Kazakhstan aims to issue tokenized government bonds in the first quarter of 2027, following a $22.3 million sale of blockchain-based central bank notes this month.
National Bank Governor Timur Suleimenov announced the plan at the 14th Congress of Financiers in Almaty, according to a central bank statement. The bank plans to coordinate with the Finance Ministry on the issuance. Suleimenov said it would take place "most likely" the first quarter.
The plan follows Kazakhstan's first tokenized central bank note placement earlier this month. The National Bank sold 50 billion tenge ($112 million) in 91-day notes through the Kazakhstan Stock Exchange (KASE), including 10 billion tenge in tokenized form.
The notes had a weighted average yield of 15.72%, and total demand was 1.4 times the amount offered. The country’s central bank rate as of 2026 was 15.75%.
KASE has said its digital asset platform runs on the Solana blockchain, with BitGo providing custody infrastructure. Neither has been confirmed as a participant in the planned government bond issuance.
The tokenized notes provide a test of the infrastructure, while the planned bonds would represent Finance Ministry debt, not central bank obligations.
The initiative is part of a broader effort to develop blockchain-based finance. In October, the National Bank engaged Tether to explore stablecoins and asset tokenization. Officials have also outlined plans to tokenize real estate and other assets. Other countries, including Latvia, are exploring the tokenization of their national bonds.
Tokenization