Bhutan Launches Sovereign Gold-Backed Token on Solana Blockchain
Bhutan has issued TER, a sovereign-backed gold token on the Solana blockchain. The token represents physical gold stored in Gelephu Mindfulness City, with DK Bank serving as the exclusive distributor and custodian. Matrixdock provides the tokenization infrastructure after receiving a Financial Services Licence from the Gelephu Mindfulness City Authority (GMC) in September. Gelephu Mindfulness City Authority issued TER and will oversee its custody. The name TER is derived from the Dzongkha word for "treasure."
TER tokens will be purchasable through DK Bank during the first phase and will be held in institutional custody. DK Bank is regulated by the Royal Monetary Authority of Bhutan. This initiative aligns with Bhutan's broader blockchain push, which includes hydro-powered Bitcoin mining, integration of Binance Pay for tourism crypto payments, and linking the National Digital Identity with Ethereum to enable population-scale verifiable credentials expected to reach over 800,000 citizens by early 2026.
Bhutan also holds 5,984 Bitcoin (BTC) worth over $536 million, making it the seventh-largest sovereign BTC holder, according to Arkham Intelligence data. By comparison, the United States holds approximately 328,369 BTC worth over $29 billion, based on Bitcoin Treasuries data.
Looking ahead, Gelephu Mindfulness City announced plans in January to hold BTC, Ethereum (ETH), and Binance Coin (BNB) as strategic reserves. The partnership with Binance Pay was announced in May, and the full National Digital Identity integration is anticipated by October 2025.
Regionally, Bhutan’s launch of the TER token follows Kyrgyzstan's issuance of USDKG, a gold-backed stablecoin valued at over $50 million, serving as a benchmark in the area. Analysts consider this issuance of gold-backed tokens as "chapter one," with potential to expand into other precious metals like silver or to include tokenized cultural and environmental assets in the future.
