CMC News

Bhutan Launches Gold-Backed Token on Solana Network

Gelephu Mindfulness City, a special administrative zone of #Bhutan, has announced the launch of TER, a sovereign #gold-backed digital token. The physical gold deposits will be custodied by DK Bank, a digital asset bank regulated by Bhutan's government, and issued on the $SOL network.

Matrixdock serves as the technology partner, responsible for tokenizing the #real-world asset on the blockchain. The tokens will be held in custody at the bank during the first phase, with exact rollout dates still unclear, according to GMC's announcement.

The announcement stated that the purchase of TER tokens is structured to be as secure and familiar as acquiring physical gold from a major financial institution. GMC positions the rollout as a hedge against currency inflation in the digital age and another step in Bhutan's #blockchain adoption strategy.

Bhutan has embraced #cryptocurrency and blockchain technology to modernize the country's payment system and boost tourism. The government aims to position the Himalayan kingdom as a regional cryptocurrency hub through strategic technology adoption.

The country has mined $BTC since 2019 using hydroelectric power. Bhutan holds nearly 6,000 $BTC valued at over $540 million, according to Arkham Intelligence, making digital assets a significant part of national reserves.

GMC announced a digital asset reserve containing $BTC, $ETH, and $BNB in January, which later expanded to include modest sums of meme coins and other altcoins. The diversified holdings reflect the government's commitment to blockchain integration across multiple networks.