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11/15/2026

Kazakhstan Targets Government Bond Tokenization After $22.3 Million Pilot

What happened: Kazakhstan's National Bank sold 10 billion tenge, approximately $22.

Kazakhstan Targets Government Bond Tokenization After $22.3 Million Pilot

What happened: Kazakhstan's National Bank sold 10 billion tenge, approximately $22.3 million, in tokenized 91-day notes on November 9 through the Kazakhstan Stock Exchange's Digital Financial Assets platform, using Solana infrastructure and BitGo custody. The notes formed part of a larger 50 billion tenge offering that attracted 1.4 times subscription coverage; the tokenized notes carried a weighted average yield of 15.72%, compared with the central bank's 15.75% base rate. Speaking in Almaty on November 13, Governor Timur Suleimenov said tokenized government bonds would arrive “most likely” in the first quarter of 2027.

Why it matters: The proposed issuance would move from central bank notes to Ministry of Finance debt, making the identity of the borrower an essential distinction when assessing the program's expansion. The completed pilot provides evidence of an executed tokenized securities sale, but the subscription figure applies to the larger offering and should not be presented as demand exclusively for its tokenized portion. Solana and BitGo's involvement is confirmed for the pilot; their roles in the planned government bond sale remain unconfirmed, and the governor's qualified timing should be treated as a target.

Source: CoinDesk