Amid reports that silver price is quietly outpacing gold in 2024, having increased its value by over 20% since the year’s turn and settling at $28.7 per troy ounce after hitting $30 an ounce for the first time since May 2021, there are two tokenized silver cryptocurrencies that can offer exposure to it.
As it happens, the silver price has recently hit its highest level in the last eleven years (albeit still well below its all-time high of $47.9 from April 2011), increasing not only the demand for the precious metal but also digital assets backed by physical silver, although there aren’t many of them out there.
Silver price 5-year chart. Source: TradingView
#1 tSILVER (TXAG)
Specifically, one of the most notable silver-backed crypto assets is Aurus’ tSILVER (TXAG), a silver-backed stablecoin on the Ethereum (ETH) blockchain minted by a network of traders from the traditional precious metals market and 1:1 collateralized by 1 gram of 99.99% LBMA-accredited silver.
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