Bhutan launches gold-backed TER token on Solana blockchain

Bhutan continues its national blockchain strategy with the launch of TER, a gold-backed sovereign token built on the Solana blockchain.

The token is issued by the Gelephu Mindfulness City (GMC) Special Administrative Region and is designed to connect traditional stores of value with blockchain-based finance, a statement said.

The token will be issued and maintained by DK Bank, which is Bhutan’s first digital bank regulated by the Royal Monetary Authority. During the first phase of the token’s deployment, users will be able to purchase TER directly through DK Bank.

“By issuing gold-backed digital tokens with a sovereign brand, we are demonstrating how a crypto-friendly city can host responsible innovation while remaining anchored in Bhutan’s values ​​of transparency, sustainability and long-term stewardship,” said Jigdrel Singay, director of the GMC Board of Directors.

Digital asset financial services platform Matrixdock, which received the financial services license from the Gelephu Mindfulness City Authority in September, will provide the tokenization infrastructure for the project.

🇧🇹 We innovate. The mindfulness town of Gelephu in Bhutan (@gmcbhutan) launched TER, a gold-backed sovereign digital token powered by @MatrixdockIndustry-leading tokenization technology.

Our team is proud to support the Kingdom in building the next generation… pic.twitter.com/w5Qd4sV2Qu

– Matrixdock (@matrixdock) December 11, 2025

Adoption of the token is expected to be limited as “it is intended for a specific use case in GMC,” according to Finstep Asia founder and managing director Musheer Ahmed. Nonetheless, Ahmed still believes the token launch signals Bhutan’s “vision to align with stable ecosystems.”

Bhutan continues to build on its national blockchain strategy

The launch of the TER token builds on Bhutan’s national blockchain strategy. It started in 2019, when the country launched its own Bitcoin mining operations using its abundant hydropower resources.

Data from Bitcoin Treasuries shows that Bhutan acquired 5,984 BTC worth over $541 million at current prices.

In 2025, Bhutan intensified its efforts. In May, the government rolled out a nationwide crypto payment system that allows tourists to pay for services such as visas, travel, as well as make local purchases using various digital assets.

This crypto payment system has grown in popularity, with over 1,000 providers now participating in the network.

In October, Bhutan also began migrating its national digital identity system to the Ethereum blockchain. This was a world first for autonomous digital identifications.

Bhutan has also deepened its blockchain integration with an Ethereum staking initiative this year.

Digital assets designed to keep value rising

The launch of the TER token comes amid a global rise in digital assets designed to maintain a stable and predictable value. Although TER is backed by gold rather than a fiat currency, it can be seen as part of a broader trend toward tokenized stores of value and stablecoins.

The sector’s momentum was boosted in July when US President Donald Trump signed the GENIUS Act into law, which clarifies the regulation of stablecoins and encourages large US institutions to enter the market.

As a result, the total stablecoin market capitalization exceeded $300 billion this year, according to D.efiLlama, with Tether’s USDT and Circle’s USDC continuing to dominate.

Stablecoin market capitalization (Source: ChallengeLlama)

Gold-backed digital tokens have also gained traction, driven in part by rising commodity prices. The token gold market is now valued at over $4.1 billion, according to CoinGeckoTether Gold representing the largest share.

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