On August 27, 2025, Thailand’s Ministry of Finance announced that it would be officially launching its G-Token program. This is the world’s first publicly offered tokenized government bond that will be supported by KuCoin, the global cryptocurrency exchange. This will be enabled through its locally licensed arm, KuCoin Thailand.
KuCoin Thailand will form a consortium alongside XSpring Digital, SIX Network, and Krungthai XSpring to handle subscriptions, redemptions, and listing of these digital bonds.
Historic first for Thailand ????????
The G-Token is the world’s first publicly offered tokenized government bond, backed by the Ministry of Finance. Proud to be the first global crypto exchange to support this breakthrough alongside @KuCoinThailand. pic.twitter.com/dpuYJ9FWe2— KuCoin (@kucoincom) August 27, 2025
5 billion baht tokenized bond aims to expand retail access
The G-Token initiative introduces Thailand’s first publicly offered sovereign bonds in token form, with an initial issuance of 5 billion baht or around $153 million. The program, issued under Thailand’s Public Debt Management Act, provides government-backed repayment of principal and interest. The program hopes to leverage blockchain to offer transparency, efficiency, and inclusion for retail investors.
“Our high degree of IT Compliance, Risk Control and Security Infrastructure ensures KuCoin Thailand be the go-to partner for Global RWA initiatives connecting with traditional finance and global capital markets,” said Henry Chen, Authorised Director of KuCoin Thailand.
The initial issuance of 5 billion baht, aims to tap into broader liquidity and financial inclusion. KuCoin’s licensed Thai arm will manage domestic operations, while a potential global listing on KuCoin’s main platform awaits regulatory approval.
For investors, this is a new avenue to explore. Blockchain lowers costs, speeds up issuance, boosts transparency, and enables fractional investing, all of which is possible along with government-backed security.
Global trends in real-world asset (RWA) tokenization
Beyond Thailand, several countries have explored tokenized bonds with blockchain. For instance, Germany’s NRW.BANK issued a €100 million two-year crypto security under the Electronic Securities Act. Swiss financial infrastructure provider SIX successfully issued a CHF 250 million digital bond.
Meanwhile, the World Bank and Lugano have also conducted tokenized bond experiments. Compared to these institutional-only offerings, Thailand’s G-Token notably opens up sovereign debt to individual investors. It places the country as a fintech leader and could guide other governments on using blockchain for public finance.