Silver Is Soaring, Can Tokenized Silver Amplify Leverage Further?

Odaily星球日报2026-01-27 tarihinde yayınlandı2026-01-27 tarihinde güncellendi

Özet

Silver prices have surged dramatically, breaking historical records by surpassing $117 per ounce and achieving a cumulative gain of approximately 517% since 2017—outperforming both Bitcoin and gold. With a market cap of around $6.18 trillion, silver is now the second most valuable asset globally after gold. This explosive growth has increased interest in tokenized silver as an alternative investment, particularly through leveraged contracts on exchanges and perpetual decentralized platforms (Perp DEX). Currently, the tokenized silver market has a total capitalization of about $446 million. Two tokens dominate in terms of liquidity: - **Kinesis Silver (KAG)**, with a market cap of $406 million, is backed by physically allocated and audited silver, each token representing one ounce. - **iShares Silver Trust (SLV)**, with a $39.5 million market cap, is tied to BlackRock’s SLV ETF and allows instant creation/redemption for non-U.S. users. Both tokens are traded on multiple centralized exchanges, and SLV also supports futures with up to 10x leverage. For higher leverage, platforms like Hyperliquid, Binance, and Bitget offer silver perpetual contracts with up to 20x leverage. Hyperliquid’s SILVER/USDC pair alone has seen over $1 billion in 24-hour trading volume. The rally is driven by expectations of U.S. interest rate cuts, silver’s new classification as a critical mineral (raising potential tariffs), geopolitical tensions, and its role as a more accessible safe-haven...

Original|Odaily Planet Daily(@OdailyChina)

Author|Wenser(@wenser 2010)

Silver, this precious metal asset once known as "poor man's gold," is sweeping through global markets with a storm-like momentum. The reason is none other than its terrifying surge.

Recently, the price of silver once broke through $117 per ounce intraday, hitting a record high. As a result, since the peak of the 2017 crypto cycle, silver has officially surpassed Bitcoin's gains (about 500%) and gold's gains (slightly less than 300%) with a cumulative increase of approximately 517%. According to data from the 8marketcap website, the current price of silver is around $110, with a market capitalization reaching $6.18 trillion, ranking second among global assets, second only to gold. Such an astonishing trend naturally triggers a frenzy in the market. Besides buying silver funds or physical silver through traditional brokerages or offline stores, tokenized silver might also be an option, especially the leveraged contracts on exchanges and on-chain Perp DEXs.

Current State of Silver Tokens: Only 2 Targets Have Relatively Good Liquidity

According to data from the Coingecko website, the overall market capitalization of the tokenized silver sector is temporarily reported at approximately $446 million, with a 24-hour increase of about 5.6%; specifically, the silver tokens with relatively good liquidity are the following 2 types:

Kinesis Silver (KAG): Market Cap Temporarily Reported at $406 Million

Like the gold token KAU, the KAG silver token is launched by Kinesis, a British digital asset utility platform registered in the Cayman Islands. Major trading platforms include Kinesis Money, BitMart, the UAE exchange Emirex, and others.

It is understood that KAG is backed by fully insured and regularly audited vaults (globally distributed storage), with each token pegged to 1 ounce of investment-grade silver; it supports global real-time payments; supports physical silver redemption; and has no storage fees.

Its potential risks are similar to those of the Tether company, which issues the XAUT gold token. This token is highly dependent on the asset credibility of the issuer and faces certain regulatory uncertainties. Furthermore, limited by its small market capitalization, the market depth is relatively average, and market fluctuations may lead to premiums or discounts, making it more reliant on trading platforms to manage order matching.

Nevertheless, information on the Coingecko website shows that KAG's 24-hour trading volume is approximately $5.5 million, already ranking second in the silver token market by trading volume.

iShares Silver Trust(SLV): Market Cap Temporarily Reported at $39.5 Million

A silver token pegged to the iShares Silver Trust, launched by Ondo Finance, holds the corresponding physical gold through the BlackRock iShares Silver Trust (SLV) ETF.

Its advantages lie in tracking a regulated traditional SLV ETF, having good liquidity, and supporting instant minting or redemption (for users outside the US); it combines traditional finance with blockchain convenience; has institutional-level endorsement; and does not require direct handling of physical silver.

Its potential risks include: heavy reliance on the asset credibility of issuers like BlackRock and Ondo; it does not support physical silver ownership or direct redemption; includes certain ETF fund management fee costs; US users are restricted from trading, and it faces potential securities regulatory restrictions.

