Russia's Sber to Accept USDT, Ether as Crypto Loan Collateral

Russia's largest bank, Sber, plans to expand its crypto-backed lending services to include Tether's USDT stablecoin and Ether alongside Bitcoin as accepted collateral, according to Deputy Chairman Anatoly Popov. Speaking in a Friday TASS report, Popov said the bank will adapt its existing products and gradually roll out new offerings as Russia's new crypto regulation law takes effect on Sept. 1. Sber will formally add the assets once the Bank of Russia grants approval for their public trading on regulated exchanges.

The move follows Russia's regulated crypto market framework, established under a law signed by President Vladimir Putin on Aug. 4. The legislation grants the Bank of Russia authority to determine which crypto assets are eligible for trading on approved platforms. On Aug. 11, the central bank proposed Bitcoin, Ether, and USDT for regulated exchange trading, noting they met key criteria including market capitalization, trading volume, and a minimum of five years of price history on overseas markets.

Despite Sber's growing embrace of crypto collateral, the bank has taken a notably cautious stance on Russia's central bank digital currency. CFO Taras Skvortsov reported that Sber sees little evidence of broad demand for the digital ruble ahead of its wider rollout on Sept. 1. "I don't see any clear interest in this instrument, apart from the central bank's," Skvortsov said, noting that neither retail nor corporate clients nor financial institutions are actively requesting the CBDC. The contrasting positions highlight Sber's willingness to engage with private crypto assets while remaining skeptical of state-issued digital currency adoption.