Four different things share one adjective

A tokenised stock might be a security. It might be a custodial interest. It might be a contractual claim on someone else’s inventory. It might be a derivative that only tracks a price. Investor protection, issuer involvement, redemption, transfer restrictions and where the product may be sold all change with that choice. The logo of the chain does not.

Address counts make this worse if they are read as adoption of ownership. An address can hold a price exposure and have no claim on a company at all. The grown-up question is what the token entitles the holder to, and who, in a failure, is on the other side of that entitlement.