Token X, DITTO (Thailand), and Siam TC have launched Blu Green Token (BLU), what the companies call the first digital token in Thailand backed by carbon credits from certified mangrove reforestation projects, according to an announcement last week.
Blu Green Token is backed by carbon credits generated from 17,531.04 rai (~28.05 square kilometers) of mangrove forest spanning 15 provinces across Thailand. The underlying carbon credits have been registered with the Thailand Greenhouse Gas Management Organization (TGO), the country's primary carbon registry body. The token offering is priced at THB 1.20 per token, with a total supply of 400 million tokens and a maximum fundraising value of THB 480 million ($14.74 million). The project has a tenor of seven years, with subscription and exchange listing targeted for the third quarter of 2026.
The token was launched through Token X – a subsidiary of Siam Commercial Bank's holding company SCBX – which operates as a licensed ICO portal in Thailand. The project represents the application of Real World Asset (RWA) tokenisation to an environmental asset class – an approach that has gained traction globally as capital markets seek to channel private investment into climate-related projects.
Six financial institutions and digital asset operators were announced as strategic partners at the launch event: InnovestX Securities, Asia Plus Securities, Bluebell Securities, DAOL Securities (Thailand), Maxbit Digital Asset, and Merchant Partners Securities. The involvement of multiple licensed securities firms alongside a digital asset operator reflects an effort to bridge Thailand's traditional capital market distribution channels with the country's developing digital asset ecosystem.
Thailand has been building out its regulatory framework for digital assets since 2018, when the Securities and Exchange Commission (SEC Thailand) introduced rules governing ICO portals and digital asset exchanges. Blu Green Token sits at the intersection of two policy priorities – digital asset market development and carbon market infrastructure – both of which have received increasing regulatory attention in recent years.
The project's fundraising structure sets an implied carbon credit valuation that will be tested by market demand when the subscription window opens. Token X and its partners have not disclosed what portion of the THB 480 million raise will be allocated to forest management versus platform and issuance costs, nor what annual carbon credit generation the 17,531 rai of mangrove forest is expected to produce.
