SIVR, issued by Robinhood Europe, UAB, is a tokenized-commodities derivative contract that gives onchain price exposure to abrdn Physical Silver Shares ETF, a U.S.-listed commodity-linked exchange-traded product, without conveying ownership of the underlying units [S1][S2][S3].

The token tracks the live price of abrdn Physical Silver Shares ETF (SIVR), with each token corresponding to one underlying unit [S1][S3]. Tokens are displayed in U.S. dollars and bought or sold in euros, and the holder bears a 0.10% foreign exchange fee on each order with no added spreads and no commissions from Robinhood [S4][S3][S5]. If the underlying issues a distribution and eligibility requirements are met, an equivalent cash amount is passed through in euros, free of the foreign exchange fee [S6][S2].

Robinhood Europe, UAB, company code 306377915, is a Lithuanian entity authorized and regulated by the Bank of Lithuania, offering these products under MiFID II as over-the-counter derivative contracts [S2][S1]. Each tokenholder's claim is contractual against Robinhood Europe rather than a right to the hedged units, which are held by a U.S.-licensed institution [S1][S2]. The product is available to eligible retail customers across thirty EU and EEA countries who pass KYC, AML and an appropriateness assessment [S5][S4]. There is no in-kind redemption; holders exit by selling in-app, with a T+1 withdrawal hold, and bear Robinhood's insolvency risk [S4][S1].

Tokens are issued natively on Arbitrum, an Ethereum Layer 2, and are recorded onchain when the derivative contract is entered [S5][S1]. They cannot be transferred to external wallets [S2]. Trading runs in-app from Monday to Saturday around the clock, with orders queued outside those hours, pricing tracks the U.S.-listed instrument, and sell proceeds settle for withdrawal at T+1 [S4][S3][S5].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://robinhood.com/eu/en/support/articles/about-stock-tokens/" },
    { id: "S2", url: "https://robinhood.com/eu/en/support/articles/stock-tokens-faq/" },
    { id: "S3", url: "https://robinhood.com/eu/en/invest/" },
    { id: "S4", url: "https://robinhood.com/eu/en/support/articles/buy-and-sell-stock-tokens/" },
    { id: "S5", url: "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking/" },
    { id: "S6", url: "https://robinhood.com/eu/en/support/articles/corporate-actions-for-stock-tokens/" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized commodities

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Real-world asset (RWA) issuers

Robinhood

abrdn Physical Silver Shares ETF (Robinhood Classic Stock Token) (SIVR) is a token tracking silver, issued by Robinhood through Robinhood Europe, UAB.

Each token tracks one troy ounce of silver and is a synthetic instrument that provides contractual exposure to the reference asset.

Retail investors and professional investors can mint and redeem directly with Robinhood after completing KYC, and holders have a contractual right to redeem, with same- or next-business-day settlement.

Robinhood Europe, UAB is incorporated in Lithuania, is a MiFID II financial instrument, and is supervised by the Bank of Lithuania.

Holder terms are governed by the law of Lithuania.

SIVR has been issued on Arbitrum One as an ERC-20 token since December 2025.

abrdn Physical Silver Shares ETF (Robinhood Classic Stock Token)SIVR