Sberbank Expands Crypto Loan Model to Include Ether and USDT
Russia's largest bank, Sberbank, is expanding its Bitcoin-backed loan model to include Ether and USDT as collateral. The move follows regulatory approvals and aims to provide a new financing option for businesses holding crypto assets.
The plan will be implemented gradually after current products are adapted to Russia's new crypto rules, which take effect on September 1. In December, Sberbank had tested its Bitcoin-backed loan model by issuing a loan to the mining company Intelion Data, although the loan amount was not disclosed.
While Bitcoin and Ether have been included in the Central Bank of Russia's draft list, adding USDT as collateral carries different risks due to Tether's ability to freeze tokens linked to sanctioned entities. The new crypto law allows transactions through licensed intermediaries but continues to ban crypto payments within Russia.