wtSIVR, issued by S1 Issuer GmbH and tokenized by SARK X (BVI) Ltd, is a tokenized commodity-ETF claim that gives holders onchain economic exposure to the abrdn Physical Silver Shares ETF (SIVR) through an ERC-4626 wrapper around a primary token [S1][S2][S3].

Each token tracks the price of the abrdn Physical Silver Shares ETF (SIVR), with supply bridged in real time from stock markets and price alignment maintained by arbitrageurs who create and redeem tokens via the Core Bridge [S1][S2]. Each token is an unsecured contractual claim on the issuer, which states it holds a corresponding position with a regulated broker such as Charles Schwab for its own account as a hedge, not on trust for holders and not pledged or segregated for them [S1][S2]. Holders bear trading fees, gas costs, and potential withdrawal fees [S2].

Two entities operate the structure. S1 Issuer GmbH issues the tokenized equities and manages custody of the underlying shares via a regulated broker, while SARK X (BVI) Ltd, a British Virgin Islands business company with registered office at Craigmuir Chambers, Road Town, Tortola, operates the website and the decentralized matching and execution engine under British Virgin Islands law [S2][S3][S4]. Holders are unsecured contractual creditors of the issuer, and the tokens carry a contractual right of exchange [S1][S2]. Users must be 18 years or older, regional restrictions apply at token issuance, and the service is non-custodial, with users controlling assets in smart-contract vaults [S2][S3].

The product operates on Base Mainnet with USDC trading pairs, accessed through a DeFi wallet such as MetaMask or WalletConnect [S1][S2]. Users submit intent-based orders onchain that solvers execute when matched with liquidity, while arbitrageurs mint and redeem tokens through the Core Bridge to align offchain and onchain prices [S2].

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    { id: "S1", url: "https://www.st0x.io/" },
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Tokenized commodities

Users connect a wallet and trade tokenized equities directly on-chain on Base. Each token is described as 1:1 collateralised by the underlying stock with a legal right of exchange; liquidity is bridged real-time from public stock markets, enabling 24/7 trading.

st0x is a tokenized equities platform that issues on-chain tokens representing 1:1 claims on listed stocks (e.g., wtNVDA). It operates on Base and positions its tokens as DeFi-composable representations of underlying public equities.

Operated by SARK X (BVI) Ltd, a company registered in the British Virgin Islands. The site states the platform was built by people with prior experience at firms including Holo, Microsoft, Nasdaq, NYSE, and ICE.

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Real-world asset (RWA) issuers

st0x

st0x Wrapped abrdn Physical Silver Shares ETF (wtSIVR) is a token tracking silver, issued by st0x through S01 Issuer GmbH.

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

Holders rank as unsecured creditors of the issuer in insolvency.

Holders can mint and redeem directly with st0x after completing KYC, and holders have a contractual right to redeem, with monthly settlement.

S01 Issuer GmbH is incorporated in Germany, is offered under an EU-approved prospectus, and is supervised by the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Germany.

wtSIVR has been issued on public blockchains since February 2026 and is native to Base, Ethereum, HyperEVM, and Robinhood Chain.

st0x Wrapped abrdn Physical Silver Shares ETFwtSIVR

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