Russia’s largest lender says it is piloting DeFi instruments as legal crypto markets in the country remain in early development.

The neobank says the launch of SoFi Crypto is thanks to updated regulatory guidance from this spring, and is just the start of its broader crypto strategy.

The publicly held, multi-billion dollar neobank recently revealed the scope of its crypto comeback, including plans for a stablecoin and tokenized loans.

The multi-front partnership includes a direct bank-to-exchange link, credit card purchases, and crypto rewards conversions.

The initiative uses “mirror tokens” of MMF shares on Goldman’s private blockchain platform

The bank will offer clients access to digital assets via Coinbase, as well as select banking services to the exchange.

Last week, the firm announced BNY Mellon will be the custodian of RLUSD’s reserves.

A growing number of crypto firms have applied for banking licenses or are thinking of doing so as TradFi and crypto continue to mingle.

Banking and payments titan Fiserv is entering the stablecoin race with its own token designed for regulated rails.

Banks are trying to “reclaim territory they've already ceded,” said Autonomys’ Todd Ruoff.