The Special Administrative Region of Bhutan, the City of Mindfulness Gelephu (GMC), has introduced the TER token on the Solana blockchain. This digital asset is backed by physical gold held in custodial storage.
DK Bank, the country’s first digital bank regulated by the Royal Monetary Authority, is the exclusive distributor. The technical infrastructure is provided by the Matrixdock platform. The token’s name, TER, is derived from a word in Dzongkha meaning “treasure.”
Initially, the asset can be purchased directly through DK Bank.
The GMC board of directors described the launch as a demonstration of how a crypto-friendly city can implement responsible innovations while preserving traditional values.
Experts have noted that tokenization will allow Bhutan to monetize natural resources without the need for physical extraction and export. In the future, the country may issue tokens backed by silver or other assets.
Previously, Kyrgyzstan implemented a similar project by launching the national stablecoin USDKG, backed by state gold reserves.
Bhutan’s Crypto Strategy
The kingdom is systematically integrating blockchain technologies. Since 2019, the country has been engaged in Bitcoin mining using hydropower resources.
According to Arkham Intelligence, Bhutan holds 5,984 BTC valued at over $536 million, making it the seventh-largest state holder of the world’s first cryptocurrency.
In January, GMC authorities announced plans to include Bitcoin, Ethereum, and BNB in strategic reserves.
In May, the kingdom, in partnership with Binance Pay, introduced crypto payments in the tourism sector.
Back in October, it was revealed that Bhutan will transfer its national digital identification system from Polygon to Ethereum.
