iShares Silver Trust (SLVon) is a tokenised version of the traditional iShares Silver Trust ETF, issued by Ondo Finance. It is designed to provide onchain exposure to the performance of the underlying ETF, which reflects the price of silver before expenses and liabilities. SLVon is backed 1:1 by the underlying ETF shares and represents the economic exposure to silver through a blockchain‑based token.

SLVon allows eligible investors to gain exposure to silver’s market performance using blockchain infrastructure. The token mirrors the value of the iShares Silver Trust ETF in a tokenised format, making it transferable, programmable, and capable of integration with decentralised finance applications while maintaining regulatory compliance and backing.

SLVon is issued by Ondo Finance, a platform focused on bringing real‑world financial assets into blockchain ecosystems via tokenisation. Ondo manages the custody and issuance of tokenised assets such as SLVon, ensuring each token corresponds directly to the underlying ETF.