# Ketju research: SilverTimes Token (STT)

- URL: https://riadefi.com/rejections/silvertimes-stt/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized commodity
- Reviewed: 2026-09-23
- Next review: 2026-12-23

## Research summary

STT is an Ethereum token meant to track one troy ounce of silver. It launched in July 2026; 32,772 STT were outstanding on 2026-09-23, about $2.1 million, matching the 1,019.3 kg of silver bars Brink’s Hong Kong reports holding. All of it was minted on two days in July.

No legal document says who owes the holder anything. The white paper names no issuer and says the silver sits in an “Orphan Trust” for holders, but names no trustee and publishes no deed; a later page says SilverTimes only “intends” to use a trustee. The company’s own reports call STT Assets Limited the issuer. The site carries two versions of the same Brink’s certificate, dated 15 May 2026 with the same reference, one saying the silver is held for STT Assets Limited and one saying Best Power Development Limited. On chain, an enforcer multisig can move any holder’s tokens past the pause and the blocklist. The assessment is adverse.

## Observable review triggers

- SilverTimes publishes a trust deed naming the trustee and the holders as beneficiaries, and binding terms naming the issuer
- Brink’s confirms directly which company holds the silver, or an independent auditor reports on it
- The enforcer multisig force-transfers a balance, or the implementation or admin changes
- Supply rises above the silver in the latest report, or a monthly report is missed

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json