Thailand picks KuCoin exchange for G-Token bond pilot
KuCoin announced it would be the first global crypto exchange to support Thailand’s G-Token initiative and said it joined a local consortium. The G-Token program will issue tokenized government bonds worth $150 million in its pilot phase.
KuCoin's locally regulated platform, KuCoin Thailand, will be one of the first licensed exchanges to support subscriptions, redemptions and listings through a consortium that includes XSpring Digital, SIX Network and Krungthai XSpring. The Thai Securities and Exchange Commission licenses KuCoin Thailand to operate in the country.
The bonds will first list on licensed domestic exchanges. KuCoin says a listing on its global platform is subject to regulatory approval. According to the release, the exchange will provide technology advisory services and support secondary-market functions.
KuCoin CEO BC Wong highlighted the exchange's "leadership in RWA adoption" through supporting Thailand's tokenized bond program. A KuCoin spokesperson noted that the exchange's regulated presence in Thailand enabled it to form the local consortium and secure selection as the inaugural global partner.
Thai officials described G-Token as the world's first publicly offered tokenized sovereign bond. The program issues and manages government bonds on blockchain technology to expand access to retail investors while operating under Thailand's existing public debt framework.
G-Token bonds carry government backing through the Public Debt Management Act. The Ministry of Finance guarantees principal and interest payments. The tokenized structure aims to improve transparency and settlement efficiency while enabling secondary-market trading.
The initiative targets smaller investors with lower minimum investments than traditional government bonds. Officials designed the program to streamline settlement and record-keeping through blockchain digitization.
Thai authorities clarified that G-Tokens function as debt instruments within the public borrowing plan rather than as payment cryptocurrencies. The tokens operate under the same regulatory framework as conventional government bonds.
If successful, Thailand would become an early example of a major ASEAN/emerging-market economy offering retail access to tokenized government bonds through both domestic licensed venues and a major global crypto exchange.
Thai officials described G-Token as the world's first publicly offered tokenized sovereign bond. The program issues and manages government bonds on blockchain technology to expand access to retail investors while operating under Thailand's existing public debt framework.
G-Token bonds carry government backing through the Public Debt Management Act. The Ministry of Finance guarantees principal and interest payments. The tokenized structure aims to improve transparency and settlement efficiency while enabling secondary-market trading.
The initiative targets smaller investors with lower minimum investments than traditional government bonds. Officials designed the program to streamline settlement and record-keeping through blockchain digitization.
Thai authorities clarified that G-Tokens function as debt instruments within the public borrowing plan rather than as payment cryptocurrencies. The tokens operate under the same regulatory framework as conventional government bonds.
If successful, Thailand would become an early example of a major ASEAN/emerging-market economy offering retail access to tokenized government bonds through both domestic licensed venues and a major global crypto exchange.
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