Investing & Digital AssetsInvesting & Digital Assets GlossaryPart 11 of 13
Tokenization Glossary
19 terms from the Investing & Digital Assets book's Tokenization part, each defined in a line and linked to the chapter that explains it.
- Accumulating NAV: a tokenized fund's income model in which no units are distributed and the price per token rises with income less fees, as at Superstate's USTB (Tokenized Treasuries & Funds).
- Agent (ERC-3643): an address the token's owner appoints to write the identity registry and run operational functions such as freezes, forced transfers and recovery (Transfer Agents & Permissioned Tokens).
- Allowlist: the on-chain list of addresses an issuer or transfer agent has approved to hold a permissioned token; a transfer to any other address reverts (Tokenized Treasuries & Funds).
- Backed wrapper: a stock token issued by a special-purpose issuer that holds the underlying shares and owes their value to token holders, without votes or a legal claim on the shares, such as xStocks (Tokenized Stocks & 24/7 Securities).
- Control book: the transfer agent's record of the authorized and issued count of each issue, changed only on the issuer's written authorization, that the holder file must sum to (Rule 17Ad-10(e)) (Transfer Agents & Permissioned Tokens).
- Covered Firm (tokenized NMS stock exemption): a liquidity provider supplying tokenized NMS stock to a Tokenized Securities Venue's pools from proprietary capital, exempt from the dealer definition under the SEC's September 2026 order (Tokenized Stocks & 24/7 Securities).
- DTCC Tokenization Service: DTC's service, live October 28, 2026, that mints tokenized forms of securities held at DTC with one CUSIP, movable between DTC-registered wallets (Tokenized Stocks & 24/7 Securities).
- ERC-3643 (T-REX): a final Ethereum token standard for permissioned securities with an identity registry, a compliance contract checked on every transfer, freezes, forced transfers and wallet recovery (Transfer Agents & Permissioned Tokens).
- Forced transfer: an agent's transfer of tokens between holders without the sender's signature, for a court order, estate or correction; under ERC-3643 it needs a verified receiver and bypasses compliance rules (Transfer Agents & Permissioned Tokens).
- Identity registry: the ERC-3643 contract linking each wallet to an investor identity and country, whose
isVerifiedcheck gates who can receive the token (Transfer Agents & Permissioned Tokens). - Issuer-native token: a company's or fund's own security issued and recorded on chain by its transfer agent, carrying the security's full rights (Tokenized Stocks & 24/7 Securities).
- Master securityholder file: the transfer agent's official list of holders and their positions, posted promptly with every transfer, issuance and redemption under Rule 17Ad-10 (Transfer Agents & Permissioned Tokens).
- Multiplier (stock token): the factor of shares per token a wrapper issuer publishes and changes on dividends and splits, applied to balances on EVM chains and to displayed amounts on Solana (Tokenized Stocks & 24/7 Securities).
- Recovery (token): an agent moving a holder's tokens from a lost wallet to a new wallet of the same verified investor, an ownership non-event;
recoveryAddressin ERC-3643 (Transfer Agents & Permissioned Tokens). - Stock token: any token whose value follows a listed share: issuer-native, a tokenized DTC entitlement, a backed wrapper or a derivative, each with different rights (Tokenized Stocks & 24/7 Securities).
- Tokenized fund: a fund whose shares are recorded or represented as tokens on a public chain, with eligibility enforced by an allowlist, such as BUIDL or FOBXX (Tokenized Treasuries & Funds).
- Tokenized NMS stock: under the SEC's September 2026 order, an NMS stock tokenized by or for its issuer or by an unaffiliated third party with the class's full rights, excluding synthetic tokens (Tokenized Stocks & 24/7 Securities).
- Tokenized Securities Venue: a venue running AMM pools for permissioned participants in tokenized NMS stock on a public chain, exempt from the exchange definition from September 17, 2026 to September 17, 2031 (Tokenized Stocks & 24/7 Securities).
- Transfer agent: the SEC-registered firm that keeps a security's official holder record, processes transfers, issuances and redemptions, and pays holders of record (Transfer Agents & Permissioned Tokens).