Kazakhstan plans tokenized government bonds in first quarter after $22 million note sale
Kazakhstan plans to issue tokenized government bonds in the first quarter of 2027, following a successful $22.3 million sale of blockchain-based central bank notes.
National Bank Governor Timur Suleimenov outlined the plan at the 14th Congress of Financiers in Almaty, according to a central bank statement. The bank plans to work with the Finance Ministry on the issuance, though Suleimenov said the timing was "most likely" the first quarter.
Successful pilot note
The move follows Kazakhstan's first tokenized central bank note placement earlier this month, where the National Bank sold 50 billion tenge ($112 million) in 91-day notes, including 10 billion tenge in tokenized form, through the Kazakhstan Stock Exchange (KASE).
The notes carried a weighted average yield of 15.72%, with total demand reaching 1.4 times the amount offered. The country's central bank rate as of 2026 is 15.75%.
Infrastructure partners
KASE has said its digital asset platform uses the Solana blockchain, with BitGo providing custody infrastructure. Neither has been confirmed as a participant in the planned government bond issuance.
The tokenized notes offer a test of the infrastructure, though the planned bonds would represent Finance Ministry debt rather than central bank obligations.
Broader blockchain push
The initiative is part of a broader push into blockchain-based finance. In October, the National Bank tapped Tether to explore stablecoins and asset tokenization, while officials have also outlined plans to tokenize real estate and other assets.
Other countries, including Latvia, are also exploring the tokenization of their national bonds as digital finance continues to evolve globally.
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