On-chain financial platform Theo launches thSLVR tokenized silver, secures $40 million in leasing support

On-chain financial platform Theo has launched a yield-generating tokenized silver product, thSLVR, which has secured over $40 million in active leasing support, expanding its business from gold to silver. The token maintains holders' exposure to silver prices while passing on the leasing fee income paid by institutional borrowers to the holders. The silver supporting thSLVR will be leased to mature institutional counterparties under standard market terms, with credit exposure guaranteed by the parent company. The product is being launched in a beta version, initially targeting institutions and whitelist investors, with plans to expand access later. Silver has experienced significant volatility this year, reaching a historical high of $121.79 per ounce in January, followed by a 41% drop over three days, and hitting a low of $54.74 in July, recently hovering around the mid-$60 range. Theo was founded by former Optiver and IMC traders and has previously offered yield-generating tokenized gold and U.S. Treasury products, with silver leasing set to expand the underlying assets of its yield-bearing stablecoin thUSD. The market for tokenized commodities is approximately $4.9 billion, covering 130 products. The London one-month silver leasing rate briefly rose to about 39% in October 2025, while the historical norm is below 1%; the market expects a supply gap in silver for the sixth consecutive year in 2026, with a gap of about 46.3 million ounces.

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