Bhutan continues to advance its national blockchain strategy by officially launching TER, a state-backed gold Token , on Solana.
Bhutan Token Issuance on Solana blockchain.
On December 12th, Bhutan , a small nation nestled in the Himalayas, continued to surprise the global blockchain community by officially Token Issuance on the Solana blockchain. This is the latest step in Bhutan's strategy to digitize its national assets and boost its cryptocurrency ecosystem, which has been accelerating rapidly over the past two years.
ICYMI: BHUTAN LAUNCHES SOVEREIGN GOLD-BACKED Token ON Solana - PER DECRYPT
— DEGEN NEWS (@DegenerateNews) December 11, 2025
SOURCE: https://t.co/z6yPtErtqt pic.twitter.com/6TvIS20ZPa
The TER gold Token is backed by the Bhutanese government and issued under the GMC framework.
According to Decrypt , Bhutan's first national gold Token , TER, was issued by Gelephu Mindfulness City (GMC), a special administrative region that the Bhutanese government aims to develop into a "blockchain-high-tech zone." TER is fully backed by physical gold held by the state.
- The TER operating system is structured according to a three-tier model to ensure transparency and governance in accordance with national financial standards:
Gelephu Mindfulness City acts as the overall issuing and coordinating authority, establishing the legal framework and operational methods for the Token.
DK Bank , Bhutan's first digital bank licensed by the Royal Family of Bhutan, is the exclusive distributor and custodian responsible for storing the gold collateral and managing Token ownership for users.
Matrixdock , a digital finance platform specializing in Tokenize, provides the entire technical infrastructure for digitizing physical gold on Solana, after receiving a financial license from GMC in September 2025.
- Initially, TER only served within the GMC, similar to an internal testing model, but according to analysts, this move was the first step towards standardizing Bhutan's national asset Tokenize process based on neutral assets such as gold.
According to expert Monica Jasuja, Bhutan could continue to expand into silver, gemstones, natural resources, or cultural assets, leveraging Tokenize to extract value without physically extracting resources, aligning with Bhutan's vision of becoming a green crypto hub.
- Musheer Ahmed, Director of Finstep Asia, commented:
"Although the initial scope of application is limited, Bhutan's choice of gold as collateral for Token clearly demonstrates a long-term vision and lays the groundwork for the sustainable development of the stablecoin and Tokenize ecosystem."
Bhutan possesses a large amount of crypto.
- Prior to launching its national gold Token , Bhutan was emerging as one of the world's largest holders of Bitcoin. The announcement of the TER Token comes as Bhutan accelerates its national blockchain adoption strategy.
According to data from Arkham Intelligence, Bhutan currently owns 5,984 BTC, equivalent to over $536 million, officially placing it in the top 10 countries holding the most Bitcoin. Notably, this amount of BTC was accumulated quietly over many years, primarily through Bitcoin mining using hydroelectric power. Thanks to its cheap and sustainable electricity costs, Bhutan is XEM one of the countries with the lowest BTC mining costs globally.
Statistics on the amount of Bitcoin currently held in Bhutan. Source: Arkham (December 11, 2025)
- Not stopping there, from January 2025, Gelephu Mindfulness City (GMC) also announced plans to include BTC, ETH , and BNB in its strategic reserve portfolio , prioritizing assets with large market Capital and deep liquidation .
- Alongside the project's expansion, Bhutan's blockchain ecosystem is also accelerating rapidly across many sectors. In May 2025, the country integrated Binance Pay into its tourism industry, allowing tourists to pay at over 100 service points using more than 100 cryptocurrencies.
- By October 2025, Bhutan will continue to surprise by becoming the first country in the world to integrate a National Identity System (NDI) onto Ethereum, giving over 800,000 citizens encrypted identities on Ethereum to access government, banking, and educational services.
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