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Bhutan is pushing ahead with 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 link traditional stores of value with blockchain-based finance, an announcement said.
The token will be issued and custodied through DK Bank, which is Bhutan’s first digital bank regulated by the Royal Monetary Authority. During the first phase of the token’s rollout, users will be able to purchase TER directly through DK Bank.
“By issuing gold-backed digital tokens with sovereign branding, we are demonstrating how a crypto-friendly city can welcome responsible innovation while staying rooted in Bhutan’s values of transparency, sustainability, and long-term stewardship,” said Jigdrel Singay, a GMC board director.
The 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 are breaking new ground. Bhutan’s Gelephu Mindfulness City (@gmcbhutan) has launched TER, a sovereign gold-backed digital token powered by @Matrixdock’s industry-leading tokenization technology.
Our team is proud to support the Kingdom in building next-generation… pic.twitter.com/w5Qd4sV2Qu
— Matrixdock (@matrixdock) December 11, 2025
Uptake for the token is expected to be limited since “it is for a specific use case in the GMC,” according to Finstep Asia founder and managing director Musheer Ahmed. Nevertheless, Ahmed still believes that the token’s launch signals Bhutan’s “vision to align with stablecoin ecosystems.”
Bhutan Continues To Build On Its National Blockchain Strategy
The TER token launch builds on Bhutan’s national blockchain strategy. That started back in 2019 when the nation launched its own Bitcoin mining operations using its abundant hydroelectric resources.
Data from Bitcoin Treasuries shows that Bhutan has acquired 5,984 BTC valued at over $541 million at current prices.
In 2025, Bhutan has ramped up its efforts. In May, the government rolled out a national-level crypto payment system that makes it possible for tourists to pay for services such as visas, travel, as well as perform local purchases using various digital assets.
That crypto payment system has gained substantial traction, with over 1,000 vendors now participating on the network.
In October, Bhutan also started migrating its national digital identity system to the Ethereum blockchain. This was a global first for self-sovereign digital IDs.
Bhutan has deepened its blockchain integration with an Ethereum staking initiative as well this year.
Digital Assets Designed To Maintain Value Surge
The TER token launch comes amid a global surge in digital assets designed to maintain stable and predictable value. While 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.
Momentum for the sector received a boost in July when US President Donald Trump signed the GENIUS Act into law, providing regulatory clarity for stablecoins, encouraging major institutions in the US to enter the market.
As a result, the total stablecoin market cap surpassed $300 billion this year, according to DefiLlama, with Tether’s USDT and Circle’s USDC continuing to dominate.
Stablecoin market cap (Source: DefiLlama)
Gold-backed digital tokens have also gained traction, driven in part by rising commodity prices. The tokenized gold market is now valued at more than $4.1 billion, according to CoinGecko, with Tether Gold representing the largest share.
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