Aspen (ASPD), the security token representing fractional ownership in the St. Regis Aspen Resort — a five-star 179-room hotel in Colorado, has commenced trading on the tZERO alternative trading system.

The news marks the first Tezos (XTZ)-based security token to be listed on a regulated platform. ASPD is just the third token listed on tZERO, and is the first third-party platform supported by the exchange.

Saum Noursalehi, tZERO’s CEO, stated he is “thrilled to see the St. Regis Aspen digital security trading on the tZERO platform.”

“Digitizing and trading private securities like Aspen will be the future model that will enable broader investor access, provide liquidity optionality, and reduce cost of capital,” Noursalehi added.

On its first day of trade, ASPD fell slightly from $1.32 to $1.30.

Stephane De Baets, the president of ASPD’s issuer, Elevated Returns, described the listing as:

“An important step toward unlocking liquidity to quality real estate projects, which has the potential to open the door to a $6 trillion commercial real estate market.”

Elevated Returns plans to tokenize a further $1 billion worth of real estate projects using Tezos’ FA1.2 smart contract standard in the future.

Aspen’s listing comes after an unprecedented surge in trade activity on tZERO, with the platform hosting nearly $8 million in volume during July.

Last month saw tZERO’s TZROP token explode from $1.20 to $4, while Overstock‘s OSTKO token rallied from $19.60 to $57.50. The bullish momentum has continued during August, with OSTKO last trading for $82, and TZROP changing hands for $5.10.

July was also a particularly strong month for real estate tokens, with the nine property tokens traded on RealT’s secondary markets posting gains of between 7% and 35%.