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Sui said it has begun supporting trading of XAGm, a tokenized asset backed by physical silver, as the market for real-world assets expands beyond tokenized gold.
On May 12, Sui announced in a post on X that Matrixdock's tokenized silver asset XAGm had started trading on the Sui network.
According to the project, XAGm is an institutional-grade tokenized product backed one-to-one by physical silver bars certified by the London Bullion Market Association, or LBMA.
The tokenized asset market, which has recently centered on gold and government bonds, is now broadening into commodities, market participants say.
"If gold is closer to a store of value, silver has stronger utility in more active financial applications such as trading, lending and collateral," Sui wrote.
The project said XAGm's use could broaden across the decentralized finance ecosystem, including in collateral, liquidity provision and lending markets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
