Russia’s Largest Bank Plans to Accept USDT and Ether as Loan Collateral

Sber, Russia’s largest bank, is preparing to accept Tether’s USDT stablecoin and Ether as collateral for crypto backed loans, expanding beyond its current Bitcoin only offering. According to a senior bank executive, the move will roll out gradually as the country’s new cryptocurrency regulations take effect, with the assets to be added once the central bank formally approves them for public trading.

New Law Sets Framework for Regulated Crypto Market

The expansion comes as Russia implements a new law establishing rules for regulated cryptocurrency trading, with key provisions taking effect in September. Under the law, the central bank has authority to decide which digital assets can be traded on approved exchanges. Earlier this month, the central bank proposed allowing Bitcoin, Ether and USDT for regulated trading, citing factors such as market size, trading volume and a long track record on international markets.

Bank Expresses Doubts Over Digital Ruble Demand

While moving forward with crypto lending plans, Sber has taken a more skeptical stance toward Russia’s central bank digital currency, which is also set for wider rollout in September. A senior bank finance official said there appears to be little genuine interest in the digital currency beyond the central bank itself, noting that retail customers, businesses and financial institutions have shown limited enthusiasm for adopting it.