iShares Silver Trust (Ondo Tokenized Stock) 

SLVON Price

What is iShares Silver Trust (Ondo Tokenized Stock) (SLVON)?

SLVON is a tokenized stock issued by Ondo Finance via the Ondo Global Markets platform that gives holders on-chain exposure to the iShares Silver Trust (NYSE Arca: SLV) — the world's largest physically-backed silver ETF, managed by BlackRock/iShares. The token is a 1:1-collateralized wrapper: each SLVON token represents one SLV share held by US custodians and redeemable for the underlying.

How does SLVON work — mint and redeem mechanics?

SLVON uses an elastic mint/redeem pipeline rather than a fixed emission schedule. Authorized participants deliver SLV shares (or equivalent) to Ondo Global Markets to mint new SLVON tokens, and burn SLVON to redeem the underlying SLV shares. Supply expands when new SLV shares are deposited and contracts when shares are withdrawn — there is no team allocation, no investor distribution, and no inflation risk from unlocks.

Which asset does SLVON represent?

Each SLVON token represents a claim on the economic performance of one share of the iShares Silver Trust (SLV). SLV holds physical silver bullion and is designed to track the spot price of silver, so SLVON's value reflects silver spot less the SLV sponsor expense ratio and any tracking error between SLV and physical silver.

What backs SLVON's value — 1:1 collateral?

Real SLV shares held with trusted US custodians back SLVON at a 1:1 ratio. The wrapper is redeemable for the underlying ETF share, which keeps the on-chain token anchored to SLV's NAV. There is no venture funding raised against the SLVON token itself — backing comes entirely from deposited SLV shares.

How is SLVON traded — CEX vs DEX split?

Per DropsTab data, SLVON trades across centralized and decentralized venues. Spot CEX liquidity is concentrated on Gate and BingX (both SLVON/USDT), with a perpetual market on Gate.io Futures. DEX liquidity lives on Uniswap v3 (Ethereum) across multiple pools — including SLVON/USDT, SLVON/USDC, SLVON/WETH, and notably SLVON/XAUt, a silver/gold on-chain trading pair. Liquidity risk is moderate: spot CEX depth is concentrated in multiple venues, and DEX depth depends on active LP positions.

Can US investors buy SLVON — tokenized stock restrictions?

No — SLVON access is restricted in the United States. Tokenized stocks are generally not offered to US persons, so US investors typically cannot mint or redeem SLVON directly through Ondo Global Markets. Non-US users trade SLVON on the secondary venues listed above.

Which blockchains does SLVON run on?

SLVON is deployed natively on two EVM chains: Ethereum (ERC-20) at contract 0xf3e4872e6a4cf365888d93b6146a2baa7348f1a4, and BNB Smart Chain (BSC) at contract 0x8b872732b07be325a8803cdb480d9d20b6f8d11b. DEX liquidity is concentrated on Ethereum; BSC deployment enables cheaper transfers and cross-chain DeFi composability.