Dominion Market launches SILV, a redeemable silver token built for Solana DeFi

The tokenized gold market sits at roughly $6 billion. Tokenized silver? About $350 million. Dominion Market is betting that gap is less a reflection of demand and more a reflection of missing infrastructure.

The project has launched SILV, a Solana-based token where each unit represents ownership of one troy ounce of physical silver held in allocated vault custody. Trading is already live on several Solana DeFi platforms, with SILV recently pricing around $64.63 per token.

How SILV works

Each SILV token is minted at the current spot price of silver plus a 1.5% fee. That token corresponds to a specific allocation of silver stored in an LBMA-standard vault in Fort Worth, Texas.

The silver backing SILV isn’t pooled into a generic reserve. Bars are allocated and segregated, meaning each holder’s silver is identifiable and separated rather than lumped into a communal pile. Independent audits conducted by Bureau Veritas, a multinational testing and certification company, provide bar-level weightlists and on-chain reserve attestation.

From pilot to live trading

Dominion Market was founded by Mark Tormey in May 2025. The company ran a small whitelist launch that was 4x oversubscribed.

The pilot launch landed on May 26, 2026, with adequate silver already acquired to back initial tokens. Live trading followed in August 2026, and SILV is now integrated with multiple DeFi platforms on Solana, including Sunrise, Orca, and Raydium.

Physical redemption is expected to begin three to six months after launch. Once that’s live, holders will be able to swap their SILV tokens for actual silver bars.

Why silver, why now

Silver occupies an unusual position in commodity markets. It’s simultaneously a precious metal that investors hoard during uncertain times and an industrial input that factories consume in massive quantities. Solar panels, electronics, and electric vehicles all require silver, and industrial demand has been climbing steadily.

The tokenized silver market’s relatively small size compared to tokenized gold suggests the category is still early. Tokenized gold products like Paxos Gold (PAXG) and Tether Gold (XAUT) have established themselves as credible alternatives to physical gold ETFs.

The 1.5% minting fee is worth noting as a cost consideration. Traditional silver ETFs typically charge annual expense ratios in the 0.3% to 0.5% range, so SILV’s upfront fee needs to be weighed against the DeFi utility and potential yield opportunities that a traditional ETF can’t offer.

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