For the first time, the National Bank has placed short-term notes in tokenized form on the Kazakhstan Stock Exchange's digital financial assets platform, Qazinform News Agency reports. The National Bank said this marked a practical step toward introducing digital financial assets (DFAs) in the government securities market.
Trading was held Nov. 9, 2026, in an auction format, with notes from a single issue placed simultaneously in both traditional and tokenized forms. The auction placed the full volume of short-term notes — 50 billion tenge, of which 10 billion tenge was in tokenized notes.
The securities have a circulation period of 91 days. The settlement and start-of-circulation date is Nov. 11, 2026. The weighted average yield at placement was 15.72% per annum. Total demand at the auction reached 70.2 billion tenge by nominal value, 1.4 times the supply.
As the National Bank explained, placing a single issue in both forms allowed it to ensure uniform pricing terms, test a new mechanism for issuing financial instruments, and examine how modern technological solutions interact with the existing financial market infrastructure.
Tokenized notes are financial instruments issued in digital form. The National Bank is the issuer and the party responsible for fulfilling obligations. The Kazakhstan Stock Exchange (KASE) provides the technological infrastructure for issuing, placing, and further circulating such instruments on the digital financial assets platform.
Holders' rights to tokenized notes are recorded on the KASE platform and reflected in the Central Securities Depository's registry system. The KASE Clearing Center handles clearing and settlements for trades concluded at the auction. The National Bank highlighted that the project creates a foundation for further introducing tokenization technology in the government securities market, expanding the range of digital financial instruments and developing new mechanisms for raising capital.
The project is particularly significant for developing Kazakhstan's domestic digital infrastructure. Integrating such solutions will help strengthen the financial sector's technological potential, improve the competitiveness of the national capital market, and build a modern digital environment for market participants.