It was as if the nation itself had been waiting for the moment business would begin. The instant trading for TER opened, Bhutanese from all walks of life stepped forward to participate—many of them with little or no prior familiarity with the new digital currency. For most, this was not merely an act of investment. It was a gesture of support for a national initiative and a shared vision for the country’s future. For others, TER represented something more traditional and reassuring: an opportunity to invest in gold, enhance financial security, diversify their assets, and be part of a carefully designed and trusted system.
For a member of the National Assembly (NA), who did not want to be named, investing in TER was an alternative to investing in Gold. “From what I know about TER, it is a token backed by gold and with sovereign backing. It is thus called digital gold and I understand that investment in TER is similar to investment in gold. While you cannot afford to buy gold with the resources we have at hand, I found that it was convenient to buy and invest in TER.” The Member of Parliament (MP) bought 500 TERs, with an investment of about Nu. 61,000. “It is also investment for my children and a way through which I show my solidarity with the country as we go about building the Gelephu Mindfulness City (GMC),” the parliamentarian added.
On the other hand, a senior civil servant believes investing in TER is diversification of investments. “As a student of economics, I began investing in different shares from the day I began to earn, and what I realized was that diversifying investments help a lot. Some give you immediate returns, while others take time,” he said, adding that investment in TER can be both long term and short term. “The value of gold does not decline. As such, I see that the worth of TER will also not decline. Additionally, it is like investing in gold without having to think about a storage or safety facility for your gold. If you want to sell it too, transactions can be done easily.”
For some like Sonam Dorji, a private entrepreneur, it is about being part of the nation and also not being left behind. “Like His Majesty said, it is the responsibility of all Bhutanese to build GMC. And investing in TER is also a way of contributing towards the building of GMC,” Sonam, who acknowledges that he has also invested in the GMC bond said. Further, Sonam does not want his children to question him. “I always ask my parents why they did not invest in shares like the Penden Cement and others. They have no answers. I do not want to see my children doing the same to me.”
Similar to the three, several, Bhutanese have gone ahead investing in TER, with some even showcasing their investment on social media.
Meanwhile, with the unveiling of TER, Bhutan has taken a bold leap and positions Bhutan at the forefront of financial innovation. Named after the Dzongkha word for “Treasure,” TER embodies Bhutan’s philosophy of safeguarding what is precious while boldly advancing into the future. Each TER token represents fractional ownership of physical gold stored securely in reputable vaults around the world, combining the stability of a time-tested asset with the transparency and efficiency of blockchain technology.
TER is designed to democratize access to gold. At roughly US$1.40 per token (based on December 2025 gold prices), investors worldwide can purchase even a single token, making it affordable for retail users. Transactions are fast, seamless, and available 24/7, with on-chain confirmation ensuring transparency and security.
Blockchain technology also reduces intermediaries, keeping fees low for minting, redemption, and transfers. For global investors, TER offers a modern, tax-efficient way to own physical gold digitally.
TER is issued by GMC and distributed by DK Bank, Bhutan’s first licensed digital bank, under the oversight of the Royal Monetary Authority and GMC Authority. This ensures that every token is fully regulated, secure, and legally compliant.
The token is issued on Solana’s enterprise-grade blockchain, chosen for its speed, low cost, and minimal environmental impact, while Matrixdock provides the gold-tokenization technology. Tokens are held in institutional custody, combining safety with easy access for investors.
Phase 1 of TER allows users to purchase tokens directly through DK Bank’s platform, enabling anyone with a digital wallet and verified account to buy, sell, and transfer gold-backed tokens effortlessly.
TER is more than a token; it is a symbol of Bhutan’s pioneering approach to sustainable finance. By bringing physical gold on-chain with full transparency, Bhutan sets a new standard for asset-backed digital currencies, demonstrating that small nations can lead on innovation while remaining grounded in ethical, people-centered values.
With TER, Bhutan has created a bridge between tradition and technology, security and accessibility, gold and blockchain—a model for the world to follow.
TER is not just a token—it is a digital treasure, reflecting Bhutan’s commitment to safeguarding what is precious while preparing confidently for the future.
Sherab Dorji
From Thimphu
