Sber Expands Crypto-Backed Lending to Include USDT and Ether

Russia's largest bank, Sber, plans to expand its crypto-backed lending services by accepting Tether's USDt stablecoin and Ether as collateral alongside Bitcoin.

The move comes as Russia introduces regulated crypto trading under a new law signed by President Vladimir Putin on August 4. The law gives the Bank of Russia authority to determine which crypto assets can trade on regulated exchanges, with Bitcoin, Ether, and USDT proposed for regulated exchange trading on August 11.

Sber's Deputy Chairman Anatoly Popov said that the bank will adapt its existing products and gradually expand its offerings as the law takes effect. The bank plans to add the new assets as collateral after they are permitted by the Bank of Russia for public trading.