Theo has introduced thSLVR, a tokenized silver product backed by more than $40 million in committed active leases. The launch expands the company's commodities business beyond gold and combines exposure to silver prices with income earned by lending physical metal to institutional borrowers.

The underlying business is familiar to commodities markets. Refiners, mints, and manufacturers borrow silver for their operations, pay a leasing charge, and later return an equivalent amount of metal. Theo's product is designed to pass the associated income to token holders alongside their exposure to the commodity.

The initial beta is available to institutions and approved investors, with wider access planned later. Theo said the silver would be lent to established counterparties under standard market terms, with a parent-company guarantee supporting the credit exposure. The product therefore combines commodity exposure with a lending arrangement.

For tokenized assets, the development broadens the question beyond whether a physical asset can be represented on a blockchain. It also asks which cash flows can travel with that representation. Here, the distinction is the lease income, which creates a different economic proposition from simply holding silver.