Wine as a digital asset: Abrau-Durso experiments with investment tokens
Russia’s digital asset market has gained an unusual new instrument. Sparkling wine producer Abrau-Durso, together with Sber’s digital asset platform, has launched an issuance of digital financial assets backed by rare collectible wine, blending fintech experimentation with a legacy luxury product.
Tokens backed by bottles
The issuance is timed to the winery’s 155th anniversary, with the price of each asset set symbolically at 155,000 rubles (approximately $1,850). Subscription for the issue will remain open until December 26. In total, 100 digital financial assets (DFAs) are planned, each with a circulation period of three years. Redemption is scheduled to begin toward the end of 2028 and will last slightly over a month.
The asset is available only to qualified investors, as it is classified as high-risk. Returns on the wine-backed DFAs will depend on the outcome of an auction planned for December 2028, at which the physical collectible wine will be sold. At the same time, a minimum yield has already been defined: it is pegged to the Central Bank of Russia’s key rate plus three percentage points.
Winemakers at the forefront
In this model, wine is not merely collateral. It is treated as an asset with intrinsic value, aesthetic appeal, and historical significance, translated into digital form through a regulated financial instrument. This is not an isolated case in the Russian market.
On the PSB platform, winemakers are offered several DFA structures, allowing issuance backed by young wine, collectible wine, or even the winery itself. In 2024, the winery Nikolayev & Sons used this mechanism to issue hybrid digital rights (HDRs) tied to its wine. The distinctive feature of HDRs is investor choice: upon redemption, holders can opt to receive either cash or the underlying product. Luding Group, a major alcohol distributor, has also issued wine-backed HDRs via the A-Token platform.
Building the infrastructure
The emergence of such projects has been enabled by coordinated efforts from regulators and financial institutions. As early as 2020, Russian legislation introduced the concept of a digital financial asset under Federal Law No. 259, while the Central Bank began developing the regulatory framework governing issuance and circulation.
Since 2022, the market has seen the first authorized information system operators permitted to issue DFAs, including platforms such as Atomyze, Lighthouse, and Sber. As of December 11, 2025, 18 such operators are registered with the Central Bank.
Russia’s DFA model differs from global tokenization practices. It is more tightly regulated and requires investor qualification, reducing the risk of mass participation by unprepared retail audiences.
Market potential
Year over year, the number of DFA issuances has increased by a factor of 2.2. By October 2025, total placements exceeded 623 billion rubles (roughly $7.5 billion). An increasing number of Russian companies are using DFAs to raise capital without relying on traditional borrowing mechanisms. While this is particularly relevant for small and medium-sized businesses, large corporations such as Rusal, MMK, Evraz, Wildberries, and Rostelecom have also adopted the instrument.
As the economy continues to digitize, this market shows significant potential and is already integrating with traditional industries. In the near term, growth is expected both in issuance volumes and across a wider range of asset classes.
The development of DFAs is also stimulating demand for financial technologies, blockchain infrastructure, and digital marketplaces. In turn, this provides a fresh boost to Russia’s IT sector and fintech ecosystem.
