as corporate bonds or real-estate securities, used jointly by multiple financial institutions, are a candidate for ibet for Fin. An issuer's existing banking relationships are also a practical factor in the choice.

Can a Japanese company use an overseas STO platform?

Technically yes, but soliciting or selling to Japanese residents falls under the Financial Instruments and Exchange Act, so either Japanese residents must be excluded from the offering or the issuer must work with a domestically licensed dealer. For a US-facing issuance, using frameworks such as Reg D (private placement) or Reg A+ (small public offering) alongside Securitize or INX is a pattern worth examining.

Where does secondary trading mainly happen?

Domestically, START, operated by Osaka Digital Exchange (ODX), began trading in December 2023 and covered eight issues as of the end of March 2026. In the United States, tZERO ATS and INX.One are the leading secondary-trading candidates. Issuers planning for secondary trading should confirm the connection between the issuance platform and the trading venue before issuance.

Do we need to build our own smart contracts?

Major platforms such as Progmat ST, ibet for Fin, and Securitize provide core functions like issuance, transfer management, and investor management, so building a smart contract from scratch for each deal is not usually necessary. Additional development is worth considering only for custom requirements, such as unusual distribution logic or complex KYC needs.

How long does an STO take, and what does it cost?

This varies widely by asset, scheme, and distribution method, but including legal review, trust structuring, and sales preparation, it can take several months to more than a year. Costs are made up of platform usage fees, trust structuring costs, underwriting/distribution fees paid to a Type I Financial Instruments Business Operator, and KYC operating costs. Getting a sense of overall cost during an early concept-stage PoC is worthwhile.

Can individual investors buy STs?

Yes, for public STs. Real-estate and corporate-bond STs issued via Progmat ST or ibet for Fin have been sold to individual investors through securities firms. Private placements, on the other hand, are sometimes limited to qualified institutional investors or specified investors. The minimum unit varies by deal, with examples in the range of roughly JPY 100,000 to JPY 1 million.

Where can we get help choosing a platform?

Netsujo's PoC design package (JPY 800,000, excluding tax, four weeks) provides hands-on support to work out the best-fit platform based on issuance scale, investor base, and target asset type. See our pricing page for details.