Russia's largest bank, Sber, plans to accept Tether (USDT) and Ether as loan collateral alongside Bitcoin under the country's newly regulated cryptocurrency framework.
Deputy Chairman Anatoly Popov said the bank will adapt its existing products and gradually expand offerings as Russia's crypto law takes effect. Sber will add the assets as collateral once the Bank of Russia permits them for public trading.
The expansion coincides with Russia's rollout of a regulated crypto market under a law signed by President Vladimir Putin on August 4, with core provisions taking effect September 1. The Bank of Russia holds authority to determine which crypto assets can trade on regulated exchanges.
On August 11, the central bank proposed Bitcoin, Ether, and USDT for regulated exchange trading, citing their market capitalization, trading volume, and at least five years of price history on overseas markets as meeting regulatory requirements.
In separate comments, Sber's Chief Financial Officer Taras Skvortsov expressed skepticism about the digital ruble, Russia's central bank digital currency (CBDC), ahead of its wider rollout on September 1. Skvortsov said the bank sees limited evidence of demand for the CBDC beyond the central bank's own interest, noting that retail clients, corporate clients, and financial institutions are not actively seeking it.
