Sberbank Expands Crypto-Backed Lending with ETH and USDT

Russia's largest bank Sberbank is expanding its crypto-backed lending services to include ether (ETH) and Tether's USDT, alongside bitcoin. This move comes after the Bank of Russia named these assets as candidates for trading on regulated exchanges under a new law signed by President Vladimir Putin on August 4.

The law stipulates that the Bank of Russia will decide which cryptocurrencies can be traded on regulated exchanges, and key provisions take effect from September 1. Sberbank's deputy chairman Anatoly Popov said the bank plans to add ether and USDT to its collateral assets after the central bank allows public trading of these assets.

Sberbank has taken a cautious stance on the digital ruble, with its chief financial officer Taras Skvortsov stating that there is no clear interest in it beyond the central bank. This suggests that banks are judging product viability based on actual customer demand rather than following the central bank's initiative.