Under current market constraints in real estate development, digital financial assets (DFAs) have emerged as a promising tool for raising capital. This paper evaluates the prospects of using DFAs as an alternative financing mechanism for development projects within the framework of Russia’s project finance regulations. A case study methodology is applied, comparing a DFA-funded scenario against traditional financing options for a residential development project. Scenario analysis and risk mapping are used to assess the financial viability and risks of DFA-based funding versus bank loans, bonds, or equity investment. Results indicate that DFA issuance can significantly lower the project’s cost of capital and improve profitability relative to bank financing, validating DFAs as a viable alternative funding source. However, unique challenges — such as regulatory restrictions and market liquidity risks — temper their benefits. The study offers theoretical contributions by integrating DFAs into project finance analysis and provides practical insights for developers and policymakers on leveraging tokenized assets within existing legal constraints.