News & Articles

February 05, 2024

A comparison of different security token standards

by Jean-Philippe Aumasson and Ryan Sauge

We propose a comparison of CMTAT with other tokenization smart contract frameworks, namely:

We compare these with CMTAT’s Solidity version 2.3.0. Note that, unlike those frameworks, CMTAT is a blockchain-agnostic tokenization standard, of which implementations exist of other, non-EVM blockchains.

Disclaimer: The comparison points are not exhaustive. The absence of a feature is not necessarily a negative point but may just be a design choice. Each tokenization framework has its unique properties, and different use cases may call for different technology choices. We also restrict our comparison to Solidity, EVM-compatible smart contracts, and thus do not include, for example, the Polymesh network technology. This comparison was carried out as of January 2024.

Comparison of tokenization smart contract frameworks

  CMTAT Solidity code ERC-1400 ERC-3643
Version compared CMTAT 2.3.0 ( polymath-core ( Tokeny's T-Rex (
Transfer restriction
On-chain identity management
Document management
Whitelist management
Token contract pause
Explicit support of debt instruments
Third-party security audit
Role-based access control Partial
(only one role Agent)
Security identifiers
Mint & burn to any address
Forced transfer function
Partially fungible token support
Contract version tracking
Gasless support (ERC-2771)
Customizable modular design
License MPL 2.0
Apache 2.0
GPL 3.0