Sberbank plans to add ether and USDT as collateral for crypto-backed loans: Report
Russia's Sberbank plans to expand its crypto-backed loan offerings to include ether and USDT as collateral. This move aligns with new Russian crypto regulations, though it introduces potential sanctions risks due to the nature of stablecoins.
Why it matters
The integration of major cryptocurrencies into traditional banking products in Russia signals a significant shift in how sanctioned financial institutions are navigating digital assets.
The bank will adapt its existing products to Russia’s new crypto rules before gradually expanding the assets it accepts, Deputy Chairman Anatoly Popov told TASS .
The Bank of Russia named bitcoin, ether and USDT in an August draft list of cryptocurrencies that could trade publicly on Russian exchanges. It selected them based on market capitalization, average daily trading volume and at least five years of price history on foreign platforms.
Sberbank has already tested the model. In December, it issued what it called Russia’s first bitcoin-backed loan to miner Intelion Data, holding the collateral through its in-house custody product. The loan amount was not disclosed.
The bank said in February that it wanted to extend the product beyond miners to other businesses holding cryptocurrency.
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