Tokenized silver volumes explode as metal's price rises to record
TL;DR
Tokenized silver trading volumes surge alongside record-high silver prices, with the tokenized iShares Silver Trust seeing over 1,200% monthly volume growth. Demand is driven by supply constraints, solar industry needs, and physical market divergence from paper pricing.
Key Takeaways
- •Tokenized silver markets are experiencing explosive growth, with the tokenized iShares Silver Trust (SLV) seeing a 1,200% monthly volume increase and 300% holder growth.
- •Silver's price rally is fueled by supply constraints, increased solar-power industry demand, and macroeconomic factors, with physical markets diverging from futures pricing.
- •Tokenization makes silver more accessible and tradable globally, allowing non-U.S. investors 24/7 exposure to SLV through blockchain-based tokens.
- •Physical silver premiums in Asia have reached double-digit levels over COMEX futures, indicating near-term supply stress and market tightness.
- •The parallel growth in tokenized and traditional silver markets suggests tokenized real-world assets are becoming a permanent trend in financial markets.
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What to know:
- Interest in silver is rising in tokenized markets, with trading volumes increasing alongside futures and ETFs due to recent price volatility.
- The tokenized version of the iShares Silver Trust (SLV) saw a 1,200% increase in monthly transfer volume and a 300% rise in holders over the past 30 days.
- Silver's price surge is driven by supply constraints, increased demand from the solar-power industry and macroeconomic factors, with physical markets diverging from paper pricing.
- Interest in silver is rising in tokenized markets, with trading volumes increasing alongside futures and ETFs due to recent price volatility.
- The tokenized version of the iShares Silver Trust (SLV) saw a 1,200% increase in monthly transfer volume and a 300% rise in holders over the past 30 days.
- Silver's price surge is driven by supply constraints, increased demand from the solar-power industry and macroeconomic factors, with physical markets diverging from paper pricing.
Interest in silver is spilling into tokenized markets, with onchain trading volumes rising in parallel with activity in futures and exchange-traded funds (ETFs) as the metal experiences volatility after hitting successive record highs all month.
Data from RWA.xyz shows the monthly transfer volume for its tokenized version of the iShares Silver Trust (SLV) has jumped more than 1,200% over the past 30 days, alongside a roughly 300% increase in holders and a near 40% rise in net asset value.
Tokenization involves representing real-world assets, such as private equity, real estate, commodities and more, as digital tokens on a blockchain. The process helps make the assets more easily tradable and divisible, opening up new possibilities for fractional ownership and liquidity.
The tokenized silver trust, for example, allows non-U.S. investors to gain exposure to SLV, with the ability to mint, redeem and transfer tokens around the clock.
Pricing in physical markets has diverged sharply from pricing of futures, with analysts pointing to premiums in Asia reaching double-digit levels over COMEX, and the London forward curve sitting in backwardation — meaning that at close to $80 an ounce the metal costs more today than in future, a sign of near-term supply stress.
Silver’s rally has been driven by a convergence of supply constraints, structural demand and macro tailwinds that have tightened physical markets.
Analysts point to China's decision to impose export licensing on refined silver starting Jan. 1 as adding to concerns around supply availability — raising prices — while higher futures margins and year-end positioning have complicated trading in traditional venues.
— Campbell (@abcampbell) December 28, 2025
At the same time, demand from the solar-power industry continues to rise, with silver consumption tied to photovoltaic manufacturing remaining largely inelastic even after prices more than tripled from 2024 levels.
Silver's onchain rally in parallel to its TradFi counterpart seems to be another datapoint to demonstrate that tokenized versions of assets are a trend that's here to stay.
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