
The Security Token Ecosystem Study Summarized #2
This is part 2 of the summary of Blockstate’s study about the digital securities ecosystem with a closer look at digital asset issuance providers.
Operability
With 54 companies issuance providers are the 2nd biggest category in our study after the investors. 83% of those are operational which fits the current state of regulation very well as more countries started regulating and allowing STOs. The remaining 17% that are in development partly await regulatory approval or are still developing their own solutions.

Geographic distribution
Geographically this category comes of no surprise. The leading countries are:
- USA (17 companies)
- Germany (10 companies)
- UK (6 companies)
- Switzerland (5 companies)
- Malta (2 companies)
The USA lead when in comes to individual countries but Europe as a collective surpasses the north-american leader of many of the categories, which is a trend we can observe throughout the whole ecosystem: The USA and Europe are in a close race for the lead.
This is Germany's strongest category, with 10 issuance providers they have more companies than any other European country has in a single category
Executed STOs
In a matter of executed STOs companies diverge the furthest from one another with many companies either not disclosing their executed offerings or simply not having executed a STO yet. Two companies have executed more than 10 STOs and 18 players are somewhere in between.

Additionally volumes raised covers a wide area, anywhere from $1,000,000 to $500,000,000.00. Only a few companies disclosed their total amount raised though so this part of our data set suffered a lot from empty data points.
Protocol used
Lastly the protocol companies use to tokenise their assets varies a bit but shows a strong tendency towards Ethereum. Other frequently used protocols include:
- Stellar
- Tezos
- Hyperledger
Stellar has some honorable mentions next to Ethereum but from that point on it becomes a single percentage game.
Ethereum as mentioned in our previous study dominated the market for quite some time now and especially for these issuance providers it makes sense as it is the most advanced public solution. Time will tell if another project can step up to rival Ethereum’s market dominance.
Conclusion
Overall the issuance providers category resembles a lot of the strength in the ecosystem. Many companies are in a competition to gain their part of the market share and due to advancing regulations the sector grows rapidly. Together with the infrastructure providers these companies pose as the cornerstones of the ecosystem and thus their advanced state is definitely a positive sign.
Time will tell whether Europe can further expand on its current lead or if the USA will be able to catch back up. Either way issuance providers including us at BlockState are more than ready to take their spot in the ecosystem.
If this post made you curious, make sure to check out the full study for more comprehensive results.


