Sberbank Prepares to Expand Crypto-Backed Lending to ETH and USDT

Russia's largest bank, Sberbank, is preparing to expand its crypto-backed lending services. The bank plans to accept Ethereum (ETH) and Tether's USDT as collateral for loans in addition to Bitcoin (BTC). This move comes as Russia prepares new regulations for the crypto market.

The expansion of crypto-backed lending depends on approval from the Bank of Russia, which is currently working on new rules for the industry. Sberbank Deputy Chairman, Alexander Vedyashov, did not provide a timeline for when the new services will be available.