Keith, batteries are rated at their nominal voltage, not their peak. For instance; a car battery is rated at 12 volts but, when the car is running and everything is normal it will have of around 14 volts. Typhoon H flight packs - same thing; they're rate at 14.8 but fully charged they are around 16.8 volts These packs are four cells so divide that number by 4 and you get 4.2 volts.
The ST-16 battery is a single cell Lithium-Ion pack (rated) at 3.7 volts but as DoomMeister notes; it will peak at around 4.2 volts - this is normal.
For what it is worth - when I charged my ST-16 batteries externally, my charger did not have a setting in the Li-Ion category to allow for a single cell (1S) so, I simply put the charger into Li-Po, selected 1S for single cell, set the charge rate at around six amps (it is an 8700 Mah pack) and it charged perfectly every time.