STM Market Report: April 2024

Security Token Market
Security Token Group
11 min readMay 24, 2024


Key Takeaways

Summary of Data

In this month’s market report, we have meticulously tracked over 554 security tokens spanning across 15 marketplaces and 10 blockchains. We actively track key United States Alternative Trading Systems (ATS), including INX ONE, tZERO, and Securitize Markets. In addition, our monitoring extends to international marketplaces, such as Aktionariat, BigONE, Bitfinex Securities, ERX, Levinswap, StellarX, and more.

Market Highlights

270 tokens experienced trading activity in April, up 21.62% from March 2024’s 222 tokens. However, the overall volume for April decreased by 32.69% to $8,549,561 compared to $12,702,448 last month.

Throughout the month, the market cap increased, starting at $33,650,697,258 on April 1st and ending at $34,150,401,945 by the close of the month.

Quantitative Highlights

Market Cap

  • Total Security Token Market Cap: $34,150,401,945 (2.15% MoM)
  • International (Non-US) Market Cap: $33,414,270,161 (1.98% MoM)
  • US Market Cap: $736,131,784 (10.63% MoM)


  • Total Security Token Market Volume: $8,549,561 (-32.69% MoM)
  • International (Non-US) Volume: $7,834,357 (-30.76% MoM)
  • US Volume: $715,204 (-48.44% MoM)

Tokens Tracked

  • Number of Tokens Tracked: 560 tokens
  • Number of Tokens with March Trading Activity: 270 (21.62% MoM)

Asset Class Breakdown

Asset-Backed Securities

  • Market Cap: $8,131,889,416 (5.09% MoM)
  • Volume: $248,057 (-57.62% MoM)

Insights: Throughout April 2024 asset-backed security (ABS) tokens experienced a slight increase in market cap and significantly lower volumes compared to March 2024. While a new Redwood Trust LiquidFi Securitization (SEMT) and the Hashrate Asset Group (HAG) tokens increased the market cap by $401.9M and $441,360 respectively, other ABS products counteracted that movement.

Most notably, despite its lowered volume ($58K vs. 199K last month) the Republic Note (NOTE) continues its downward path in market cap, decreased by $6.03M throughout April. INX also experienced lower volume by about 50% (180K vs. 368K last month),

Currently, our tracking consists of 24 ABS including INX Token, Republic Note, Blockstream Mining Note (BMN), HAG Token, and 17 Redwood Trust LiquidFi Securitizations.

Pooled Investment Fund Interests

  • Market Cap: $904,135,595 (12.84% MoM)
  • Volume: $25,513 (-70.56% MoM)

Insights: Pooled investment fund interest tokens saw a decent increase in market cap/ assets under management (AUM) due to BlackRock’s BUIDL fund gaining further inflows (+36.48% net inflows), so much so that it surpassed Franklin Templeton’s BENJI token at the end of April 2024 (~40 days after launching).

Leading up to this leap, that day BUIDL received ~$25.6M in net inflows placing its market cap at over $375M AUM compared to BENJI’s $368M at the time after experiencing ~$7.9M in net outflows.

BUIDL is hosted on Securitize, led by CEO Carlos Domingo, which subsequently also came with an investment by BlackRock. Want to learn more about Carlos, BUIDL, Securitize, and his perspective? Watch this fireside chat, hosted by STM CEO Herwig Konings, from our recent TokenizeThis 2024 conference.

It’s important to note that STM does not count fund inflows and outflows towards this report’s volume for the month as they do not represent secondary market trading.

Focusing on a token that does trade on secondary markets, RealUnit Schweiz AG Token (REALU) experienced a significant drop in volume, from $74,827.68 in March 2024 to just $13,343 in April 2024.

Shifting over to market cap movements, Blockchain Capital (BCAP) is listed on both Securitize Markets and INX One. While Securitize’s ATS still doesn’t allow for trading, INX One experienced a single day of trading volume for BCAP in April. This $3,360 volume day increased BCAP’s price from $5.50 to $8.00, bringing its market cap from $50,064,157 to $72,820,592.

Our tracking pool consists of 23 pooled investment fund interest tokens including 13 WisdomTree digital funds, RealUnit Schweiz AG, SPiCE VC, Science, Protos, Blockchain Capital, 22X Fund, EnergyFunders Yield Fund I, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), and recently added the Franklin OnChain U.S. Government Money Fund (FOBXX) BENJI Token.

