Thailand Taps KuCoin as First Global Exchange for Tokenized Bond Program

Bangkok – Thailand’s Ministry of Finance has appointed KuCoin as the first international crypto exchange to participate in its groundbreaking G-Token initiative, the world’s first publicly offered tokenized government bond program.

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Through its locally regulated arm, KuCoin Thailand, the exchange will manage subscriptions, redemptions, and listings in collaboration with domestic partners XSpring Digital, SIX Network, and Krungthai XSpring. The inaugural issuance, approved in May, totals 5 billion baht (US$153 million) and is designed to widen retail investor access to sovereign debt.
“Our selection as the inaugural global exchange for Thailand's G-Token program stems from our strong regulatory footing in the country. This local presence enabled us to form a strategic consortium with Thai partners, positioning us as a trusted collaborator for the Ministry of Finance's tokenized bond initiative.”

KuCoin spokesperson
Expanding Retail Access to Sovereign Debt

The G-Token bonds are backed 1:1 by the Thai baht, offering fixed rates and enabling participation with small cash amounts, according to Finance Minister Pichai Chunhavajira. The program aims to open sovereign debt markets to everyday investors, offering yields above traditional bank deposits.

While the bonds will initially be listed on licensed Thai exchanges, KuCoin noted that — pending regulatory approval — they may also debut on its global platform, allowing wider participation and secondary market liquidity.

Despite enthusiasm, KuCoin acknowledged ongoing challenges in tokenized assets, particularly in “connecting global liquidity” and building regulators’ confidence through cybersecurity, AML, and KYC safeguards. The exchange framed the program as a model for other governments, combining the reliability of sovereign debt with blockchain efficiency, transparency, and accessibility.

Thailand’s Digital Asset Push

The program is part of Thailand’s wider effort to establish itself as a global hub for digital finance. Earlier this year, the government approved a five-year exemption on capital gains taxes for crypto sales and began consultations on more flexible ICO rules.

Prime Minister Paetongtarn Shinawatra has also signaled support for blockchain adoption, building on proposals from her father, former leader Thaksin Shinawatra, for government-backed stablecoins.
“The G-Token initiative absolutely serves as a template for other governments,” KuCoin added.
By pioneering tokenized sovereign bonds, Thailand is not only expanding financial inclusion at home but also sending a strong signal to global markets. With KuCoin as its first global partner, the initiative could set the tone for how traditional government debt integrates into the digital asset economy worldwide.