Thailand Pioneers Tokenized Government Bonds, Names KuCoin as Key Exchange Partner

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By BlockFlowAug 27, 2025

Thailand has launched the world's first tokenized government bond with a 5 billion baht ($153M) issuance, naming KuCoin as its first global exchange partner and positioning the program as a model for other nations.

Thailand's Ministry of Finance has appointed KuCoin as the first international crypto exchange to join its G-Token initiative, the world's first publicly offered tokenized government bond.

The program, approved in May, debuts with a 5 billion baht (US$153 million) issuance. KuCoin's locally regulated arm will oversee subscriptions, redemptions, and listings in partnership with XSpring Digital, SIX Network, and Krungthai XSpring. A potential listing on KuCoin's global platform remains subject to regulatory clearance.

Designed to widen retail access to sovereign debt, the bonds are backed 1:1 by the baht, offer higher returns than bank deposits, and can be purchased with small amounts of capital.

KuCoin called the G-Token a "template for other governments", combining the security of state-backed bonds with the transparency and efficiency of blockchain. The exchange says it plans to replicate similar real-world asset initiatives in other regulated markets.

Thailand G-Token KuCoin