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Tokenized commodities

SilverTimes Token (STT)

Not approved The evidence weighs against it

Review open since 2026-09-30: Open item: silvertimes-stt: 1 source no longer resolves. Ketju last checked the trigger on 2026-10-19. The verdict stands until the review closes.

Verdict
Not approved
The evidence weighs against it
Who can freeze it
No freeze key
Withdrawals
Minting requires KYC at designated facilities and, according to the docs, one ton of silver, at a 1% fee.
Reviewed
2026-09-23
Researched memo

Summary

Ketju does not approve SilverTimes Token (STT): no legal document says who owes the holder anything, and an enforcer multisig can move any holder’s tokens past the pause and the blocklist. STT is an Ethereum token meant to track one troy ounce of silver. It launched in July 2026, and SilverTimes minted all of it on two days that month. On 2026-09-23, 32,772 STT were outstanding, about $2.1 million. That matches the 1,019.3 kg of silver bars that Brink’s Hong Kong reports holding. The white paper names no issuer. It says the silver sits in an “Orphan Trust” for holders, but it names no trustee, and SilverTimes publishes no deed. A later page says SilverTimes only “intends” to use a trustee. The company’s own reports call STT Assets Limited the issuer. The site carries two versions of the same Brink’s certificate, both dated 15 May 2026 with the same reference. One says Brink’s holds the silver for STT Assets Limited, and the other says Best Power Development Limited.

Research

Holder’s rights

The white paper says “the beneficiary ownership of silver belongs to STT token holders” through an orphan trust, and that the silver is owned by “a subsidiary of a TCSP-licensed Trust in Hong Kong.” In an orphan trust, a licensed trust company holds the shares of a vehicle on charitable or purpose trust. No sponsor owns the vehicle, so its assets stay out of the sponsor’s insolvency. The structure protects holders only if the deed exists and names the beneficiaries. SilverTimes publishes neither the deed nor the trust company’s name. Page 19 of the same paper says SilverTimes “intends to use a trustee company structure,” and the About page says SilverTimes tokenizes silver “synthetically.” No document says whether STT is a security.

The custody documents name a different owner. The July transparency report says Brink’s holds the bars “for the exclusive account of STT Assets Limited,” a Hong Kong company the report labels issuer. A holder therefore relies on an unnamed trust that owns a company, and Brink’s treats that company as the owner of the silver. Without the deed, we cannot say whether the holder is a beneficiary or an unsecured creditor of STT Assets Limited.

Custody certificates

The standalone Brink’s holding certificate on silvertimes.io, dated 15 May 2026, reference AG42840, says the consignment “is being held for the account of Best Power Development Limited.” The copies of the same certificate inside the June and July transparency reports read “STT Assets Limited” in that sentence, with small wording changes. Both copies show STT Assets Limited as account holder in the header and carry the same Brink’s stamps. The standalone PDF’s metadata shows it was produced in Microsoft Word on 19 May 2026. We do not know which text Brink’s issued. The custody letter is the only evidence that the silver exists, and its two versions name two different owners.

Withdrawals

Minting requires KYC at designated facilities and, according to the docs, one ton of silver, at a 1% fee. Holders redeem for Good Delivery bars “through designated redemption channels,” at 0.35% plus delivery costs, in 3 to 5 business days, subject to minimums that the documents do not state. The docs say the silver is at Brink’s London, but the custody letters say Brink’s Hong Kong. Holders below the unstated minimum sell on Coinstore or in a Uniswap pool.

Who controls it

STT is an upgradeable proxy, and a 4-of-6 multisig holds its admin role. Beosin audited the implementation, which is verified on Blockscout. A single key runs the blocklist, and another single key runs the pause. A 2-of-3 multisig holds the mint and burn roles. The 4-of-6 enforcer multisig holds `forceTransfer`, which moves any holder’s tokens “that bypass pause and blocklist checks.” A fee manager can set a transfer fee in basis points. The SilverTimes documents tell holders none of this.

Comparison

Compared with a silver ETF, STT has no named issuer in its own offering documents and no trust deed. Its custody letters disagree on the account holder, and an enforcer can take balances. Ketju will review STT again if SilverTimes publishes the trust deed and names the trustee and issuer in binding terms, and Brink’s confirms directly which company holds the account.

Sources

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

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.

ChainVerdictFreezeWhat it can do
EthereumApproved No freeze key Ethereum has no sequencer, no upgrade key and no operator who can be compelled to act; rule changes require social consensus.
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