Sberbank Expands Crypto-Lending Program with Ether and USDT

Russia's largest bank, Sberbank, is planning to expand its crypto-backed lending program. The bank plans to accept ether (ETH) and Tether's stablecoin ($USDT) as collateral, alongside bitcoin (BTC), once regulators allow these assets to circulate publicly.

The bank will adapt its existing products to Russia's new crypto rules before gradually expanding the assets it accepts, according to Deputy Chairman Anatoly Popov. Sberbank has already tested the model by issuing a bitcoin-backed loan to miner Intelion Data in December, holding the collateral through its in-house custody product.

The Bank of Russia named bitcoin, ether, and $USDT as cryptocurrencies that could trade publicly on Russian exchanges based on market capitalization, average daily trading volume, and at least five years of price history on foreign platforms. Sberbank's move to accept $USDT adds a new dimension to its lending program, but also raises concerns about sanctions risks.