As part of its digital economy development program and its push to build infrastructure for next-generation assets, Bhutan is issuing a sovereign digital token fully backed by the national gold reserve on the Solana blockchain.
Bhutan introduced TER, a sovereign digital token backed by physical gold and issued by the Gelephu Mindfulness City (GMC) administration. According to GMC officials, TER (the Dzongkha word for “treasure”) will become the first digital asset supported by the country’s gold reserve.
The project is designed to set a new standard for tokenized assets backed by real-world value, bridging traditional capital preservation tools with modern technology. TER will be minted on Solana. Matrixdock, part of the Matrixport Group and specializing in commodity asset tokenization, will serve as the project’s technology partner.
DK Bank, Bhutan’s first digital bank regulated by the Royal Monetary Authority (RMA) and the GMC administration, was appointed the sole operator and custodian of TER. At the initial stage, token purchases will be made directly through the bank, with storage handled via an institutional-grade custody system comparable in reliability to buying physical gold from a major financial institution.
TER targets international investors seeking exposure to gold as a protective asset while preferring the advantages of digital ownership: instant transactions, transparent asset provenance, simplified tax considerations, and resilience during market volatility.
GMC representatives noted that the TER launch complements other national digital initiatives. Key achievements include:
Earlier in 2025, Kyrgyzstan’s Ministry of Finance announced plans to issue a state stablecoin backed by part of the country’s gold reserves.