Thailand Tokenization & Digital Asset Securities Market Intelligence
Cumulative regulated tokenized-asset issuance crossed THB 5B in 2025 led by G-Token sovereign bonds and Token X RealX, with the SEC's three-year plan, the Securities Act electronic-securities amendment, and the BoT Programmable Payment Sandbox setting up tokenized equities and a THB stablecoin in 2026-2027.
Key takeaways
- 1
Thailand has Asia's clearest end-to-end tokenized-securities stack: SEC-licensed ICO portals (Token X, Kubix, XSpring Digital, KrungthaiCOIN), a tokenized sovereign bond (G-Token), licensed secondary venues (TDX, InnovestX, Bitkub, Orbix), and a BoT programmable-payment sandbox graduating THB-pegged stablecoins.
- 2
G-Token, the world's first publicly offered tokenized government bond, debuted in 2025 with a initial issuance and a retail minimum, executed via a five-portal consortium (Kubix, Token X, XSpring Digital, SIX Network, Krungthai XSpring) and listed on KuCoin Thailand.
- 3
Token X (SCBX) is the clearest commercial leader by cumulative regulated issuance (over ): RealX condo-backed token, NOBLX cross-border European wine token, and G-Token participation. XSpring Digital anchors the property track via SiriHub and SiriHub2 ( raised).
- 4
The Securities and Exchange Act electronic-securities amendment received Cabinet approval in June 2025, creating the legal pathway for SET tokenized equities. SEC's 2025-2027 strategic plan commits to a DLT-based digital-token trading platform; SET-ICE MoU stages tokenized carbon credits.
- 5
Our read: Thailand has chosen the regulated, retail-democratization lane (G-Token floor, RealX multi-exchange secondary) rather than Singapore's institutional-only Project Guardian or Hong Kong's licensing-heavy approach. The structural variable in 2026-2027 is whether THB stablecoin graduation lets the stack settle entirely onshore in baht.
Executive summary
Thailand crossed in cumulative regulated tokenized-asset issuance during 2025, an order-of-magnitude step up from the annual run-rate of 2022-2024. The catalyst was the Ministry of Finance's G-Token, the world's first publicly offered tokenized government bond, issued in September 2025 via a five-portal consortium (Kubix, Token X, XSpring Digital, SIX Network, Krungthai XSpring) with KuCoin Thailand as the exchange listing venue. G-Token's retail minimum (versus traditional government-bond minimums measured in tens of thousands) signalled an explicit policy decision: Thailand will democratize sovereign-debt access through tokenization, not gate it behind institutional-only rails.[, , ]
On the commercial side, Token X (SCBX subsidiary) has built the deepest cumulative track record at over across RealX (Park Origin condo-backed investment token, Thailand's first multi-exchange real-estate token, listed on TDX, Bitkub, and InnovestX), NOBLX (Thailand's first regulated cross-border niche-asset tokenization, European fine wine), and G-Token participation. XSpring Digital anchors the property track through SiriHub (Sansiri Siri Campus office, raised in 2022) and SiriHub2 ( closed in 2025). Kubix Digital Asset, KrungthaiCOIN, and SIX Network round out the regulated ICO portal tier with smaller volumes but G-Token consortium participation.[, , ]
The regulatory architecture matured sharply in 2025: the Cabinet approved a Securities and Exchange Act amendment introducing electronic securities (the legal pathway for SET-listed tokenized equities), the SEC published a three-year strategic plan committing to a DLT-based digital-token trading platform, the BoT expanded the Programmable Payment (Stablecoin) Sandbox into a rolling regime in December 2025, and the SET-ICE MoU staged tokenized-carbon-credit infrastructure. USD-stablecoin onshore trading received SEC approval; capital-gains tax on crypto trading was waived 2025-2029. Outstanding open questions: which THB stablecoin will graduate first from the BoT sandbox, and which listed company will be the first SET tokenized-equity pilot once the electronic-securities amendment is enacted.[, , , ]
Cumulative regulated tokenized-asset issuance (THB billion, 2022-2026E)
2022
Issuance (THB B)
2.4
Context
SiriHub Token (Sansiri Siri Campus office); first SEC-approved real-estate-backed investment token
2023
Issuance (THB B)
0.6
Context
RealX (Park Origin condo-backed) and smaller asset-backed tokens via Token X
2024
Issuance (THB B)
1.1
Context
Carbon-credit tokens, structured-debt investment tokens; institutional demand normalises
2025
Issuance (THB B)
5.0
Context
G-Token $144.9M sovereign bond plus SiriHub2 $72.2M real-estate refinance
2026E
Issuance (THB B)
8.5
Context
Estimate: G-Token follow-on, NOBLX cross-border pipeline, first SET tokenized-equity pilot
| Year | Issuance (THB B) | Context |
|---|---|---|
| 2022 | 2.4 | SiriHub Token (Sansiri Siri Campus office); first SEC-approved real-estate-backed investment token |
| 2023 | 0.6 | RealX (Park Origin condo-backed) and smaller asset-backed tokens via Token X |
| 2024 | 1.1 | Carbon-credit tokens, structured-debt investment tokens; institutional demand normalises |
| 2025 | 5.0 | G-Token $144.9M sovereign bond plus SiriHub2 $72.2M real-estate refinance |
| 2026E | 8.5 | Estimate: G-Token follow-on, NOBLX cross-border pipeline, first SET tokenized-equity pilot |
Asset-class mix of regulated tokenization activity (% of cumulative issuance through Q1 2026)
Tokenized government bonds (G-Token)
Corporate debt and structured investment tokens
Tokenized carbon and ESG credits
Share %
9%
Notes
Kubix Coupons; T-VER carbon credits; SET-ICE MoU pipeline
Niche, cross-border, luxury assets
Share %
7%
Notes
NOBLX European wine; gold and solid-state asset tokens in pipeline
Stablecoin pilot float (BoT sandbox)
Share %
6%
Notes
SCB 10X, KBank, Ascend Bit THB-pegged cohorts; pre-graduation
| Asset class | Share % | Notes |
|---|---|---|
| Tokenized government bonds (G-Token) | 36% | MoF PDMO sovereign; consortium-issued; KuCoin Thailand listed |
| Real estate investment tokens | 28% | SiriHub, SiriHub2 (XSpring); RealX (Token X) |
| Corporate debt and structured investment tokens | 14% | SCB-debt-backed and structured products via Token X |
| Tokenized carbon and ESG credits | 9% | Kubix Coupons; T-VER carbon credits; SET-ICE MoU pipeline |
| Niche, cross-border, luxury assets | 7% | NOBLX European wine; gold and solid-state asset tokens in pipeline |
| Stablecoin pilot float (BoT sandbox) | 6% | SCB 10X, KBank, Ascend Bit THB-pegged cohorts; pre-graduation |
Analyst framing
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