Bhutan Launches Sovereign Gold-Backed Token TER

Gelephu Mindfulness City (GMC) announced today the launch of TER, a physical gold-backed digital token issued with the sovereign backing of the Kingdom of Bhutan. TER, a term derived from the Dzongkha word for “Treasure,” reflects Bhutan's deep-seated heritage of protecting and preserving what is valuable.

Bhutan's gold-backed token TER debuts on Solana

Gelephu Mindfulness City (GMC), a special economic zone within the Kingdom of Bhutan, introduces TER, a Solana-based stablecoin fully backed by physical gold. 

The launch marks the latest chapter in Bhutan’s innovative cryptocurrency strategy and signifies the kingdom’s commitment to seamlessly integrating its cherished traditions with confident strides into the digital future.

GMC aims to become a hub for mindful innovation and responsible technology adoption. As the formal issuer of TER, GMC is establishing a new paradigm for asset-backed digital currencies with the support of a sovereign nation in bringing physical gold into the digital world in a transparent and verifiable way.

Jigdrel Singay, Board of Director of GMC, explains the importance of this release:

As Gelephu Mindfulness City takes shape as a new global hub for mindful innovation, the launch of TER marks a foundational step in building a values-driven digital economy rooted in real-world assets and sovereign trust. 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. Through TER, we aim to set a benchmark for how nations can bridge tradition and cutting-edge technology.

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To ensure the highest level of security and regulated access, GMC has partnered with DK Bank, which will serve as the exclusive distributor and custodian of TER. DK Bank is Bhutan's first digital bank, regulated by the Royal Monetary Authority of Bhutan and Gelephu Mindfulness City Authority.

Tokens will be issued on Solana’s enterprise-grade blockchain infrastructure, chosen specifically for its high speed, low transaction costs and small environmental footprint. Matrixdock has been appointed as the tokenization technology partner, leveraging on its leadership in gold tokenization and institutional-grade infrastructure.

Purchasing TER tokens is structured to be as secure and familiar as acquiring physical gold from a major financial institution. In phase 1 of the rollout, users will purchase TER directly through DK Bank, and the tokens will be held securely in institutional custody.

Bhutan strengthens its position in crypto, Bitcoin (BTC) and RWA segments

Lily Liu, President of Solana Foundation, welcomes the unusual use case that demonstrates the flexibility and performance of Solana as a go-to blockchain for RWAs:

The Solana Foundation is honored that Gelephu Mindfulness City has chosen Solana as the blockchain infrastructure for TER, combining the speed, low cost, and energy efficiency of the network with the security of sovereign, gold-backed reserves. This collaboration showcases how forward-looking nations can leverage Solana’s technology to bring high-quality, asset-backed digital products to a global audience while staying true to their cultural values and regulatory standards.

Bhutan continues to redefine what digital sovereignty means in the 21st century and engages citizens by integrating blockchain technology into public infrastructure. Namely, it became the first nation to anchor its national digital identity system on the Ethereum blockchain in October, enabling nearly 800,000 Bhutanese citizens to verify their identities and securely access public services by 2026.

It also adopted Binance Pay in May for seamless crypto transactions across select merchants and tourism services, being the first country to mine Bitcoin since 2018 and hold Bitcoin in its national reserve.