Nikolas Sargeant
Russia's largest bank, Sberbank, has introduced a blockchain-powered token that tracks global cocoa prices, expanding its digital financial asset (DFA) offerings. The bank announced that its token value is directly linked to international cocoa prices through a cash-settled futures contract on the Moscow Exchange.
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According to Russian media outlet RBC, Sberbank's new token provides customers with access to the "international agricultural market" through blockchain technology. This move represents the latest development in Russia's growing DFA sector, where Sberbank has established itself as a leader among financial institutions embracing blockchain innovation.
Under Russian law, DFAs are defined as "tokenized versions of real assets" issued using blockchain technology. Legislators have clarified that these assets are distinct from cryptocurrencies or tokens traded on crypto exchanges. The Russian Central Bank serves as the exclusive regulator of the DFA market, issuing operating permits to qualified issuers.
While banks like Sberbank and Alfa-Bank dominate the DFA landscape, a growing number of commodities traders and mining exploration companies have also begun launching their own tokens. Unlike traditional tokenized real-world assets (RWAs), DFAs operate on private blockchain networks, offering a controlled environment for institutional trading.
Sberbank highlighted that its cocoa token could protect Russian investors "against a possible weakening of the ruble" by ensuring the token price "includes the currency revaluation of the underlying asset." The bank also suggested that companies using cocoa as a raw material could utilize the DFA "to hedge the risks of rising prices" in the agricultural sector.
"We have developed a cocoa DFA that combines the traditional appeal of commodity markets and innovative technologies," Sberbank stated in its announcement.
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Each Sberbank token represents "one kilogram of cocoa," with access restricted to companies and qualified investors. The bank plans to initially offer its "cocoa index DFA" for "a period of up to four months," while allowing traders to request "early redemption" if needed.
The Russian DFA market experienced remarkable growth in 2024, expanding fourfold according to Sberbank data. As of February 2025, the bank estimated the market's value at 684 billion rubles (approximately $8.3 billion).
Russian financial institutions report that debt tokens comprise 98% of the DFA market, though "hybrid and index instruments" like Sberbank's cocoa token are gaining traction. Banks have also begun introducing DFAs linked to gasoline and diesel fuel prices, further diversifying the asset class.
This launch reinforces Sberbank's commitment to blockchain innovation while expanding Russia's growing ecosystem of regulated digital assets that bridge traditional finance with blockchain technology.
