Bhutan Launches Gold-Backed Digital Token TER on Solana Blockchain

The Kingdom of Bhutan will launch TER, a sovereign digital token backed by physical gold reserves, on the Solana blockchain. The launch is scheduled for December 17, 2025.

TER represents one of the first instances of a nation-state using public blockchain infrastructure to digitize its sovereign wealth.
The project is announced by Gelephu Mindfulness City and involves DK Bank and Matrixdock technology.
DK Bank, Bhutan's first licensed digital financial institution, will manage the distribution and custody of the token.
Matrixdock provides the technology for the tokenization of real-world assets.
Solana was chosen due to its high throughput and low transaction costs. The price of SOL remained stable, trading at $137.34 (+3.74% in the last 24 hours).

This initiative is part of Bhutan's strategy to modernize its economy and financial infrastructure, having previously explored a CBDC with Ripple and engaged in Bitcoin mining.

Institutional Implications

Tokenizing gold reserves on a public blockchain sets a significant precedent for government-level finance.
The initiative serves as a test for the security and reliability of public ledger technology.
Financial institutions will monitor regulatory responses and the custodial arrangements with DK Bank.
Success could inspire other small nations to enhance liquidity and accessibility of sovereign assets.
Choosing Solana highlights confidence in its performance and stability for institutional applications.