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Kazakhstan plans tokenized government bonds after central-bank notes debut on Solana

Kazakhstan's central bank sold 10 billion tenge of tokenized notes on a Solana-based exchange platform and plans tokenized government bonds in early 2027.

By Dispatch DeskPublished

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Kazakhstan's central bank has already put real debt on a blockchain-based exchange platform. Now it wants government bonds to follow.

The National Bank of Kazakhstan plans to issue tokenized government bonds with the Ministry of Finance in the first quarter of 2027, according to its Nov. 13 press release. Governor Timur Suleimenov announced the plan at the 14th Congress of Financiers in Almaty that day.

Suleimenov said it would "probably" happen in the first quarter, according to The Astana Times.

The central bank did not say which platform the bonds would use.

What has the central bank already sold?

Short-term notes. At a Nov. 9 auction on the Kazakhstan Stock Exchange, known as KASE, the same notes were offered in traditional and tokenized form side by side, KASE said.

The 50 billion tenge issue sold out, and 10 billion tenge of it was in tokenized form.

The 91-day notes yielded about 15% a year on average, and bids came to about 1.4 times the amount offered.

The first-ever central-bank issue on the platform settled on Nov. 11.

Where does Solana come in?

At the exchange, not in the bond plan. KASE says digital assets on its platform are issued on the Solana blockchain, and client assets are held by the custodian BitGo. Its digital-asset page lists the central bank's notes with a link to a Solana block explorer.

The notes join digital bonds from ALTA Telecom as the only instruments listed on KASE's digital platform.

What comes after bonds?

Suleimenov said the next area would be tokenizing real-world assets such as real estate, precious metals and mineral resources, according to The Astana Times. The central bank's own release doesn't include that line.

Why this matters

A central bank has sold and settled notes in tokenized form on a platform that issues on Solana, alongside the same notes in ordinary form. The next step, government bonds, has a target quarter but no named platform yet.

Sources

Checked

  1. Press release on the 14th Congress of Financiers, Nov. 13, 2026 (Russian) · National Bank of Kazakhstan · primary
  2. The first National Bank notes in electronic digital form in Kazakhstan have been placed on the KASE's digital platform · Kazakhstan Stock Exchange · primary
  3. Digital financial assets · Kazakhstan Stock Exchange · data
  4. Kazakhstan Plans to Issue Tokenized Government Bonds in First Quarter of 2027 · The Astana Times · reporting

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