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On-chain finance platform Theo launches tokenized silver ThSLVR with $40 million in lease support

Mars Finance reports that on-chain finance platform Theo has announced the launch of thSLVR, a yield-bearing tokenized silver product backed by more than $40 million in active leases, expanding its commodity financing business from gold to silver. While maintaining holders’ exposure to silver prices, the token passes on lease income paid by institutional borrowers to holders. Theo said the silver backing thSLVR will be leased to established institutional counterparties under standard market terms, with the credit exposure guaranteed by its parent company. The product is launching in beta, initially for institutions and whitelisted investors, with access to be expanded later. Silver has been highly volatile this year, briefly reaching an all-time high of $121.79 per ounce in January before plunging 41% over three days, falling to a low of $54.74 in July, and recently hovering around the mid-$60s. Theo was founded by former Optiver and IMC traders and previously offered yield-bearing tokenized gold and U.S. Treasury products. Silver leasing will also expand the underlying assets of its yield-bearing stablecoin, thUSD. According to RWA.xyz, the tokenized commodities market is worth approximately $4.9 billion and encompasses 130 products. The one-month London silver lease rate briefly rose to approximately 39% in October 2025, compared with a historical norm below 1%; the market expects silver to record a supply deficit for the sixth consecutive year in 2026, with a shortfall of approximately 46.3 million ounces.
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TaikoTinker
3 hours ago
Beta version + whitelist; retail investors will have to wait a bit longer, while institutions get first dibs.
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PairTraderLee
3 hours ago
That 41% move in silver this year was brutal. Does entering now count as a left-side entry?
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DeFiGardener
4 hours ago
From gold to silver, Theo is looking to corner the precious metals RWA market.
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NoFeelVolatility
4 hours ago
$40 million as a backstop—this market is more stable than silver itself.
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RateSlacker
4 hours ago
First Review
Credit exposure guaranteed by the parent company—that’s the key point; otherwise, who on-chain would believe the lease payments will come through?
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