Bhutan has taken another decisive step into blockchain innovation with the launch of TER, a sovereign-backed digital token fully collateralized by physical gold reserves.
Issued through the Special Administrative Region of Gelephu Mindfulness City (GMC), the new asset brings a blockchain-native representation of gold onto the Solana network, giving both domestic and international investors on-chain transparency and portable access to a traditionally offline asset class.
A Sovereign Gold Token Built on Solana
The TER token is structured to mirror traditional gold ownership while delivering the speed and efficiency of Solana’s high-performance architecture. DK Bank serves as the exclusive distributor, while Matrixdock provides the underlying tokenization infrastructure that links the physical gold reserves to their digital counterpart. By fully backing the token with physical gold, Bhutan aims to establish a trusted, verifiable form of digital collateral rooted in a widely recognized store of value.
Part of a Larger National Digital Strategy
The launch fits neatly into Bhutan’s broader digital asset roadmap, which has accelerated across several fronts:
- •CBDC Pilot: The Royal Monetary Authority previously partnered with Ripple to test a digital version of the ngultrum.
- •Bitcoin Reserves: Bhutan has accumulated significant cryptocurrency holdings, with earlier disclosures indicating more than $536 million in Bitcoin as part of its strategic reserves.
- •Digital Identity Upgrade: The country is also migrating its National Digital Identity platform to the Ethereum blockchain, a process expected to conclude by early 2026.
These initiatives reflect a deliberate national strategy to integrate blockchain solutions into financial, civic, and technological infrastructure.
A Bridge Between Traditional Wealth and Modern Rails
TER aims to provide an experience similar to traditional gold purchases while offering advantages that conventional markets lack: instant settlement, global portability, transparent collateral verification, and seamless integration with digital wallets. For Bhutan, the token marks a significant milestone in building a modernized financial ecosystem that blends trusted sovereign assets with the efficiency of Web3 infrastructure.
By pairing gold’s stability with Solana’s speed, Bhutan positions itself at the forefront of government-backed tokenization, demonstrating how small states can leverage blockchain to expand economic opportunity and signal technological ambition on a global stage.