Main trading platforms include Gate, Bitmart, Bitget, AscendEX, and other centralized exchanges.

It is worth mentioning that SLV also supports contract trading, with leverage of up to 10x.

Coingecko website information shows that SLVON's 24-hour trading volume is approximately $21.2 million, ranking first in the silver token market by trading volume.

Apart from the two major silver tokens KAG and SLVON, the silver token Silver rStock (SLVR) launched by the Solana生态 stock tokenization platform Remora Market, and the silver token Gram Silver (GRAMS) pegged to 1 gram of silver launched by Token Teknoloji A.Ş, also belong to spot tokens, but their market capitalization and liquidity are extremely low. Compared to KAG and SLVON, their price difference from the physical silver price is larger, and participation in trading is not recommended.

Silver Leverage Trading Platforms: Hyperliquid, Binance, Bitget, and Other Exchanges

In addition to spot silver tokens, many US stock tokenization trading platforms, on-chain Perp DEXs, CEXs, and DEXs have already opened leveraged contract trading related to silver, supporting leverage of up to 20x. The following are specific trading platforms for readers' reference:

Channel One——Hyperliquid: https://app.hyperliquid.xyz/trade/xyz:SILVER, the Silver/USDC contract trading pair has a 24-hour trading volume exceeding $1 billion;

Channel Two——Binance:https://www.binance.com/zh-CN/futures/XAGUSDT, supports leveraged trading for the XAG/USDT trading pair, with leverage of up to 20x. Currently, the 24-hour trading volume is $1.32 billion. According to the official announcement, this trading pair was officially opened on January 7th; the latest news shows that Binance will change the price index composition of this contract on January 29, 2026.

Channel Three——Bitget:https://www.bitget.site/zh-CN/futures/usdt/XAGUSDT, supports leveraged trading for the XAG/USDT trading pair, with leverage of up to 20x. Currently, the 24-hour trading volume is $174 million.

Conclusion: Trump's Hawkish Policies and Preference for Rate Cuts Will Be the Best Catalyst for Precious Metals

Looking back, Trump's rise to power, which led to tensions in the international political and economic situation, the turmoil of tariff trade wars, and his preference for Federal Reserve interest rate cuts, is the best catalyst for the rise in precious metal prices. Specifically for silver, beyond the past reasons of supply tightness and its importance as a basic raw material, risk-off assets and the US attitude are crucial.

J. Safra Sarasin strategist Claudio Wewel pointed out that the continuous surge in silver prices stems from the market's reduced expectations for US interest rate cuts and the new key mineral status that silver has acquired. The US Department of the Interior listed silver as a key mineral in November, increasing the possibility of the US imposing tariffs on this metal. He noted that this exacerbates the long-term supply tightness and prompts US importers to accelerate silver purchases. At the same time, retail investors, finding it difficult to buy gold due to its historically high prices, are turning to silver as a safe-haven asset.

In other words, the main rise in silver comes from both "scarcity" and "safe-haven nature." Combined with the recently tense situation in the Middle East again, the price peak of silver may be far from over.

İlgili Sorular

QWhat are the two tokenized silver assets with relatively good liquidity mentioned in the article?

AThe two tokenized silver assets with relatively good liquidity are Kinesis Silver (KAG) and iShares Silver Trust (SLV).

QWhich platform offers a silver contract with up to 20x leverage and had a 24-hour trading volume of 13.2 billion USDT?

ABinance offers the XAG/USDT perpetual contract with up to 20x leverage, which had a 24-hour trading volume of 13.2 billion USDT.

QAccording to the article, what are the two main drivers behind the recent surge in silver prices?

AThe two main drivers are its 'scarcity' due to supply tensions and its 'safe-haven' nature amid geopolitical tensions and economic uncertainty.

QWhat key factor did J. Safra Sarasin strategist Claudio Wewel attribute to the reason for the price surge?

AClaudio Wewel attributed the surge to weakened market expectations for U.S. interest rate cuts and silver's new designation as a 'critical mineral' by the U.S. Department of the Interior, which increased the possibility of tariffs.

QWhat is the main potential risk associated with investing in the Kinesis Silver (KAG) token?

AThe main potential risk is its high reliance on the asset credibility of the issuer (Kinesis) and facing certain regulatory uncertainties.

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