I found it on my own. Here's the documentation for anyone else looking for this:
A security key or token enables other systems to access Moodle securely. A security key may be used for secure RSS feeds or web services.
A user can obtain a security key via the Preferences link of the user menu top right and then entering the key in an external application accessing Moodle.
Note: In order for this to be accessible the user needs the moodle/webservice:createtoken capability. The easiest way to do this is to allow the capability for the Authenticated User role. This does not allow the user to use web services, only to create a token.
At any time, a user can reset their key by clicking the reset link. A new different key is automatically generate which will then need to be entered in the external application.
Note: The security keys page can not generate web service keys/tokens for admins. Admins can create a token manually from the administration block: Site administration > Server > Web services > Manage tokens.
A security key or token enables other systems to access Moodle securely. A security key may be used for secure RSS feeds or web services.
A user can obtain a security key via the Preferences link of the user menu top right and then entering the key in an external application accessing Moodle.
Note: In order for this to be accessible the user needs the moodle/webservice:createtoken capability. The easiest way to do this is to allow the capability for the Authenticated User role. This does not allow the user to use web services, only to create a token.
At any time, a user can reset their key by clicking the reset link. A new different key is automatically generate which will then need to be entered in the external application.
Note: The security keys page can not generate web service keys/tokens for admins. Admins can create a token manually from the administration block: Site administration > Server > Web services > Manage tokens.