Sber Expands Crypto-Lending Collateral to USDt and Ether Amid Russia's Regulated Market

Sber, Russia's largest bank, is expanding its crypto-backed lending products to include Tether's USDt stablecoin and Ether. The move follows the rollout of Russia's newly regulated crypto market under a law signed by President Vladimir Putin on August 4.

The expansion plans were announced by Anatoly Popov, Sber's deputy chairman, who stated that the bank will add the new collateral assets after the Bank of Russia permits them for public trading. This is in line with the proposed criteria from the central bank for regulated exchange trading, which includes market capitalization and trading history.

The addition of USDt and Ether as collateral assets marks a significant shift in practical terms, as it broadens the set of options available to borrowers who want to align their collateral with their own exposure or business needs. A stablecoin and a major smart-contract asset can materially change risk management and client accessibility.

Sber's cautious stance on Russia's central bank digital currency (CBDC) is also worth noting, as the bank's chief financial officer Taras Skvortsov suggested that there was little evidence of broad demand for the CBDC.