Theo Adds Tokenized Silver to a Ladder That Runs From Gold to Treasuries
Theo launched thSLVR, a yield-bearing tokenized silver product backed by more than $40 million in active silver leases, extending a product line that already spans gold, a yield-bearing stablecoin and tokenized Treasuries.
Theo adds tokenized silver to a ladder that runs from gold to Treasuries
Theo, a New York-based onchain finance platform, has launched thSLVR, a yield-bearing tokenized silver product backed by more than $40 million in active silver leases, extending a product line that already spans gold, a stablecoin and tokenized Treasuries.
The company was founded by former Optiver and IMC traders, and its sequence of launches reads like a deliberate build-out of onchain commodity and rate products. Tokenized gold came first: thGOLD launched in January 2026 and generates yield from loans backed by physical gold inventories held by retailers such as Mustafa Gold, with an initial return of around 2%. In March 2026 the platform debuted thUSD, a stablecoin-like product targeting yields between 5% and 12% through a delta-neutral metals carry strategy. The Treasury product thBILL has since surpassed $200 million in total value locked with roughly $1 billion in cumulative trading volume.
thSLVR applies the same lease-yield model to silver. Holders get exposure to the metal while income from lending it to institutional borrowers passes through to them, Theo said in its announcement, as first reported on Wednesday. The silver is leased in the London market under standard terms, with credit exposure supported by a parent-company guarantee, and the leases will also broaden the assets supporting thUSD.
“Silver is heading into a sixth straight year of supply deficit and the lendable pool in London is near a record low,” said Iggy Ioppe, Theo’s chief investment officer, in the launch announcement.
The institutional groundwork predates the silver launch. thBILL was built in partnership with Wellington Management, Standard Chartered through its digital asset arm Libeara, and FundBridge Capital.
Access to thSLVR starts narrow. The token is in beta for institutions and whitelisted investors, with broader access planned but no date announced.
The launch lands in a tokenized commodities market worth about $4.9 billion across 130 products, per RWA.xyz data, with holder numbers up 13% over the past month to almost 339,000. For Theo, silver is the second metal on a ladder that now covers gold, silver, dollar yield and Treasuries.
