Sberbank, Russia's largest lender, plans to accept Ether and Tether's USDT as collateral for loans, alongside Bitcoin. Deputy Chairman Anatoly Popov announced the plan in an Aug. 28 interview with TASS, saying it depends on Russian regulators approving the assets for public circulation. No product terms or launch date were provided.
What Sberbank said
Popov didn't give details on loan-to-value ratios, interest rates, or minimum collateral requirements. He only said the bank is ready to work with these assets once they're cleared for public trading. The announcement follows a Bank of Russia draft list published Aug. 11 that names Bitcoin, Ethereum, and Tether USDT as eligible for public exchange trading.
The regulatory picture
That draft would limit non-qualified investors to ₽300,000 in annual cryptocurrency purchases through each intermediary. Russia's cryptocurrency law takes effect Sept. 1, 2026, establishing regulated intermediaries and introducing requirements for foreign stablecoins. The law doesn't change the prohibition on using cryptocurrency for domestic payments.
Sberbank's Bitcoin loan precedent
Sberbank already issued Russia's first Bitcoin-backed loan in December 2025, to mining company Intelion Data. The bank used its own custody product and Rutoken to hold the collateral. The loan amount wasn't disclosed.
What's still up in the air
For Ether and USDT loans, Sberbank hasn't said how it will handle custody, what the loan terms would be, or when it might start offering them. The bank's ability to move forward hinges on the Bank of Russia's final decision on the draft list, which is expected after the law takes effect.
