Sber to Take USDT, Ether as Loan Collateral; CBDC Skepticism

Russia’s largest bank, Sber, says it will expand crypto-backed lending to accept Tether’s USDT and Ether as collateral alongside Bitcoin once the central bank clears them for trading.

Deputy Chairman Anatoly Popov told TASS that Sber will adapt its current products and roll out additional offerings gradually as the country’s new crypto law comes into force. The bank plans to add USDT and Ether as acceptable collateral after the Bank of Russia permits those assets for public trading.

The announcements follow a law signed by President Vladimir Putin on Aug. 4 that creates a regulated crypto market; core provisions take effect on Sept. 1. Under the law, the Bank of Russia has authority to decide which crypto assets can be listed on regulated exchanges. On Aug. 11 the central bank proposed Bitcoin, Ether and USDT for regulated trading, citing criteria such as market capitalization, trading volume and a multi-year price history on foreign markets.

Sber’s leadership has taken a more cautious view of the digital ruble, the central bank’s planned CBDC, ahead of its wider rollout. Chief Financial Officer Taras Skvortsov said the bank sees little evidence of broad demand for the digital ruble beyond the central bank itself, noting that retail customers, corporates and other financial institutions are not pressing for the CBDC.

Sber’s move to accept stablecoins and Ether as collateral, contingent on regulator approval, signals how major Russian banks may adapt products as the country implements formal crypto rules while remaining measured about the CBDC’s immediate appeal.