Real Estate

  • Market Cap: $226,336,694 (0.51% MoM)
  • Volume: $91,069 (-67.38% MoM)

Insights: This month we saw the market cap remain stable even though volumes were significantly loweer comapared to April 2024. Looking at the most traded assets, we’re seeing those on the Tezos blockchain have done well for themselves including AspenCoin, SiriHub B, followed by SiriHubA.

While SiriHub B is about half the market cap of SiriHub A, it experienced $26,431 in volume compared to SiriHub A’s $3,642. Usually we see volumes of $0 or in the $100s, however April 10th was quite an outlier at $16,091.

SiriHub Token is the first SEC (Thailand) regulated real estate-backed investment token in Thailand that will allow investors to gain stable yields. The underlying asset is Siri Campus, which has steady cash flow generated from a long-term lease agreement with Sansiri Public Company Limited. The Siri Campus Office Building leased to Sansiri PLC for 12 years. Holders earn quarterly revenues of 4.5% for SiriHubA and 8% for SiriHubB annually, plus net asset sale profits at the token’s end.


  • Market Cap: $17,362,408,314 (1.18% MoM)
  • Volume: $8,184,922 (-30.32% MoM)

Insights: Equity security tokens experienced a decrease in volume from March, yet the market cap remained stable. This month, Realio stuck out as the top trading equity token, accounting for $5,053,406 in trading volume throughout April 2024, with the most active day being 4/12/2024 at $788,845.

This is the same day that Realio posted a thread on X/ Twitter talking about recently added staking and governance features which may have increased the confidence in the security token itself. The Realio Security Token ($RST) offers ownership and profit share rights in Realio Technology LTD, along with staking and utility features for network participation. Holders can anticipate equity returns from both Realio Technology LTD and the Realio Network, while RST actively trades on UniswapV2.

X/ Twitter Thread on Same High-Volume Day. 4/12/2024


  • Market Cap: $7,525,631,926 (0.26% MoM)
  • Volume: Currently Not Available

Insights: Debt saw a new bond issued towards the end of April, increasing the market cap by $9,615,000. This is the municipal bond from the City of Quincy, Massachusetts using JPMorgan’s Onyx Digital Assets (ODA) on the Onyx private permissioned blockchain.

The 7-year, zero-coupon bond received a AA rating from S&P and marked the official launch of ODA’s Onyx Digital Debt Service — the 3rd live application for ODA, joining Digital Financing and Tokenized Collateral Network. Digital Debt Service is meant to facilitate the issuance, transfer, settlement, and automated servicing of debt securities.

This is one of the first tokenized municipal bonds we’ve seen in the United States and hope to see more, keeping in mind we’re aware of another to launch on Goldman Sachs’ GS DAP. Muni bonds would be a great way to connect communities to infrastructure being built while enjoying tax-free interest payments (this is not tax, financial, or legal advice).

Most bonds STM has seen thus far are issued from institution to institution, sometimes even between separate arms within the same institution. That said, we’re starting to see more retail-friendly bond issuances. Although still in the primary issuance stage, we’d like to highlight the $6.25M bond meant to build a Hilton Hotel at El Salvador’s international airport. This 5-year bond is available to non-US investors via Bitfinex Securities, offers a 10% coupon, and even free night stays once the hotel is built.

Learn more directly from Bitfinex Securities’ Jesse Knutson on the Security Token Show (1:34):

On-Chain Liquidity Products

In April 2024, the cumulative market cap for On-chain Liquidity Products reached $1,280,962,504, reflecting a modest 27.51% growth from March 2024.

The rise in market cap from March to April can be primarily attributed to the more inflows into the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) by Securitize. As of April 30, 2024, BUIDL boasted a market cap of $375,057,330, a ~$100M increase throughout the month and what set it as the new leading liquidity fund, surpassing Franklin Templeton’s BENJI.

You may notice we changed the name of this section from “Treasury Products” to “Liquidity Products” and that’s because it’s been mistaken to say the tokenized treasuries market has reached over $1B. As our CEO clarifies in Security Token Show Episode 230 at the beginning of April,

“It’s not treasury tokens that have reached a billion dollars, it’s definitely not treasury bills that have reached a billion dollars, it is the collective market of money market funds and treasury funds and probably the direct treasury bill products that are being listed combined as a billion dollars” — Herwig Konings, CEO at Security Token Market

BUIDL, BENJI, and WisdomTree’s WTGXX are all funds, not treasuries themselves. They can invest into treasuries, CDs, other short-term interests, and cash-based opportunities.

