Thailand and KuCoin to Launch Tokenized Government Bonds

The issuance will amount to 5 billion baht ($153 million).

Thailand’s Ministry of Finance has selected the cryptocurrency exchange KuCoin as its first international partner for the implementation of the G-Token tokenized government bonds program.

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

The local branch of the trading platform will be responsible for the subscription, redemption, and listing of the bonds in collaboration with partners XSpring Digital, SIX Network, and Krungthai XSpring.

Initially, the bonds will be placed on local licensed exchanges. In the future, they may be listed on the global KuCoin platform, pending regulatory approval.

The issuance will amount to 5 billion baht ($153 million). The program aims to expand retail investors’ access to government bonds, which offer a fixed yield higher than bank deposits.

“Our designation as the first global exchange for Thailand’s G-Token program is due to our legal operations and possession of all necessary licenses in the country. We have established a presence in Thailand, partnered with local companies, and as a result, the Ministry of Finance has chosen us as a reliable partner for issuing tokenized bonds,” a KuCoin representative commented to Decrypt.

The exchange entered the Thai market in April.

The digital investment token G-Token was launched in May to raise funds for the country’s budget. KuCoin emphasized that the initiative combines the reliability of government bonds with the efficiency of blockchain and could serve as a model for other governments.

In August, Thai authorities announced the TouristDigiPay initiative, which will allow foreign visitors to convert cryptocurrency into Thai baht for online payments.