$WTIC: California Startup Launches Ethereum Token Backed by Physical Oil Barrels

A California-based startup called Energy Substantiation is launching a new token on the Ethereum blockchain that represents ownership of physical oil barrels. The $WTIC token will be pegged to the daily West Texas Intermediate crude oil price and backed by independently verified energy receipts.

Minting a $WTIC token requires a USDC deposit plus a 0.10% fee, and each token is substantiated by Volumetric Energy Receipts held by an independent custodian. Token holders can redeem their $WTIC daily for either USDC or physical crude oil delivery.

The company claims zero tracking errors against the WTI benchmark price, avoiding the rollover costs associated with commodity ETFs like the United States Oil Fund (USO). Energy Substantiation also plans to launch tokens backed by Henry Hub natural gas and Brent crude in Q3 2026.