Thailand to Issue $150M Digital Bond Tokens, Opening Access to Retail Investors

By: crypto news|2025/05/14 15:00:11
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Thailand’s Ministry of Finance is set to launch $150 million worth of digital investment tokens, marking a significant step toward financial inclusivity for retail investors.The initiative, confirmed by Finance Minister Pichai Chunhavajira during a May 13 press briefing, will allow the general public to purchase government bonds via blockchain-based tokens — a first for the country.The plan, recently endorsed by Thailand’s cabinet, will see the digital tokens, dubbed “G-tokens,” go live within the next two months.Thailand’s Digital Tokens to Fund Budget, Not Classified as Traditional DebtAccording to Patchara Anuntasilpa, director-general of the Public Debt Management Office, the tokens are not traditional debt instruments but are part of the country’s budget borrowing plan.One of the initiative’s core objectives is to broaden access to government-backed investment opportunities.“One big selling point of the token is that it allows more retail investors to become part of the digital economy,” said Anuntasilpa.With a minimum investment threshold of just $3, the program significantly lowers the barrier to entry for ordinary citizens.Thailand’s bond market has historically catered to institutional and high-net-worth investors, leaving retail participants with limited options.This new digital token offering is poised to change that dynamic, especially as local savers face historically low bank interest rates.Commercial banks currently offer around 1.25% on 12-month fixed deposits—far below the Bank of Thailand’s benchmark rate, which has remained relatively high despite economic headwinds.While officials clarified that the digital asset is not a cryptocurrency, it will be tradable on licensed Thai digital asset exchanges.Thailand is issuing $150 million in digital tokens—open to retail investors for as little as $3!These "G-tokens" aren't cryptocurrencies but "investment tokens" backed by the government, the Finance Minister explained.— Coin Bureau (@coinbureau) May 14, 2025However, these platforms remain off-limits to non-Thai citizens residing in the country.The move comes amid a broader push by Thai regulators to modernize capital markets.In February, the Securities and Exchange Commission announced plans for a tokenized securities trading system aimed at institutional investors.Globally, the tokenized bond market is gaining traction. The total on-chain value of tokenized bonds currently stands at $225 million, per data from RWA.xyz.That figure has doubled in 2024 alone, while tokenized U.S. Treasuries have surged to $6.9 billion—up 73% this year.Thailand’s digital bond initiative could be a harbinger of broader adoption in Asia’s evolving fintech landscape.Tether’s $770M Gold-Backed Token XAU₮ Debuts On Thai ExchangeOn May 13, Thai traders got their first taste of tokenized bullion when Tether, the issuer of the largest stablecoin, USDT, unveiled its gold-backed token, Tether Gold (XAU₮), on Maxbit.The listing marks a step forward for the Thai market, making Maxbit the first exchange in the country to offer direct access to tokenized physical gold.Each XAU₮ token represents ownership of one troy ounce of physical gold, fully backed and stored in secure vaults.Last month, Thailand’s SEC filed a criminal complaint against global cryptocurrency exchange OKX, alleging it has been operating in the country without the required license since October 15, 2021.According to the complaint, OKX, operated by Aux Cayes Fintech Co. Ltd., has been offering digital asset exchange services to Thai users unlawfully.The post Thailand to Issue $150M Digital Bond Tokens, Opening Access to Retail Investors appeared first on Cryptonews.

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Before using Musk's "Western WeChat" X Chat, you need to understand these three questions

The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.


There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."


Question One: Is this encryption the same as Signal's encryption?


No. The difference lies in where the keys are stored.


In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.


X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.


This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.


The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.


The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.


After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."


From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.


In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.



As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."


Issue 2: Does Grok know what you're messaging in private?


Not continuous monitoring, but a clear access point.


For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.


This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.


There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."


Issue 3: Why is there no Android version?


X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.


In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.



WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.


X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.


These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.


Elon Musk's "Super App"


This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.



X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.


Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.


The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.


X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.


The help page sentence has never been just technical instructions.


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