Kazakhstan's National Bank placed 10 billion tenge, about $22.5 million, in tokenized short-term notes in the first central-bank debt issuance on the Kazakhstan Stock Exchange's digital financial assets platform. The tokenized tranche represented 20% of a fully placed 50 billion-tenge hybrid auction held on Nov. 9, where conventional and digital notes competed in a single order book on identical pricing terms. Total demand reached 70.2 billion tenge, or 1.404 times the amount offered, and the 91-day notes carried a weighted average annual yield of 15.72%, close to the National Bank's 15.75% base rate. Settlement took place on Nov. 11, with redemption scheduled for Feb. 10, 2027. The notes are zero-coupon, unsecured obligations intended to support monetary policy and banking-sector liquidity, and primary public placement is limited to legal entities with primary-agent status. The digital securities were registered on Solana, with KASE operating the smart-contract program and BitGo providing custody, while the Central Securities Depository records holders' legal rights. The transaction followed the National Bank's October memorandum with Tether on a tenge stablecoin and asset tokenization. Kazakhstan still plans a separate Finance Ministry tokenized government-bond issue, probably in the first quarter of 2027, but its size, maturity, platform and custody arrangements remain undisclosed.