Tokenized Silver: KAG, COMEX Drawdown and the 2026 Trust Score
The physical silver market is tightening at the deliverable margin, and that is the right lens for anyone evaluating tokenized silver. According to CME COMEX warehouse data, as of September 28, 2026, COMEX silver vaults held 332.9 million troy ounces, of which 96.3 million were registered (deliverable) and 236.6 million eligible, with total stocks up just 0.3 million ounces from the prior report. The headline figure that matters is the deliverable one, and it is shrinking.
RWTS is not bullish or bearish on silver, gold, or any token. We are the credit-rating agency for tokenized real assets. We rate. You decide.
The physical reality: registered silver below 100 million ounces
Registered metal (the ounces actually warranted to settle a futures contract) has drained through the September delivery month. Registered silver stood at 96.3 million ounces on September 28, 2026, versus 99.3 million on August 28, a 30-day decline of 3.0 million ounces, or 3%. On a slightly earlier read, that put COMEX registered silver inventory below the 100-million-ounce mark, at 96,282,969 ounces as of September 25.
Why it matters: registered silver is the deliverable float, and delivery activity has been heavy. Deliveries over the trailing 30 days ran to 2,872 contracts, about 14.36 million ounces. The vault operators behind this metal are the familiar names, major vault operators like JP Morgan, Brink's, and HSBC. If registered stock keeps drawing while eligible stays warranted-off, the deliverable cushion thins. That is the mechanism that makes physical ownership, and its tokenized, allocated equivalents, worth understanding now.
The RWTS Trust Score angle: KAG leads tokenized silver
When you want ounces on a ledger rather than a warehouse receipt, KAG is the primary. KAG (Kinesis Silver) carries an RWTS Trust Score of T1 (90/100), the highest-rated tokenized silver product we cover. Each KAG represents one ounce of allocated, audited physical silver, redeemable for metal. See the live rating on the KAG directory page.
Be explicit about what that ranking means: KAG is highest-rated, not biggest. The larger tokenized precious-metals products by market cap sit in gold, not silver, and KAG's edge is on allocation, redeemability and audit posture rather than scale. Its gold sibling, KAU (Kinesis Gold), matches it at T1 (90/100) (see KAU) and the pair are the two highest-rated tokenized metals we track.
Circulation is verifiable rather than asserted. The Kinesis explorer at explorer.kinesis.money delivers live data on token circulation and movements, built around a customized fork of Stellar with separate ledgers for KAU and KAG, focused narrowly on supply integrity. The most recent published ledger figures we could date show approximately 2,586,188 KAU (about 2.586 metric tons of gold) and 3,753,096 KAG (roughly 3.753 million ounces of silver) as of mid-March 2026. Confirm the live number on the explorer before you allocate, that is the point of an audited, on-ledger product.
How allocated tokenized silver actually works
An allocated tokenized silver product is a redeemable claim on specific, vaulted ounces:
- Deposit and mint. Metal is deposited into an audited vault; a matching quantity of tokens is minted 1:1 against it.
- Attestation. Independent audits confirm the vaulted bullion matches circulation, and the explorer lets holders verify supply between audits.
- Redemption. Tokens can be returned for physical metal, which retires them from circulation. Redeemability is what separates an allocated holding from a paper claim.
The RWTS methodology weighs each of these (custody quality, audit cadence, redemption mechanics and issuer transparency) to produce the Trust Score. A product can track the silver price perfectly and still score poorly if the metal behind it is not clearly allocated and audited.
Tokenized silver augments physical, it does not replace it
The correct framing for a stacker is additive. Vaulted, allocated silver remains the base; tokenization layers on instant transfer, fine divisibility and onchain verification. The trade-off you accept is issuer and custody risk in exchange for ledger convenience, which is exactly the risk the Trust Score is built to measure.
For the same analysis applied to Kinesis silver's rating drivers in depth, see our tokenized silver KAG Trust Score guide. For the underlying category hub, see tokenized silver.
The bottom line
COMEX registered silver has fallen below 100 million ounces, down about 5% on some 30-day reads, while eligible stock stays warranted-off, a picture of a tightening deliverable float, not a collapse. Against that backdrop, if you want silver ounces represented on a ledger, KAG leads our Trust Score at T1 (90/100), ahead of the larger-by-cap gold-side and lower-scored alternatives across tokenized metals.
We do not tell you whether to own silver. We rate the tokens that claim to represent it. We rate. You decide.
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