Sberbank Expands Crypto-Backed Lending to Ethereum and Tether

Russia's largest bank, Sberbank, is planning to expand its crypto-backed lending services beyond Bitcoin (BTC). The move includes accepting Ethereum (ETH) and Tether's USDT as collateral for loans. This development comes as Russia prepares new regulations for the cryptocurrency market.

The expansion of crypto-backed lending still depends on approval from the Bank of Russia, Sberbank's overall offering will be subject to regulatory clearance. The bank is preparing to offer loans backed by these cryptocurrencies despite ongoing developments in the Russian crypto market.