Kazakhstan plans to issue tokenized government bonds in the first quarter of 2027, National Bank Governor Timur Suleimenov said, following a pilot sale of blockchain-based short-term notes that drew more demand than supply.
Suleimenov outlined the roadmap at the 14th Congress of Financiers in Almaty on November 13, 2026, according to a central bank statement. The bonds would be issued jointly with the Ministry of Finance.
Pilot sale and demand
The pilot took place on November 9. The National Bank sold 10 billion tenge, roughly $21.5 million to $22 million, in tokenized short-term notes through the digital financial assets platform run by the Kazakhstan Stock Exchange, known as KASE.
The 10 billion tenge tranche was part of a larger 50 billion tenge offering. Demand for that offering came in at 1.4 times the available supply. The tokenized notes priced at a weighted average yield of 15.72%.
Platform and custody
KASE built its DFA platform on Solana, a public blockchain designed for fast, low-cost transactions. Custody is handled by BitGo. Both firms were part of the pilot setup, but their exact roles in the upcoming government bond sale have not been confirmed.
KASE became the first registered DFA platform operator in the country on May 1, 2026. Private-sector tokenized asset issuances began on its platform on October 27, 2026.
What to watch
Suleimenov has also flagged plans to extend tokenization to other real-world assets, including real estate, precious metals and minerals.
Open questions include the size of the first bond issue, whether foreign investors can participate, and whether the tokens can trade beyond the primary auction.
The first quarter of 2027 is the scheduled launch window.
