Theo Unveils Tokenized Silver with $40M in Backing Leases

Theo, an onchain finance platform, has introduced thSLVR, a yield-bearing silver token backed by over $40 million in active leases. This product allows investors to gain exposure to silver's price while earning income generated by lending the underlying metal to institutional borrowers.

Historically, the income from leasing metal has benefited bullion banks and dealers, not retail investors with silver exposure through ETFs or other products. However, Theo is now expanding its commodity financing business, which until now had focused on gold.

Silver lease rates in London reached 39% in October 2025, compared to a historical norm below 1%. This highlights the tension between rate expectations, uncertain industrial demand, and speculation that has led to extraordinary volatility in silver prices over the past year.