DMCC launches its first tokenised commodity, a 1,971kg silver bar
Tokinvest, licensed by Dubai's virtual assets regulator, began issuing fractional interests in the bar on 7 September. The metal is worth about $4.18m at the 8 September silver bid.
By The Metals Desk
What changed
Dubai tokenised a silver bar. DMCC launched fractional digital interests in a 1,971kg silver bar on 7 September, the first commodity asset under its tokenisation framework with the emirate's virtual assets regulator.
What it means
- If you trade Dubai bullion: watch the venue, not the bar. Secondary trading opens after the issue.
- If you price silver stock: nothing moves. One bar, 63,369 ounces, sits in a vault.
- What this is not: new silver supply. The metal is locked in custody at Brink's.
Key figures
| Metal valueat the 8 September bid | $4.18m |
|---|---|
| Troy ounces1,971kg of fine silver | 63,369 oz |
| Puritycast in the UAE | 99.9% |
| Bar unveiledDubai Precious Metals Conference | 2025 |
Source: DMCC release · 7 September 2026, 09:49 UTC · metal valued at Kitco's bid, 8 September 2026, 10:04 UTC
The bar is the collateral
One bar, many holders. Tokinvest issues fractional digital interests in the single 1,971kg bar as an Asset-Referenced Virtual Asset, with the tokens deployed on BNB Chain.
Brink's holds it. The physical bar is registered through DMCC Tradeflow, which records possession of commodities stored in UAE facilities, and held by Brink's.
| Role | Party | What it does |
|---|---|---|
| Issuer | Tokinvest | Issues the fractional digital interests |
| Regulator | VARA, Dubai | Licenses the issuance as an Asset-Referenced Virtual Asset |
| Custodian | Brink's | Holds and moves the physical bar |
| Registry | DMCC Tradeflow | Registers possession and ownership of the metal |
| Manufacturer | SAM Precious Metals | Cast the 1,971kg bar in the UAE at 99.9% purity |
| Ledger | BNB Chain | Carries the deployed tokens |
Source. DMCC's own release, published 7 September 2026 at 09:49:40 UTC.
The metal value. of about $4.18m is Carat Capital's arithmetic: 1,971kg is 63,369 troy ounces at 31.1035 grammes an ounce, priced at Kitco's bid of $65.946 on 8 September 2026.
The metal is worth $4.18m
Priced off the board. At 1,971kg the bar carries 63,369 troy ounces. At Kitco's bid of $65.946 on 8 September that is about $4.18m of silver.
The name is the date. SAM Precious Metals cast the bar in the UAE at 99.9% purity, sized to 1971, the year the United Arab Emirates was founded.
Secondary trading has not opened
Issue first, market later. DMCC says regulated secondary-market trading is scheduled to open after the initial issuance, subject to regulatory and platform requirements.
The bar predates the token. It was unveiled at DMCC's Dubai Precious Metals Conference in November 2025, after Guinness World Records recognised it. The token is the new part.
What to watch
- After issuanceThe opening of regulated secondary trading, and the first printed clearing level for the interests.
- 9 SepSilver's next mark, which reprices the bar's collateral.
- Nov 2026DMCC's Dubai Precious Metals Conference, the venue where this bar was first unveiled.
The story so far
- Dubai gives lab-grown its own desk76.9 million carats and 3.1% of the value moved through Dubai.
- Gold sheds $25.10 to $4,403.90Silver at $65.596, the widest fall of four metals.
Go deeper
What would change this call
A second tokenised commodity under the same framework, or a printed secondary-market price for these interests. Either would make this a working venue rather than a single showcase asset.
What an Asset-Referenced Virtual Asset is
Under the rulebook of Dubai's Virtual Assets Regulatory Authority, an Asset-Referenced Virtual Asset is a token whose value is referenced to one or more assets held outside the ledger. Here the reference asset is a single silver bar in a Brink's vault, registered through DMCC Tradeflow, and the tokens represent fractional interests in that bar.
Method
The launch, the parties, the purity and the bar's mass are taken from DMCC's own release, published 7 September 2026 at 09:49:40 UTC in its schema.org datePublished field and fetched at that URL. DMCC publishes no value for the metal. Carat Capital's arithmetic: 1,971kg is 1,971,000 grammes, which at 31.1034768 grammes to the troy ounce is 63,369.1 ounces; at Kitco's bid of $65.946, read at 10:04 UTC on 8 September 2026 and carried on the Carat Capital tape, that is $4,178,940, rounded here to $4.18m. The figure moves with the silver price. It is a valuation of the metal, not of the tokens, which may trade at a premium or a discount to it.