Bhutan, a nation previously recognized for its significant Bitcoin (BTC) holdings, is now making headlines with a new initiative in the digital asset space. The country has announced the launch of its gold-backed token, TER, on the Solana (SOL) blockchain.
According to reports, Bhutan has officially launched TER, a token backed by physical gold, on the Solana blockchain. This development marks a new direction for the country's engagement with blockchain technology.
Gelephu Mindfulness City and DK Bank Partnership
The TER token will be introduced through Gelephu Mindfulness City, a designated special administrative region within Bhutan. The token's backing will be in the form of physical gold.
The custody and distribution of TER will be managed by DK Bank, which is noted as Bhutan's first licensed digital bank. Initially, investors will have the opportunity to purchase TER directly through DK Bank.
TER: Bridging Traditional Value and Blockchain Finance
TER is designed to function as a novel connection point between traditional methods of storing value and the burgeoning world of blockchain-based finance. The token aims to provide a seamless integration for investors.
The stated objective of TER is to offer an investment experience that mirrors traditional gold investments, while simultaneously incorporating the advantages of global accessibility and digital custody features inherent in blockchain technology.
Solana's Role in TER's Launch
The decision to issue the gold-backed TER on the Solana (SOL) blockchain was made to leverage the network's capabilities. Specifically, Solana was chosen for its noted benefits in transaction speed and scalability, which are crucial for efficient digital asset operations.