In a bold move to democratize access to government debt instruments, Thailand’s Ministry of Finance is set to issue $150 million worth of digital investment tokens, opening the door for everyday investors to participate in the government bond market.
The initiative, announced by Finance Minister Pichai Chunhavajira and reported by The Bangkok Post on May 13, aims to roll out within the next two months following cabinet approval.
Branded as “G-tokens,” the digital assets will be part of the government’s current budget borrowing framework. While the tokens function as a fundraising tool for the state, they are not classified as debt instruments, clarified Patchara Anuntasilpa, director-general of the Public Debt Management Office.
“One big selling point of the token is that it allows more retail investors to become part of the digital economy,”
said Patchara, noting that with as little as $3, individuals can start investing in what was traditionally a domain reserved for institutional and high-net-worth investors.
Minister Pichai described the issuance as a market test, aimed at providing an alternative investment vehicle that offers better returns than traditional savings options. Current fixed deposit interest rates offered by Thai commercial banks stand at just 1.25% annually—significantly lower than the benchmark rates maintained by the country’s central bank.
Although these tokens will be tradable on licensed digital asset exchanges, they are not cryptocurrencies, and access will be restricted to Thai nationals. Notably, Nirun Fuwattananukul, CEO of Binance Thailand, noted in October 2024 that the Thai crypto landscape is undergoing a significant transition as it pivots from retail to institutional investment.
The digital bond rollout aligns with the Securities and Exchange Commission’s February announcement of a tokenized securities trading system tailored for institutional players. Globally, tokenized bond markets are gaining traction, with analytics from RWA.xyz showing the market now valued at $225 million—a figure that has doubled since January. Meanwhile, tokenized U.S. Treasuries have soared to $6.9 billion in value, marking a 73% increase this year.
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