Onchain finance platform Theo has introduced thSLVR, a yield-bearing tokenized silver product supported by more than $40 million in active lease agreements. The token provides exposure to silver-price movements while distributing lease fees earned from lending the underlying metal to institutional borrowers, including refiners, mints and industrial manufacturers. Theo said the leases use standard market terms and credit exposure is backed by parent-company guarantees. Initially offered in beta to institutions and pre-approved investors, thSLVR is intended to expand access over time. Theo Chief Investment Officer Iggy Ioppe said tightening physical supply has elevated the importance of lease rates, with London lendable inventory approaching record lows. Silver reached $121.79 an ounce in January before falling 41% in three days, touched $54.74 in July and recently traded in the mid-$60s. About 83% of silver in London vaults is tied to physically backed investment products, leaving around 136 million ounces available for trading and leasing, according to data cited by Theo. The launch expands Theo's commodity-financing strategy beyond gold and adds assets backing its yield-bearing stablecoin thUSD.