Kazakhstan Wants to Issue Tokenized Government Bonds in 2027
After an initial tokenized placement of central bank notes, the National Bank and the Finance Ministry also want to issue debt securities via blockchain in 2027. KASE uses Solana infrastructure for this.
Key Takeaways
- Kazakhstan wants to issue tokenized government bonds in the first quarter of 2027, after an earlier sale of blockchain-based central bank notes.
- The National Bank sold 50 billion tenge worth of 91-day notes this month, including 10 billion tenge in tokenized form.
- The tokenized notes are mainly meant as a test for the infrastructure, while the planned bonds would be debt securities from the Finance Ministry.
Kazakhstan wants to issue tokenized government bonds in the first quarter of 2027, after an initial sale of blockchain-based central bank notes earlier this month. That would further expand the country's experiments with tokenization, from central bank paper to debt securities from the Finance Ministry.
New Step After First Sale
National Bank Governor Timur Suleimenov mentioned the plan during the 14th Congress of Financiers in Almaty, according to a statement from the central bank. The National Bank wants to work with the Finance Ministry on this, although Suleimenov said the timing is “probably” in the first quarter.
The announcement follows the first tokenized placement of central bank notes in Kazakhstan earlier this month. In that sale, the National Bank sold 50 billion tenge, about $112 million (€101 million), in 91-day notes through the Kazakhstan Stock Exchange, of which 10 billion tenge was in tokenized form.
Test for the Infrastructure
The notes had a weighted average yield of 15.72%. Total demand came in at 1.4 times the amount offered. The central bank's policy rate was 15.75% in 2026, putting the issuance close to the central bank's interest rate.
KASE has previously said its digital asset platform runs on the Solana blockchain, with BitGo providing custody infrastructure. It has not yet been confirmed whether those parties will be involved again in the planned government bonds. The tokenized notes are mainly seen as a test for the infrastructure, while the planned bonds would be debt securities from the Finance Ministry rather than the central bank.
Broader Policy Around Tokenization
The move fits into a broader shift toward asset tokenization. In October, the National Bank already worked with Tether to explore stablecoins and asset tokenization, while officials have also mentioned plans for tokenizing real estate and other assets. For European crypto readers, the key point is that central banks are increasingly seeing tokenization as a practical test, not just a niche crypto idea.
Kazakhstan is not alone in this. Other countries, including Latvia, are also looking at tokenizing government bonds, showing that this topic is coming up more often on the agenda of governments and financial institutions. The same trend is also visible in the United States: DTCC launches tokenization live for stocks, ETFs, and Treasuries showed that even established market infrastructure is testing tokenized securities and government debt.