Kazakhstan is preparing to issue tokenized government bonds in the first quarter of 2027, according to National Bank Governor Timur Suleimenov. He outlined the plan at the 14th Congress of Financiers in Almaty and said the Finance Ministry is expected to coordinate the sale.

The planned deal would extend the country’s recent move into blockchain-based capital markets. It comes shortly after Kazakhstan completed an initial placement of tokenized central bank notes, giving officials a domestic example to build on before moving to sovereign debt issued by the Finance Ministry.

Plan follows a recent tokenized note placement

The announcement follows a sale earlier this month in which Kazakhstan placed 50 billion tenge, or about $112 million, of 91-day central bank notes through the Kazakhstan Stock Exchange, known as KASE. Of that total, 10 billion tenge, roughly $22.3 million, was issued in tokenized form.

That earlier transaction marked the country’s first tokenized central bank note placement. Suleimenov indicated the next step is likely to come in Q1 2027, although the timing was presented as the most likely window rather than a finalized launch date.

What changed from the note sale to the bond plan

The proposed tokenized bonds would differ from the recent central bank notes in an important way: they would represent debt issued by the Finance Ministry rather than obligations of the central bank.

In practical terms, the planned offering would shift tokenization from short-dated central bank paper to government bonds. The Finance Ministry is expected to coordinate the issuance, according to Suleimenov’s remarks in Almaty.

Details of the first on-chain issuance

In the central bank note sale completed this month, demand reached 1.4 times the amount offered. The 91-day notes were sold at a weighted average yield of 15.72%.

The tokenized portion of that issuance used the Solana blockchain, while custody infrastructure was provided by BitGo. However, it has not been confirmed whether those same providers or technical arrangements will be used for the planned government bond issuance.

Broader blockchain finance push

The proposed bond sale fits into a wider effort in Kazakhstan to develop blockchain-based financial products. The country has also been exploring stablecoins and other forms of asset tokenization as part of that push.

For now, the clearest confirmed next step is preparation for a tokenized government bond issue in the first quarter of 2027, with the Finance Ministry set to lead coordination. More specific details, including final timing and the technology stack, have not yet been confirmed.

Source: www.coindesk.com