Kazakhstan’s National Bank has issued short-term notes in tokenized form for the first time, placing them on the Kazakhstan Stock Exchange’s (KASE) digital financial assets platform.

The move marks a practical step toward introducing digital financial assets (DFAs) into the country’s government securities market, according to the National Bank, The Caspian Post reports, citing Qazinform.

The auction took place on November 9, 2026, with notes from a single issue offered simultaneously in traditional and tokenized forms.

The total placement amounted to 50 billion tenge (KZT), including 10 billion tenge in tokenized notes. The securities have a circulation period of 91 days, with settlement and the start of circulation scheduled for November 11, 2026. The weighted average yield at the auction stood at 15.72% per annum.

Total demand reached 70.2 billion tenge in nominal value, exceeding the offered volume by 1.4 times.

According to the National Bank, issuing the same securities in both traditional and tokenized formats ensured consistent pricing conditions while allowing the institution to test a new mechanism for issuing financial instruments and assess how modern technological solutions interact with existing financial market infrastructure.

Tokenized notes are financial instruments issued in digital form. The National Bank acts as the issuer and remains responsible for meeting all obligations associated with them.

KASE provides the technological infrastructure for issuing, placing, and circulating these instruments through its digital financial assets platform.

Ownership rights to tokenized notes are recorded on the KASE platform and reflected in the Central Securities Depository's registry system. Meanwhile, the KASE Clearing Center is responsible for clearing and settling transactions concluded during the auction.

The National Bank noted that the initiative lays the groundwork for further integrating tokenization technology into the government securities market, broadening the range of digital financial instruments and developing new capital-raising mechanisms.

The project is also an important step in strengthening Kazakhstan's domestic digital infrastructure. The integration of such technologies is expected to enhance the financial sector's technological capabilities, increase the competitiveness of the national capital market, and create a modern digital environment for market participants.