Russia's largest bank is preparing for a significant expansion of domestic crypto activity under the country's new digital asset framework, projecting first-year trading volumes of roughly $46 billion and signaling plans to accept Ethereum and Tether's USDT as loan collateral.
Trading Volume Projections
Sberbank Deputy Chairman Anatoly Popov told state news agency TASS that cryptocurrency trading volumes in Russia could reach approximately 4 trillion rubles, or about $46.43 billion, in the first year under the new regulatory regime, growing to around 7.5 trillion rubles, or roughly $87 billion, by 2029.
Popov characterized those figures as conservative, noting that a large share of transactions would continue flowing through crypto exchange services that bypass formal exchange trading. He added that the market would not fully mature within a single year, since professional participants have until July 1, 2027, to obtain licenses.
Crypto-Backed Lending Plans
The bank intends to broaden its crypto-backed lending program beyond Bitcoin. "We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral," Popov said, noting the expansion would proceed only after the central bank permits those assets for public circulation.
Sberbank has not disclosed loan-to-value ratios, interest rates, or a launch date, tying those parameters to approvals that the central bank has yet to grant.
The lending strategy reflects demand in Russia's current high-rate environment, where the key interest rate stands at 14 percent. A crypto miner that sells its coins for liquidity gives up potential future upside, while pledging them as collateral preserves that exposure.
The bank indicated it prepared early for the rule change, citing a Bitcoin-backed loan pilot conducted with mining firm Intelion in December 2025.
Regulatory Context
The comments coincide with Russia's crypto law taking effect September 1. President Vladimir Putin signed the legislation in early August, establishing rules for crypto trading, custody, and cross-border payments while maintaining a ban on using digital assets to pay for goods and services domestically.
The Bank of Russia subsequently published a draft list of assets eligible for public trading, selected based on market capitalization, trading volume, and at least five years of price history. Bitcoin, Ethereum, and USDT qualified, while tokens such as XRP were excluded.
