Sber Expands Crypto Lending Amid Digital Ruble Skepticism

Russia's largest bank, Sber, is expanding its crypto-backed lending to include Tether's USDt stablecoin and Ether as collateral alongside Bitcoin. According to Deputy Chairman Anatoly Popov, the bank will adapt its existing products and gradually expand its offerings as Russia's new crypto law takes effect on September 1.

The Bank of Russia proposed Bitcoin, Ether, and USDT for regulated exchange trading on August 11, citing market capitalization, trading volume, and at least five years of price history on overseas markets. Sber will add these assets as collateral after the central bank permits them for public trading.

Meanwhile, Sber's chief financial officer Taras Skvortsov expressed caution regarding the digital ruble, Russia's central bank digital currency (CBDC). He stated that the bank sees little evidence of broad demand for the CBDC, noting that neither retail nor corporate clients nor financial institutions are actively pushing for it.