Sberbank of Russia is expanding its cryptocurrency-collateralized loan program and plans to accept Ethereum and USDT as collateral

Sberbank, Russia's largest bank, has announced plans to expand its cryptocurrency financial services by accepting Ethereum and Tether (USDT) as collateral for loans, following its previous acceptance of Bitcoin. Anatoly Popov, Sberbank's first deputy chairman, revealed these plans in an interview with the state-owned news agency TASS, adding that the expansion of collateral assets is only possible after the Central Bank of Russia permits the public circulation of these assets. Popov predicted that the volume of cryptocurrency transactions within Russia could reach up to 4 trillion rubles (approximately $46.4 billion) in the first year of the new cryptocurrency regulations, and could grow to 7.5 trillion rubles (approximately $87 billion) by 2029. He emphasized that these figures are conservative estimates, explaining that a significant portion of transactions will continue to flow through exchange services that bypass official exchanges, and that the market will not fully mature within a year because specialized participants must obtain licenses by July 1, 2027. Sberbank already has practical experience in the field of cryptocurrencies. The bank announced that it conducted a pilot program for Bitcoin-backed loans in December 2025 in partnership with the mining company Intelion, and through this, it has developed its capabilities in managing digital assets. The loan-to-value ratio (LTV), interest rates, and specific launch dates have not yet been disclosed, and all are subject to approval from the central bank. This plan coincides with the effective date of Russia's basic law on cryptocurrencies, which takes effect on September 1st. President Vladimir Putin signed a bill in early August that regulates the trading, storage, and cross-border payments of cryptocurrencies. However, the use of cryptocurrencies for purchasing goods and services within the country remains prohibited. Prior to this, the Central Bank of Russia published a draft list of assets eligible for public trading, based on criteria such as market capitalization, trading volume, and a minimum price history of five years. Only three cryptocurrencies, Bitcoin, Ethereum, and USDT, were included on the list, while other tokens, such as XRP, were excluded. The expansion of collateralized loans is also linked to Russia's high-interest rate environment. With the Russian key interest rate reaching 14%, cryptocurrency mining companies would have to forgo potential gains from further price increases if they sell their holdings. However, by providing their coins as collateral, they can maintain those potential gains while also securing liquidity. Sberbank's recent announcement can be interpreted as a sign that the Russian financial system is beginning to fully embrace cryptocurrency infrastructure.