Sber Expands Crypto Lending Services Amid Russia's Regulated Market Rollout
Russia's largest bank, Sber, is expanding its crypto-backed lending services to include Tether's USDt stablecoin and Ether as collateral. 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.
The plans come as Russia rolls out a regulated crypto market under a law signed by President Vladimir Putin on August 4, with core provisions taking effect September 1. The law gives the Bank of Russia authority to determine which crypto assets can trade on regulated exchanges.
The central bank proposed Bitcoin, Ether, and USDT for regulated exchange trading on August 11, saying they met requirements including market capitalization, trading volume, and at least five years of price history on overseas markets. Sber has taken a more cautious view of the digital ruble, Russia's central bank digital currency (CBDC).
Sber's chief financial officer Taras Skvortsov reportedly said that the bank sees little evidence of broad demand for the CBDC, adding 'I don't see any clear interest in this instrument, apart from the central bank's.'