Russia's Sber eyes USDT loans, doubts digital ruble demand
Russia's Sber eyes USDT-backed loans alongside Bitcoin and Ether as collateral, deputy chairman Anatoly Popov told TASS on Friday. The plan aligns with Russia's new crypto law taking effect Sept. 1 and the Bank of Russia's proposal to allow those assets on regulated exchanges—while Sber's CFO questioned whether anyone beyond the central bank wants the digital ruble.
Sber, Russia's largest bank, is preparing to expand crypto-backed lending beyond Bitcoin. According to a Friday report from state news agency TASS, Deputy Chairman Anatoly Popov said the lender will adapt existing products and gradually broaden its offerings as the country's regulated crypto framework rolls out.
The announcement lands at a pivotal moment for Russian digital finance. President Vladimir Putin signed the crypto market law on Aug. 4, with core provisions set to take effect on Sept. 1. That same month, the digital ruble—Russia's central bank digital currency—is also scheduled for a wider rollout.
Key Takeaways
- Sber plans to accept USDT, Ether, and Bitcoin as loan collateral once the Bank of Russia permits public trading of those assets.
- Russia's new crypto law, signed Aug. 4, takes effect Sept. 1 and gives the central bank authority over which digital assets can trade on regulated exchanges.
- The Bank of Russia proposed Bitcoin, Ether, and USDT for regulated trading on Aug. 11, citing market cap, volume, and five years of overseas price history.
- Sber CFO Taras Skvortsov said the bank sees little evidence of broad demand for the digital ruble from retail, corporate, or institutional clients.
Why is Sber adding USDT and Ether as loan collateral?
Sber already offers crypto-backed lending and now intends to widen the collateral pool. Popov told TASS that Sber will add USDT and Ether after the Bank of Russia authorizes them for public trading on regulated exchanges.
The timing is deliberate. Russia is building a supervised crypto market under the law Putin signed in early August. Sber's deputy chairman framed the expansion as a gradual adaptation of existing products rather than a sudden pivot, suggesting the bank is positioning itself for the regulated era rather than waiting on the sidelines.
Which crypto assets can trade on Russia's regulated exchanges?
Under the new law, the Bank of Russia decides which digital assets qualify for trading on approved platforms. On Aug. 11, the central bank proposed Bitcoin, Ether, and USDT, saying they met thresholds for market capitalization, trading volume, and at least five years of price history on overseas markets.
If those assets gain final approval, Sber's collateral lineup would mirror the exchange list—giving borrowers a stablecoin option alongside the two largest cryptocurrencies by market value. For context on how global banks and regulators are navigating similar stablecoin questions, see our Fintech & Crypto Alerts coverage.
Does Sber see demand for Russia's digital ruble?
While Sber moves toward broader crypto lending, its leadership struck a cooler tone on the digital ruble. CFO Taras Skvortsov reportedly said the bank sees little evidence of broad demand for the CBDC ahead of its wider Sept. 1 rollout.
"I don't see any clear interest in this instrument, apart from the central bank's," Skvortsov said, according to TASS. He added that neither retail nor corporate clients nor financial institutions are actively pushing for the digital ruble.
That split—enthusiasm for regulated crypto collateral versus skepticism about the CBDC—highlights a tension inside Russia's banking sector as two parallel digital-money experiments launch in the same week.
What happens next for Russia's crypto market?
With the law's core provisions activating Sept. 1, the Bank of Russia's asset approvals and exchange listings will determine how quickly Sber can onboard USDT and Ether as collateral. Popov's comments suggest Sber is ready to move once regulators green-light public trading.
Observers will watch whether borrower demand follows the bank's expanded collateral menu—and whether Skvortsov's digital-ruble doubts reflect wider industry sentiment or an outlier view. For the original reporting, see CoinTelegraph's coverage of Popov's TASS interview.