Sber Bank to Accept USDT and Ether for Crypto-Backed Loans

Sber expands loan collateral options to include USDT and Ether

Russia’s largest bank, Sber, has announced plans to accept Tether (USDT) and Ether as collateral for loans. This move expands the bank's existing crypto-backed lending, which currently includes Bitcoin.

USDT is a stablecoin, which is a digital currency designed to maintain a steady value by being tied to the U.S. dollar. Ether is the native token used on the Ethereum network, a digital system for decentralized applications and transactions.

Significant updates to Sber's crypto plans

• Sber intends to add USDT and Ether to its lending products.
• The expansion depends on the Bank of Russia approving these assets for public trading.
• New laws regulating the Russian crypto market are scheduled to take effect on September 1.
• Bank executives reported a lack of interest in the government's digital ruble from clients.

How new Russian laws impact the bank's strategy

According to Deputy Chairman Anatoly Popov, Sber will update its products as Russia’s new crypto law takes effect. A law signed by the Russian president earlier in August provides the framework for this regulated market, with core rules starting in September.

The Bank of Russia has the power to decide which digital assets can be traded on regulated exchanges. In mid-August, the central bank suggested that Bitcoin, Ether, and USDT meet the necessary requirements, including having at least five years of price history on international markets.

Bank executives see low demand for digital ruble

While Sber is moving forward with crypto-backed loans, its leaders expressed skepticism about the digital ruble. The digital ruble is a central bank digital currency (CBDC), which is a digital version of a nation's official money issued by its central bank.

Sber’s chief financial officer, Taras Skvortsov, stated that the bank sees very little interest in the digital ruble from its customers. He noted that retail and corporate clients have not been actively seeking to use the instrument, suggesting the interest mainly comes from the central bank itself.

Why Sber's shift toward crypto collateral is important

This plan shows a major traditional financial institution preparing to use popular digital assets in its lending business. By allowing USDT and Ether as collateral, the bank is positioning itself to serve clients within a new regulated environment in Russia.

Sources

• Cointelegraph