Kazakhstan plans tokenized government bonds in first quarter after $22 million note sale

The plan follows Kazakhstan's first sale of tokenized central bank notes as the country expands its crypto market.

The Details

Kazakhstan aims to issue tokenized government bonds in Q1 2027, expanding its digital asset infrastructure for sovereign debt.

The plan follows a 10 billion tenge ($22.3 million) tokenized central bank note sale on the Kazakhstan Stock Exchange.

KASE used Solana for issuance and BitGo for custody, though their exact roles in the upcoming bond sale are unconfirmed.

Kazakhstan is aiming to issue tokenized government bonds in the first quarter of 2027, building on a $22.3 million sale of blockchain-based central bank notes this month.

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.

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%.

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.

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.

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• Sep 24, 2026
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Why it matters

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.