Thailand Moves Toward Launch of World's First Publicly Offered Tokenized Government Bond

Thailand's Ministry of Finance moved closer to launching its G-Token program, the world's first publicly offered tokenized government bond initiative announced in May, as exchange partnerships take shape for the 5 billion baht ($135 million) digital debt offering.

The G-Token, or “Government Digital Bond,” is a tokenized Real-World Asset (RWA) first unveiled by the government in April 2025. It represents a government-backed security issued under Thailand's Public Debt Management Act. Unlike cryptocurrencies, the tokens carry principal and interest repayment guarantees from the Ministry of Finance.

The initiative removes traditional barriers that excluded retail investors from government bond markets through high minimum investment thresholds. By tokenizing the securities, Thailand enables broad participation through digital platforms while maintaining regulatory oversight. Blockchain implementation provides transparency through immutable transaction records, reduces operational costs in issuance workflows, and creates secondary market liquidity opportunities. The digital format also promises greater trading flexibility compared to traditional government bonds.

A consortium led by XSpring Digital and including SIX Network, Krungthai XSpring, and KuCoin Thailand will support the token's subscription, redemption, and trading infrastructure. Global exchange KuCoin announced its participation last week as the first international platform to support the initiative, pending regulatory approval for listing the tokenized bonds on its global marketplace. The exchange will provide technology advisory services and facilitate international market access.