The subject of the research is the Russian market for digital financial assets (DFA) during its active scaling and institutionalization period (2024–2025). The focus of the study is on the economic mechanisms for forming the market value of DFAs and the specific risk factors that determine the investment attractiveness of these instruments. The author examines in detail aspects of the topic such as the transformation of classical capital valuation models as applied to digital rights, as well as a comparative analysis of the yields of DFAs and corporate bonds from the same issuers. Special attention is given to identifying the determinants of pricing in the context of the Bank of Russia's tight monetary policy, when DFA floaters became the dominant instrument in the money market. The influence of the technological architecture of information system operators on the credit spread is investigated, and the phenomenon of liquidity fragmentation ("liquidity wells") characteristic of the modern stage of development of the financial infrastructure of the Russian Federation is analyzed. A detailed examination of the factors hindering the establishment of a unified fair value of assets on various investment platforms is conducted. The methodological framework of the work consists of financial math methods, comparative institutional analysis, and risk management. A modified discounted cash flow (DCF) model is applied, and an empirical method of yield spread analysis based on statistical data from the Cbonds aggregator and the reports of the largest Russian information system operators for 2024–2025 is employed. The scientific novelty of the study lies in the theoretical justification and mathematical description of a multi-component structure of the required yield of DFAs, including specific premiums for infrastructure illiquidity and platform technological risk. A unique risk matrix for investing in digital rights has been developed by the author, allowing for the classification of uncertainty factors into systematic and specific (platform) risks. The main conclusions of the research include the identification and quantitative assessment of a sustainable positive yield spread of DFAs relative to classical bonds of comparable duration (+0.8–1.5 percentage points), which is attributed to the effect of "platform closure." It has been demonstrated that the presence of an independent credit rating for the issuance in the conditions of 2026 is a key factor in reducing borrowing costs for the issuer. The author has formulated recommendations for institutional investors on implementing separate risk limits for issuers and information system operators to minimize the concentration of infrastructure risks in the digital investment portfolio.
Pavel Aleksandrovich Galyaev (Sun,) studied this question.