Sberbank Prepares to Offer Crypto-Backed Loans

Sberbank, Russia's largest bank, is set to expand its digital asset-backed lending services. The bank plans to accept Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) as collateral for loans.

The move comes amid the development of a regulatory framework for cryptocurrencies in Russia. Sberbank already provides crypto custody services and has gained experience with cryptocurrency-backed lending through a pilot program.

'We have practical experience with cryptocurrencies, and we are preparing for upcoming regulatory changes,' said Anatoly Popov, Deputy Chairman of Sberbank's management board.

The expansion of digital asset-backed lending will depend on the Bank of Russia allowing these assets for public circulation. Initially, Bitcoin is expected to serve as the primary digital asset for the lending program, with Ethereum and Tether stablecoin following once they are permitted by the regulator.