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Sber plans USDT and Ether as collateral for crypto-backed loans

The plan hinges on the Bank of Russia allowing USDT and Ether for public trading under a crypto law signed Aug. 4, with key provisions starting Sept. 1.

Reported · Written up by our desk · Regulation

Russia’s Sber, the country’s largest bank, plans to expand its crypto-backed lending by accepting Tether’s USDt stablecoin and Ether as collateral alongside Bitcoin, according to a senior executive cited by TASS and reported by Cointelegraph.

Sber said it will adapt existing lending products and gradually broaden its offerings after the Bank of Russia permits the additional assets for public trading, Deputy Chairman Anatoly Popov said.

The move comes as Russia rolls out a regulated crypto market under a law signed by President Vladimir Putin on Aug. 4, with core provisions taking effect Sept. 1.

Cointelegraph also reports that Sber has taken a cautious view of the digital ruble CBDC, with its chief financial officer Taras Skvortsov saying there is little evidence of broad demand beyond the central bank.

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