Interview with Tatsuya Saito - "Progmat creates results with RWA tokens: The future of finance as envisioned by the company"

How do you view the current state of the Web 3.0 field?

Tatsuya Saito (hereinafter, Saito): At the beginning of 2024, I predicted that "this will be a year in which the boundaries between finance and tokens will melt and integration will progress." Now that more than half of 2024 has passed, I see "progress as mixed."

As a premise, the perspectives are different between "crypto assets," whose source of value is "data itself," and "RWA tokens," whose source of value is "RWA (real assets)," and whose data is merely a representation of value. For "RWA tokens," the key is legal reorganization/scheme construction on the real world side and the credibility of RWA administrators. Tokenization of assets that generate cash flow is "ST (Security Token)," and tokenization of legal currency is "SC (Stable Coin)," but due to regulations, the issuers/intermediaries of each require licenses, and financial institutions inevitably play an important role.

Based on that, I will summarize some of my expectations at the beginning of the year and the progress so far. First, "several domestic SC projects will be launched/distributed." The registration of licenses for "SC intermediaries" has been delayed from the beginning, and domestic distribution will begin in the fall at the earliest, and realistically, it will be at the very end of the year.

Second, "The secondary market for ST will be fully operational, and the sophistication of the settlement system using SC will be seriously considered." Trading near NAV (net asset value), which is thought to be the starting point for liquidation needs, has been steady. Rather than the settlement system, various measures to increase the variety/number of stocks handled will be prioritized.

Finally, "The ST market size will reach 255 to 355 billion yen." The market size is steadily growing, centered on real estate ST for individual investors. On the other hand, overseas, the balance of ST backed by U.S. Treasury bonds as an "on-chain MMF (Money Market Fund) alternative" has increased significantly, and although it cannot be reproduced as it is in Japan, where the interest rate environment and the on-chain trading attitude of institutional investors are different, we hope that the composition of products that stimulate new demand will progress.

Working toward "co-creation" rather than self-reliance

What kind of appeal do you want to deliver through your company's projects and services, and what do you want to accomplish?

Saito: Progmat is a platform/consortium focused on "RWA tokens," so we would like to build up a track record that corresponds to the three points mentioned above. Specifically, "in addition to SC issuance and domestic distribution, we will proceed with efforts to form a framework for international use and fill in the moat," "devise a framework for SC settlement that is familiar with the practices of ST market participating securities companies," and "promote product development to expand the form of ST and market participants." This includes consideration of "public chain x ST." All efforts are premised on "co-creation" rather than self-reliance, and we look forward to collaboration/partnership with "unexpected" partners.

Future outlook ▶︎
All efforts are premised on "co-creation" rather than self-reliance Identify market needs and form all frameworks

note: "The near future of tokens and finance. How far will we go in 2024?"

Profile

◉ Tatsuya Saito

Founder and CEO of Progmat,Inc

Joined Mitsubishi UFJ Trust and Banking Corporation in 2010. In 2016, he established the FinTech Promotion Office and, as the first dedicated person, planned and promoted Mitsubishi UFJ Trust and Banking Corporation's digital strategy. He launched the information bank platform "Dprime", the digital securities platform "Progm at", and the "Digital Asset Co-Creation Consortium", which has many organizations as members. In 2022, he announced the independence of the digital asset platform business with investments from multiple financial institutions, exchanges, and software companies, and became the representative since the company was founded in October 2023. Eight patents registered.