Sberbank Expands Crypto-Backed Lending Beyond Bitcoin

Russia's largest bank, Sberbank, is expanding its crypto-backed lending beyond Bitcoin. According to Deputy Chairman Anatoly Popov, the bank plans to add Ethereum and Tether's USDT as collateral for traditional loans after the Bank of Russia permits them for public trading.

The move coincides with Russia's new regulated cryptocurrency framework, which takes effect from September 1, 2026. Sberbank estimates that regulated crypto trading could reach 4 trillion rubles, approximately $46.4 billion, during the first year after the new rules begin and projects this volume to increase to around $87 billion by 2029.

Crypto-backed lending allows investors or companies to obtain fiat currency without selling their cryptocurrency. For example, an ETH holder could pledge Ether to a bank and receive a ruble-denominated loan. However, volatility creates risk, as the value of collateral may fall below the bank's required loan-to-value ratio.