Silver Token: Eurofinance Mosnarbank Launches a New Asset
Investors in Russia have gained access to a new financial instrument – utility digital rights tied to the “George the Victorious” investment-grade silver coin. The asset was issued by Eurofinance Mosnarbank with a total value of 500 million rubles (about $6 million).
A Coin on the Blockchain
The utility digital rights issued on the bank’s proprietary investment platform (part of the RT-Finance holding within the Rostec State Corporation) give holders the right to receive a physical silver coin. The instrument is built on distributed ledger technology (blockchain), ensuring transparency, data immutability, and protection against tampering or counterfeiting.
The issuance also envisages a transition to digital certificates and a potential exchange listing, opening the door not only to holding the asset but also to trading it on public markets. This structure makes the utility digital rights a flexible solution that combines the benefits of physical ownership with the liquidity of digital marketplaces.
For Russia’s financial system, this represents a shift toward a new paradigm in which digital assets are embedded into trading ecosystems and become part of investment strategies for a broad range of participants – from retail investors to institutional players.
Growth Drivers
Russia’s market for digital financial assets has expanded rapidly since 2021. In just the first eight months of 2025, 981 issuances were recorded with a combined value of 718 billion rubles (approximately $8.6 billion). By the end of November, the volume of assets in circulation had reached nearly 157 billion rubles (around $1.9 billion).
Utility digital rights remain relatively rare within this fast-growing market. However, throughout the year the Ministry of Finance has been preparing an experimental legal regime aimed at digitizing physical assets in the real economy. A draft law is expected in 2026 and is likely to stimulate further development in this area. Even now, discussions are underway about issuing digital rights linked to agricultural products – a model already tested in practice – as well as industrial goods and even infrastructure assets.
Digital Rights for Precious Metals
The silver-linked utility digital rights are not an isolated example of commodity asset tokenization. In 2022, Seligdar issued digital financial assets pegged to the price of gold. In 2023, Sberbank launched gold-backed digital assets offering fixed income alongside exposure to currency fluctuations. Alfa-Bank went a step further by introducing hybrid digital rights that allow investors to choose between cash settlement or delivery of physical bullion.
For investors, such instruments open new avenues for diversification. In periods of equity market volatility, precious metals are widely viewed as a defensive store of value. Their digital form lowers entry barriers, simplifies portfolio management, and enables faster responses to market movements.
Russian banks that have obtained the status of digital financial asset system operators are now actively competing for position in this emerging segment, converting traditional commodities into digitally native financial products.
Digital Assets as a New Currency of Trust
The launch of Eurofinance Mosnarbank’s utility digital rights underscores how Russia’s digital economy is becoming a practical tool for developing both the real sector and financial markets.
A Russian model that combines state support, private initiative, and a focus on tangible underlying assets could gain export potential in the medium term. As global financial systems undergo structural change, digital assets backed by real commodities may emerge as a new currency of trust in a world where traditional mechanisms are losing stability.
