Thailand Steps Closer to Debut of Publicly Traded Tokenized Government Bonds

Announcement Made for 5 Billion Baht Digital Debt Program Partnerships in April

, and Administrator

2025 September 14 . 7:19 PM

2 min read

Thailand Approaches Issuance of the World's Initial Publicly Traded Tokenized Government Bonds

Thailand Steps Closer to Debut of Publicly Traded Tokenized Government Bonds

The Thai government has taken a significant step forward in its digital economy strategy with the introduction of the G-Token, the world's first publicly offered tokenized government bond initiative. Unveiled in April 2025, this Real-World Asset (RWA) is set to revolutionise the bond market.

The G-Token, a government-backed security issued under Thailand's Public Debt Management Act, is based on blockchain technology. This digital format not only provides transparency through immutable transaction records but also creates secondary market liquidity opportunities, offering greater trading flexibility compared to traditional government bonds.

The implementation of blockchain technology in the G-Token program reduces operational costs in issuance workflows. A consortium led by XSpring Digital, SIX Network, Krungthai XSpring, and KuCoin Thailand will support the token's subscription, redemption, and trading infrastructure.

Last week, global exchange KuCoin announced its participation in the G-Token initiative, pending regulatory approval for listing the tokenized bonds on its global marketplace. In addition to this, KuCoin will provide technology advisory services and facilitate international market access for the G-Token program.

The digital debt offering for the G-Token is for 5 billion baht ($135 million). The G-Token carries principal and interest repayment guarantees from the Ministry of Finance, ensuring a secure investment for potential investors.

The G-Token program allows for broad participation through digital platforms while maintaining regulatory oversight. By removing traditional barriers for retail investors in government bond markets, such as high minimum investment thresholds, the G-Token initiative promises to open up these markets to a wider audience.

The Thailand Ministry of Finance is moving closer to launching the G-Token program. First announced in May, the program is part of the Thai government's digital economy strategy. The international exchange that first announced it would list the tokenized shares of Thai government bonds on the global marketplace after regulatory approval is the cryptocurrency exchange KuCoin. The exchange partnerships for the G-Token program are taking shape, marking a significant milestone in the digital transformation of the Thai bond market.