Bhutan’s Gold-Backed TER Token Launches on Solana Blockchain: A Sovereign Digital Asset Play

Bhutan just dropped a sovereign digital asset on-chain—and it's backed by the oldest store of value in the book.

The Himalayan kingdom launched its TER token on the Solana blockchain, directly tethering a national digital currency to physical gold reserves. This isn't a central bank digital currency (CBDC) experiment; it's a tangible asset, digitized.

Why Solana? Speed and scale. The network's high throughput and low transaction costs make it a pragmatic rails choice for a token meant for potential commerce and treasury management—bypassing the slower, costlier legacy of older chains.

The Gold Standard, Reloaded

Forget algorithmic stablecoins. TER's value proposition is brutally simple: each token is backed by physical gold held by the Royal Monetary Authority of Bhutan. It's a digital claim on a vaulted asset, merging ancient monetary logic with decentralized settlement.

This move positions Bhutan—a nation famously measuring Gross National Happiness—as an unlikely pioneer in asset-backed sovereign finance. It's a hedge against currency volatility and a direct tap into global liquidity pools, all without asking permission from traditional financial gatekeepers.

A Provocative Signal to the Market

The launch cuts through the noise of memecoins and speculative vaporware. A nation-state is using public blockchain infrastructure to issue a real asset. That validates the technology's utility for institutional-grade finance, not just retail gambling.

It also throws a subtle jab at the traditional gold market—often opaque, cumbersome, and controlled by a handful of financial centers. Now, a portion of Bhutan's reserves is just a wallet address away, 24/7.

The Cynical Take

Of course, the finance world will watch with a skeptical eye. Does this create a more efficient gold market, or just another layer of financialization for asset managers to slice, dice, and sell fees on? Time will tell if the token trades at a premium to its metal backing or gets dragged into the next crypto liquidity crunch—proving once again that you can put gold on a blockchain, but you can't blockchain out human greed.

Bhutan's TER token is live. It's a bold, tangible step toward a future where national assets live on-chain. Whether Wall Street sees it as an innovation or just a new shiny toy to securitize is the next chapter.

TLDR

• Bhutan launched TER, a gold-backed digital token on Solana through Gelephu Mindfulness City, with each token representing physical gold held in custody
• DK Bank, Bhutan’s first licensed digital bank, will distribute and custody the tokens, with Matrixdock providing tokenization infrastructure
• The launch follows Kyrgyzstan’s USDKG gold-backed stablecoin worth over $50 million, showing a trend of smaller nations issuing asset-backed digital currencies
• Bhutan holds 5,984 BTC worth over $536 million, making it the seventh-largest sovereign Bitcoin holder globally
• The country has integrated crypto across multiple sectors including Bitcoin mining since 2019, tourism payments with Binance Pay, and national digital identity on Ethereum

Bhutan introduced TER, a gold-backed digital token on Solana’s blockchain on Thursday through Gelephu Mindfulness City. Each token represents physical Gold held in custody by DK Bank.

JUST IN: BHUTAN LAUNCHES GOLD-BACKED TOKEN ON SOLANA

Bhutan is rolling out $TER, the FIRST sovereign-supported, physical gold-backed digital token on #Solana, this Dec. 17. pic.twitter.com/SsWyv441My

— Coin Bureau (@coinbureau) December 11, 2025

The name TER comes from the Dzongkha word for treasure. Gelephu Mindfulness City is a special administrative region in Bhutan designed to attract global investment using digital assets.

DK Bank will serve as the exclusive distributor and custodian for the token. The bank is Bhutan’s first digital bank regulated by the Royal Monetary Authority.

Matrixdock provides the tokenization infrastructure for the project. The digital asset financial services platform received a Financial Services License from Gelephu Mindfulness City Authority in September.

During the first phase, investors can purchase TER directly through DK Bank. The tokens will be held in institutional custody.

Gold-Backed Token Trend Emerges

The launch comes days after Kyrgyzstan unveiled USDKG, a gold-backed national stablecoin. The stablecoin is valued at over $50 million and backed by state gold reserves.

Jigdrel Singay, Board of Directors of GMC, said the token demonstrates how a crypto-friendly city can welcome innovation while staying rooted in Bhutan’s values. These values include transparency, sustainability, and long-term stewardship.

Musheer Ahmed, founder of Finstep Asia, noted the token will have limited uptake given its specific use case in GMC. However, he said it signals Bhutan’s vision to align with stablecoin ecosystems using gold as a neutral asset.

Bhutan’s Bitcoin Holdings and Mining

Bhutan holds 5,984 BTC valued at over $536 million. This makes it the seventh-largest sovereign Bitcoin holder globally according to Arkham Intelligence data.

The United States ranks first with 328,369 BTC valued at over $29 billion. bitcoin Treasuries data shows this ranking among countries holding Bitcoin.

Bhutan’s crypto strategy began with Bitcoin mining operations launched in 2019. The mining uses the nation’s abundant hydroelectric resources for power.

Digital Asset Strategy Expands

In January, Gelephu Mindfulness City announced plans to hold Bitcoin, Ethereum, and Binance’s BNB as strategic reserves. The city prioritizes assets with high market capitalization and DEEP liquidity.

In May, Bhutan partnered with Binance Pay to enable crypto payments across tourism services. The integration supports over 100 cryptocurrencies and more than 100 local merchants.

Two months ago, Bhutan integrated its National Digital Identity platform with Ethereum. The kingdom became the first country to anchor population-scale identity systems on a public blockchain.

Over 800,000 citizens are expected to gain access to cryptographically verifiable credentials by early 2026. Monica Jasuja, Chief Expansion and Innovation Officer at Emerging Payments Association Asia, suggested future tokenization could include silver, rare stones, or cultural assets.