Sber, Russia’s largest bank, is preparing to broaden its crypto-backed lending business by accepting Tether’s USDT and Ether as collateral in addition to Bitcoin, according to deputy chairman Anatoly Popov.
The planned expansion is tied to Russia’s new crypto framework. Popov said Sber will adjust existing products and gradually extend its offering as the law comes into force, adding the new collateral assets after the Bank of Russia authorizes them for public trading.
Loan product set to expand under new rules
Sber’s current plans point to a staged rollout rather than an immediate overhaul of its lending lineup. Popov said the bank intends to build on products it already has and widen access step by step as the domestic legal framework for crypto begins operating.
That expansion would allow clients to use three major digital assets as collateral for loans: Bitcoin, Ether and USDT. The bank’s timetable depends on the central bank’s trading permissions, meaning the additional assets are expected only once they are cleared for public trading in the regulated market.
Crypto law gives central bank the key role
The bank’s plans come as Russia moves ahead with a regulated cryptocurrency market under legislation signed by President Vladimir Putin. Core parts of that law are due to take effect on Sept. 1.
Under the law, the Bank of Russia is responsible for deciding which crypto assets can be traded on regulated exchanges. Bitcoin, Ether and USDT were proposed for such trading after meeting stated criteria including market capitalization, trading volume and price history.
USDT and Ether join Bitcoin in Sber’s plans
The significance of Sber’s announcement is that it extends beyond Bitcoin, which has typically been the first digital asset considered in institutional crypto products. By naming both Ether and Tether’s dollar-linked USDT stablecoin, the bank signaled that it is aligning its product roadmap with the list of assets identified for possible regulated exchange trading.
Still, the plan remains conditional. Sber has not framed the change as effective immediately, but as part of a broader adaptation to the new law and the central bank’s decisions on which assets can be traded publicly.
Sber remains unconvinced on digital ruble demand
At the same time, Sber has taken a notably cautious stance on Russia’s central bank digital currency, the digital ruble. The bank’s chief financial officer, Taras Skvortsov, said there is little evidence so far of broad demand for the CBDC among retail users, corporate customers or financial institutions.
That contrast highlights two different tracks in Russia’s digital asset policy. While the banking sector is preparing for regulated crypto products tied to assets such as Bitcoin, Ether and USDT, Sber’s public comments suggest it has yet to see comparable market pull for the digital ruble.
What happens next
The next confirmed step is the Sept. 1 start of the law’s main provisions and the Bank of Russia’s follow-up decisions on which cryptocurrencies will be allowed on regulated exchanges.
For Sber, the practical trigger for adding USDT and Ether as loan collateral is that approval process. Until then, the bank’s expansion remains a stated plan linked to the rollout of Russia’s new crypto regime.
Source: cointelegraph.com