Dominion Silver (SILV)

Summary

SILV is a Solana token priced at one troy ounce of silver. Dominion Market LLC, a company formed in the Próspera special zone on Roatán, Honduras, issues it. On 2026-09-23 there were 93,509 SILV, about $6 million at $64 an ounce, against a bar list of 150 bars and 150,000 fine ounces at a vault in Fort Worth, Texas. The assessment is adverse. The white paper says SILV “does not grant legal title to, or ownership of, any specific bar or individually identified ounce of silver”; the holder has exposure to the silver price and a claim on Dominion, nothing more. The reserve documents say the silver is held under a “Silver Lease Agreement dated 25 June 2026” whose lessor, commercial terms, and vault location are withheld, so on the documents published Dominion itself may not own the metal. The only exit today is cash redemption with Dominion at spot less 1.5%; physical redemption is promised from 5,000 ounces. Dominion’s compliance keys can freeze any account and move or burn any holder’s tokens through a Token-2022 permanent delegate, and direct minting is closed to US persons.

Review triggers
• Dominion publishes the silver lease and shows the reserve is owned by it or by a trust for holders, not leased
• Dominion amends its terms to give holders a property interest in the reserve
• An independent firm publishes a reasonable-assurance attestation, or the promised Q4 2026 attestation is missed
• Physical redemption opens, or the cash redemption is suspended
• The freeze authority, permanent delegate, or mint authority changes, or the permanent delegate moves or burns a holder’s SILV
• Supply passes the 150,000 fine ounces on the signed bar list

Ketju checks this memo every night. A review opened on 2026-10-08 and appears under the verdict above. The verdict stands until the review closes.

Changes

Research

What the holder owns

Dominion’s own words are plain. The white paper, under “Important: what you hold,” says holding SILV gives “economic exposure to one ounce of silver per token,” that it is “a claim on silver value backed by reserves held by the protocol, not a registered ownership certificate,” and repeats in its disclaimer that SILV “does not confer legal title to any specific physical silver.” Its learning pages add that the custody record “should not be read as giving a token holder legal title to a listed bar.” The token is a price claim against a Honduran special-zone company, backed by a reserve the holder does not own.

What stands behind the reserve is thinner still. The reserve library publishes a Bureau Veritas vault audit dated 18 June 2026 and an allocated bar list signed 4 August 2026 (150 bars, 150,138.234 gross ounces, 150,000.000 fine), with “lessor identity and vault location redacted under the terms of the lease.” The Silver Lease Agreement, a Non-Rehypothecation Undertaking, and a Deed of Novation are available only under NDA; the group structure, the Próspera registration, a Wyoming Reserve LLC, the Token Control Policy, and an insurance certificate are listed as unavailable. A leased reserve means the silver belongs to the lessor, who can take it back when the lease ends or on default. A holder cannot tell from the published documents who that lessor is, when the lease ends, or what Dominion owes on it.

Who controls the mint

SILV is a Token-2022 mint, SiLVFMgD…B35L, with the permanent delegate, metadata pointer, and token metadata extensions. The Ketju reader found the freeze authority and the permanent delegate at the same account, FqFNXCMe…vzZ3, and the mint authority at 6FtT3CBa…8chR. A permanent delegate can transfer or burn tokens from any account without the owner’s signature; the freeze authority can freeze any account. Dominion says so: “Any SILV account can be frozen, and SILV can be transferred or burned from any account without the holder’s consent.” Its governance statement says privileged actions sit behind two multisig vaults and a 24-hour timelock, but that “Both vaults are currently three-of-five over the same five signers, which means three keys reach both,” and that the treasury minimum float is set to zero, so the administrator can queue a withdrawal of the whole treasury balance. The Token Control Policy that sets when these powers are used is unpublished.

How a holder gets out

Cash redemption is live: Dominion pays the silver spot price less 1.5% in stablecoin, in a single transaction, and its risk page says redemption may be delayed, suspended, or conditioned on identity checks. Physical redemption is not open; the white paper says it will open “within 3–6 months of launch” with a minimum of 5,000 troy ounces, about $320,000, and names no fee. Otherwise a holder sells on the Solana DEXs Dominion lists. Minting costs 0.05%, so the round trip through Dominion costs about 1.55% against a spot price the holder cannot check against the metal.

Who may hold it

Direct minting is closed to persons in the United States, the United Kingdom, the EU and EEA, and Canada, and the site asks visitors to confirm they are not resident there. The token itself is permissionless on Solana, and Dominion says anyone with a wallet can hold or trade it, leaving each user to judge the local rules. For a US advisory client that means buying on a DEX a token its issuer will not sell to that client directly.

Comparison and decision

Against a physically backed silver ETF, whose shares are a claim on allocated silver the trust owns, held by a named custodian and audited annually, SILV offers no title, a reserve held under an unpublished lease, a cash exit priced by the issuer, and keys that can freeze or seize any balance. It is also young: the bar list and lease date from June and August 2026 and the first quarterly attestation is promised for Q4 2026. The assessment reopens if Dominion publishes the lease and shows the reserve silver is owned rather than leased, grants holders a property interest, publishes the Token Control Policy and a reasonable-assurance attestation, and opens physical redemption.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Dominion: SILV Whitepaper v1.0 · primary · accessed 2026-09-23
  Supports: economic exposure only, no legal title, cash redemption at 1.5%, physical redemption from 5,000 oz, not offered for direct minting in the US, UK, EU/EEA, or Canada
• Dominion: dominion.market site script (terms, reserve library, governance statement, learning pages) · primary · accessed 2026-09-23
  Supports: Dominion Market LLC, Próspera ZEDE, Silver Lease Agreement dated 25 June 2026, bar list signed 4 August 2026, Bureau Veritas audit 18 June 2026, documents under NDA or unavailable, freeze authority and permanent delegate, two 3-of-5 vaults over the same signers, treasury float set to zero
• Dominion: llms.txt summary · primary · accessed 2026-09-23
  Supports: 0.05% mint fee, allocated US vault custody
• Solscan: SILV mint · primary · accessed 2026-09-23
  Supports: supply 93,509.416437 SILV, Token-2022 permanent delegate
• Crypto Briefing: Dominion Market launches SILV · secondary · accessed 2026-09-23
  Supports: launch coverage, Solana DeFi integrations

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.