Bhutan just launched a gold-backed digital token on Solana, adding another piece to their surprisingly aggressive blockchain strategy. The token’s called TER, which comes from the Dzongkha word for “treasure,” and each one represents actual physical gold held in custody.
Gelephu Mindfulness City, a special administrative region in Bhutan, issued the token. DK Bank, which is Bhutan’s first digital bank, will handle distribution and custody. Matrixdock is providing the tokenization infrastructure after getting licensed by the Gelephu Mindfulness City Authority back in September.
Musheer Ahmed from Finstep Asia told Decrypt the uptake will probably be limited since it’s for a specific use case in GMC, but it shows Bhutan is serious about aligning with stablecoin ecosystems using gold as a neutral backing asset.
This follows Kyrgyzstan launching USDKG, their own gold-backed national stablecoin worth over $50 million. Monica Jasuja from Emerging Payments Association Asia thinks gold’s just chapter one. Next could be silver, rare stones, or even tokenized cultural or environmental assets since Bhutan treats natural resources as sacred.
Bhutan’s been building up to this for years. They’ve been Bitcoin mining since 2019 using hydroelectric power and now hold 5,984 BTC worth over $536 million, making them the seventh-largest sovereign Bitcoin holder globally.
Conclusion
Bhutan’s gold-backed token launch demonstrates how small nations can leverage blockchain technology for financial innovation, positioning the kingdom as an unexpected leader in sovereign digital asset adoption.
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