Russia's Sber to Accept USDT and Ether as Crypto Loan Collateral, Questions Digital Ruble Demand

Russia's largest bank, Sber, is preparing to expand its crypto-backed lending products by accepting Tether's USDt stablecoin and Ether as collateral alongside Bitcoin, according to Deputy Chairman Anatoly Popov. Speaking to TASS on Friday, Popov said Sber will adapt its existing offerings and gradually roll out new crypto-collateralized loans as Russia's recently signed crypto law takes effect on September 1. The bank will add the assets once the Bank of Russia formally permits them for public trading on regulated exchanges.

The move comes as Russia launches a regulated crypto market under legislation signed by President Vladimir Putin on August 4, with the Bank of Russia granted authority to determine which digital assets can be traded on approved platforms. On August 11, the central bank proposed Bitcoin, Ether, and USDT for inclusion in regulated exchange trading, citing criteria such as market capitalization, trading volume, and a minimum of five years of price history on overseas markets. Sber's acceptance of multiple crypto assets as collateral signals a significant step toward mainstream institutional adoption within Russia's financial sector.

Despite its growing embrace of crypto-backed lending, Sber has taken a notably cautious stance on the digital ruble, Russia's central bank digital currency (CBDC), ahead of its wider rollout. Chief Financial Officer Taras Skvortsov said the bank sees little evidence of meaningful demand for the CBDC beyond the central bank itself, noting that neither retail customers, corporate clients, nor financial institutions are actively pushing for the instrument. Sber's skepticism highlights ongoing uncertainty about real-world adoption of government-issued digital currencies, even as private stablecoins like USDT gain traction for collateralized lending.