Platform Spotlight


Orderbook stands as a pioneering force in pre-IPO investing, offering a direct avenue for acquiring tokenized shares in major companies like SpaceX and OpenAI. With a portfolio comprising 20 offerings, Orderbook enables non-US investors to partake in pre-IPO opportunities for as little as one dollar per share.

Notably, Orderbook has orchestrated two successful exits for its pre-IPO investors, leveraging assets like Digital Ocean and Airbnb. The former yielded an impressive 21% return on investment, while the latter soared to a 35% return, showcasing the platform’s efficacy in facilitating lucrative investment opportunities.

Powered by Celo’s blockchain technology, which operates as a layer 2 solution on Ethereum, Orderbook ensures swift and seamless private equity transactions, settling in under a minute and offering instant liquidity. Moreover, the platform enables cross-chain payments, allowing users to purchase tokenized shares using stablecoins such as USDC, USDT, and DAI.

In embracing a non-custodial, secure, and flexible approach, Orderbook provides the essential infrastructure for navigating the future of trading with confidence. Investors gain exposure to a diverse array of industries encompassing pre-IPO stocks, growth-stage ventures, currencies, AI, precious metals, and startups.

As the adoption of security tokens gains momentum and more companies embrace tokenized shares, the spotlight on these investment opportunities is set to intensify. Orderbook, with its forward-thinking approach and innovative solutions, is at the forefront of this revolution, shaping the landscape of pre-IPO investing for years to come.

New Tokens and Announcements

STM Charts

We’re excited to introduce STM Charts, our latest feature designed to offer valuable insights into market dynamics and trends. With STM Charts, we aim to provide users with powerful data visualization tools, empowering them to make well-informed decisions and gain a deeper understanding of the tokenization landscape. From tracking market trends to analyzing asset breakdowns, our charts provide a comprehensive view of the tokenization industry. By leveraging the power of data visualization, we invite you to explore and uncover actionable insights, helping you navigate the evolving market landscape with confidence.

About Caleigh Crossman, Data Operations Lead

Caleigh Crossman is STM’s Data Operations Lead where she spearheads the tracking and analysis of over 500 security tokens, offering valuable insights for market sentiment and comprehensive analyses. Her initiation into web3 began with pivotal contributions to the technical development of a RegA+ offering platform. This hands-on experience equipped her with a deep understanding of both technology and the regulatory landscape in tokenized securities. Beyond data management, Caleigh crafts detailed analyses, providing nuanced perspectives on market trends. Her technical expertise and industry insight contribute significantly to STM’s mission of innovation and transparency in the tokenized securities space.

About Jason Barraza, COO

Jason Barraza is the COO at Security Token Market, overseeing STM operations and future initiatives aimed at enhancing data transparency and media coverage within the tokenized securities space. During his time on Wall Street, Jason served at Bank of America’s wealth management division, exposing him to the challenges of the current archaic system. Prior to that, Jason’s professional journey was characterized by a diverse background in consulting and entrepreneurship. Notably, he evaluated over 100 businesses across multiple industries, identifying potential avenues for change and improvement. In addition to day-to-day operations, Jason writes the What’s Drippin’ newsletter and plays a key role in spearheading Security Token Market’s flagship event, the TokenizeThis conference.

About Herwig Konings, Partner, Founder & CEO

Herwig Konings is a veteran and pioneer in the industry due to his background in equity crowdfunding. In 2013, he founded compliance software firm InvestReady which provides accreditation software and other tools to issuers, investment banks, Fortune 500’s, tokenization platforms, and brokerages/ marketplaces. He also served as the Managing Director of the Miami Venture Capital Association from 2016 to 2018 and has been awarded the Miami Technology Leader of the Year award by the Greater Miami Chamber of Commerce in 2015. He frequently speaks at various Universities, for corporate clients, and has taught the Florida BAR CLE blockchain course. Herwig co-authored Blockchain Explained: Your Ultimate Guide to the Tokenization of Finance, an Amazon Bestseller in the Business Law Reference category.

Please be aware that anything stated, mentioned, referenced, linked, or covered in this publication is neither financial nor legal advice. The Security Token Advisors and Security Token Market teams may own or consider owning one or more of the cryptocurrencies, security tokens, stocks, ETFs, and other financial investments included in this report.

Please do your own research on any financial and legal decisions, and consider consulting a financial advisor and/or attorney before making any decisions or choices that may be reflected in this publication.