XSpring Digital, a subsidiary of XSpring Capital Public Company Limited (SET: XPG), has been appointed by Thailand’s Ministry of Finance as the official ICO Portal for the launch of the Government Token (G Token) — the world’s first government-issued fundraising token on blockchain. The move marks a watershed moment for Thailand’s capital markets, positioning the country as a regional front-runner in sovereign digital fundraising.
The G Token initiative, scheduled for fiscal years 2025–2026, will be the first time a government deploys blockchain as the primary mechanism for raising funds from the public. XSpring Digital said the appointment underscores both its technology capabilities and governance standards, while reinforcing its role in driving Thailand’s financial system toward greater transparency, auditability, and global competitiveness.
“XSpring Digital is committed to setting new benchmarks for digital asset investment,” said Tanasak Krishnasreni, Deputy Chief Executive Officer, XSpring Digital Co., Ltd. “The G Token will be a secure, transparent, and verifiable fundraising process that builds investor confidence and sets the stage for sustainable digital fundraising in Thailand.”
The appointment comes as the global digital economy accelerates. According to Thailand’s Ministry of Digital Economy and Society, the sector is valued at USD 16 trillion, or 15% of global GDP, and is expanding 6–7% annually. Thailand’s digital economy currently represents just 0.94% of that total, worth about USD 150 billion, but is growing at 7.3% — faster than the global average. XSpring Digital expects blockchain and tokenization to become the backbone of capital markets, enabling more efficient fundraising and broader investor participation.
Research from the World Bank suggests that digital finance adoption can add 2–3% to GDP annually. Against this backdrop, the G Token is being positioned as a new fundraising standard that could tap into a fast-growing pool of digital-native investors with combined purchasing power exceeding THB 2 trillion. XSpring Digital believes this investor base will be key in driving Thailand’s ambition to become a regional and potentially global leader in digital finance.
To support the rollout, XSpring Digital has formed a consortium with partners including SIX Network, Krungthai XSpring Securities, KuCoin Thailand, and KuCoin Global. The alliance combines domestic and international expertise in blockchain and capital markets to deliver a project the company says will meet world-class standards and create long-term benefits for Thailand’s economy.
