Research summary
SILV is a Solana token priced at one troy ounce of silver. Dominion Market LLC, a company formed in the Próspera special zone on Roatán, Honduras, issues it. On 2026-09-23 there were 93,509 SILV, about $6 million at $64 an ounce, against a bar list of 150 bars and 150,000 fine ounces at a vault in Fort Worth, Texas. The assessment is adverse. The white paper says SILV “does not grant legal title to, or ownership of, any specific bar or individually identified ounce of silver”; the holder has exposure to the silver price and a claim on Dominion, nothing more. The reserve documents say the silver is held under a “Silver Lease Agreement dated 25 June 2026” whose lessor, commercial terms, and vault location are withheld, so on the documents published Dominion itself may not own the metal. The only exit today is cash redemption with Dominion at spot less 1.5%; physical redemption is promised from 5,000 ounces. Dominion’s compliance keys can freeze any account and move or burn any holder’s tokens through a Token-2022 permanent delegate, and direct minting is closed to US persons.
Observable review triggers
- Dominion publishes the silver lease and shows the reserve is owned by it or by a trust for holders, not leased
- Dominion amends its terms to give holders a property interest in the reserve
- An independent firm publishes a reasonable-assurance attestation, or the promised Q4 2026 attestation is missed
- Physical redemption opens, or the cash redemption is suspended
- The freeze authority, permanent delegate, or mint authority changes, or the permanent delegate moves or burns a holder’s SILV
- Supply passes the 150,000 fine ounces on the signed bar list
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized commodity
- Chains examined
- Solana
- Instruments
- SILV
- Reviewed
- Next review