Rotterdam School of Management (RSM) Assistant Professor of Finance Thomas Lambert and other scholars jointly released a research report on the new security token issuance (STO) market. The report studied 185 “real” STO sample data, the report pointed out that one-third of them can not be considered strictly STO. Instead, they are either stablecoins or ICOs disguised as STOs. The report also records three basic facts. First, the STO market developed after the end of the ICO market bubble, and STO-related activities began to increase from the end of 2018. The second fact is that most STOs have not been successfully financed, which indicates that the STO market is still in its infancy and therefore still very immature (many companies may not be ready to start STO). The third fact is that STOs are scattered around the world, mainly in the United States and jurisdictions where securities laws apply.