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 link traditional stores of value with blockchain-based financing, an announcement said.
The token will be issued and held through DK Bank, Bhutan’s first digital bank regulated by the Royal Monetary Authority. During the first phase of the token 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 remaining rooted in Bhutan’s values of transparency, sustainability and long-term stewardship,” said JGDrel Singay, Chairman of GMC.
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. Bhutanese Gelephu Mindfulness City (@gmcbhutan) has launched TER, a gold-backed digital token powered by @Matrixdock’s 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 for a specific use in the GMC,” said Finstep Asia founder and managing director Musheer Ahmed. Nevertheless, Ahmed still believes that the launch of the token is a sign of Bhutan’s “vision to adapt to the stablecoin ecosystems.”
Bhutan continues to build on its national blockchain strategy
The launch of the TER token builds on Bhutan’s national blockchain strategy. That started in 2019 when the country launched its own Bitcoin mining operations using its abundant hydropower resources.
Facts from Bitcoin Treasuries shows that Bhutan has acquired 5,984 BTC worth over $541 million at current prices.
In 2025, Bhutan has stepped up its efforts. In May, the government rolled out a national-level crypto payment system that allows tourists to pay for services such as visas and travel, as well as make local purchases using various digital assets.
That crypto payment system has gained significant traction, with more than 1,000 vendors now participating in the network.
In October, Bhutan also began migrating its national digital identity system to the Ethereum blockchain. This was a global first for self-sovereign digital IDs.
Bhutan has also deepened its blockchain integration this year with an Ethereum staking initiative.
Digital assets designed to sustain appreciation
The launch of the TER token comes amid a global wave of 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 towards tokenized stores of value and stablecoins.
Momentum for the sector was boosted in July when US President Donald Trump signed the GENIUS Act into law, providing regulatory clarity for stablecoins and encouraging large institutions in the US to enter the market.
As a result, the total stablecoin market capitalization exceeded $300 billion this year, according to DefiLama, with Tether’s USDT and Circle’s USDC continuing to dominate.
Market capitalization of Stablecoin (Source: DefiLlama)
Gold-backed digital tokens have also gained popularity, driven in part by rising commodity prices. The tokenized gold market is now valued at over $4.1 billion. according to Coin geckowith Tether Gold representing the largest share.
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