# 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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-funds#nav-and-income-on-chain)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#erc-3643-and-allowlisted-transfers)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-funds#allowlists)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#four-kinds-of-stock-token)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#the-sec-s-transfer-agent-rules)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#the-us-rules-as-of-november-2026)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#the-us-rules-as-of-november-2026)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#erc-3643-and-allowlisted-transfers)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#forced-transfers-and-recovery)). - **Identity registry:** the ERC-3643 contract linking each wallet to an investor identity and country, whose `isVerified` check gates who can receive the token ([Transfer Agents & Permissioned Tokens](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#erc-3643-and-allowlisted-transfers)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#four-kinds-of-stock-token)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#the-sec-s-transfer-agent-rules)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#corporate-actions-through-a-wrapper)). - **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; `recoveryAddress` in ERC-3643 ([Transfer Agents & Permissioned Tokens](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#forced-transfers-and-recovery)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#four-kinds-of-stock-token)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-funds#what-a-tokenized-fund-is)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#the-us-rules-as-of-november-2026)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/tokenized-stocks#the-us-rules-as-of-november-2026)). - **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](https://www.syntaqx.com/books/investing-and-digital-assets/transfer-agents-and-permissioned-tokens#the-sec-s-transfer-agent-rules)). --- Canonical URL: https://www.syntaqx.com/books/investing-and-digital-assets/glossary/tokenization