Sber Expands Crypto Lending Services with USDt and Ether Collateral

Sber, Russia's largest bank, is expanding its crypto-backed lending services by accepting Tether's USDt and Ether as collateral, in addition to Bitcoin. This move was outlined by Sber's Deputy Chairman Anatoly Popov, as the country prepares for a new regulatory framework surrounding digital assets.

The bank will update its current crypto lending products in response to the upcoming crypto law, which grants a clearer regulatory structure for digital assets in Russia. Currently, Sber provides Bitcoin-backed lending services, but by adding Tether and Ether, the bank aims to diversify collateral options for customers who use crypto assets to secure loans.

The legal environment for digital assets in Russia is evolving, with President Vladimir Putin signing a new law on August 4, which is scheduled to take effect on September 1. The law designates the Bank of Russia as the authority responsible for determining which crypto assets may be publicly traded on regulated exchanges within the country.