Karla Barker 
Metals.io has issued 25,000 copper tokens called xCu, each tied to one kilogram of refined copper held in a warehouse in Hamburg, Germany. The batch covers 25 tonnes and is worth about $366,000 at current prices. It is a small first step for a platform that already offers tokenized uranium, gold, cobalt and nickel.
The company said it wants to test demand before scaling up. Ben Elvidge, head of alternative assets at Trilitech and leader of Metals.io, said the aim is to reach millions of dollars in tokenized copper over the next year. For now, the team is starting small, perhaps to avoid overstating early interest in a niche product.
What holders actually own
Unlike a mining stock or a futures contract, xCu represents metal that has already been refined and stored. Elvidge said holders own a portion of branded copper cathodes in Hamburg. The tokens trade around the clock, and there is no minimum investment for buying them.
Redemption works differently. A holder who wants physical copper needs a suitable storage account and must pass identity and anti-money laundering checks. Each sheet of refined copper weighs about 125 kilograms, so that is the minimum physical redemption amount, Elvidge said.
Archax, a regulated digital asset platform with operations in the U.K., U.S., EU and UAE, acts as trustee. It checks that the copper held in storage matches the number of tokens in circulation.
Copper demand and market context
Copper demand is expected to rise as power grids, electric vehicles and AI data centers expand. S&P Global projects global demand could grow 50% by 2040. That outlook helps explain why tokenization firms are looking at the metal, though it does not guarantee steady investor interest.
Tokenized metals are not new. Tether’s XAUT and Paxos’ PAXG already give buyers exposure to physical gold. Copper is still a smaller market for blockchain-based investment products. Metals.io’s launch also differs from Bridgetower’s $11 billion Arizona copper-gold tokenization project, which involves mineral resources that have not yet been extracted.
A small start for a wider platform
On Metals.io, uranium leads with a market capitalization of about $9.2 million, followed by gold at $4.1 million. Copper’s initial market value already exceeds the combined value of the platform’s nickel, cobalt and rare-earth products, according to the article.
The copper tokens may appeal to buyers who want a direct claim on stored metal without handling logistics themselves. Still, the market is young, and redemption rules, storage checks and regulatory oversight will matter as much as the demand story. For Metals.io, the first 25 tonnes are a test. Whether it becomes a much larger market is an open question.