japan's three largest megabanks are migrating $2b in tokenized real estate and corporate bonds to avalanche right now, with a dedicated L1 for 24/7 japanese government bond trading launching Q4 2026. progmat is targeting the $1.6T JGB repo market. those same megabanks already launched yen stablecoins on the platform, meaning sovereign debt could settle in programmable yen, not fiat.securitize/NYSE also building on avalanche. subnet architecture is winning the permissioned RWA war because public chains can't ...