The recent surge in silver prices is not driven by speculation; it is supported by real supply-side fundamentals. Looking globally, China controls 60%-70% of refined silver production capacity, and starting from January 2026, new export management rules will take effect: only certified enterprises with an annual output of over 80 tons will be allowed to continue exporting. This move directly tightens the global silver supply chain.

The data makes this clearer. Supply-side tightness has persisted for five years, and by 2025, the shortfall is expected to exceed 100 million ounces. COMEX inventories have plummeted by 70% over five years, and China's warehouse stocks have hit their lowest levels since 2015, with some regions able to sustain only 30 days of supply. On the demand side, there has been no slowdown—ranging from industrial applications to safe-haven allocations, silver's popularity continues to rise. Even Elon Musk has tweeted about the risk of supply shortages—enough to demonstrate silver's strategic value in the new era.

This presents a key opportunity for the crypto space. The RWA (Real-World Asset) track has been active for some time; Hong Kong has already launched its first silver tokenization project, allowing ordinary investors to participate in precious metals allocation with lower barriers. In the current environment of hot precious metal markets and capital outflows from crypto, such real asset tokenization products fill a gap—they meet investors' demand for certainty assets and can inject incremental capital into the crypto world. Silver tokenization is not just a technological innovation; it is a crucial bridge connecting traditional commodity markets with the Web3 world.