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The Bhutan government announces a collaboration with the Solana blockchain to issue the world's first sovereign gold-backed token on the Solana chain on December 17, 2025. The token is called $TER , which means "treasure" in Dzongkha.
The issuance of $TER by Bhutan is a significant experiment in sovereign digital currency, essentially a sovereign issuance backed by physical gold, serving as a blockchain-based monetary certificate. This marks the country's move into the crypto space in a more mature way, no longer just a simple Bitcoin ETF, but the creation of a digital asset aligned with national strategy. Whether successful or not, it is a bold attempt.