Sber, Russia’s largest bank, is preparing to broaden its crypto-backed lending business to accept Tether’s USDT stablecoin and Ether as collateral, adding to the Bitcoin it already takes. The plans, reported by Cointelegraph and drawn from a TASS report, arrive as Russia switches on a new legal framework for regulated crypto trading.
Deputy Chairman Anatoly Popov said the bank would adapt its existing products and expand its offerings gradually as the country’s new crypto law comes into force. Crucially, Sber intends to add Ether and USDT as collateral only after the Bank of Russia clears those assets for public trading, tying the bank’s timeline to the regulator’s decisions.
A new legal framework switches on
The move is anchored to legislation that President Vladimir Putin signed on August 4, 2026, with its core provisions taking effect on September 1. Under the framework, the Bank of Russia holds the authority to decide which crypto assets may trade on regulated exchanges. According to Cointelegraph, the central bank proposed on August 11 that Bitcoin, Ether and USDT be eligible, pointing to their market capitalization, trading volume and more than five years of price history on overseas markets.
That regulatory sequencing explains Sber’s cautious phrasing. By waiting for the Bank of Russia to formally approve assets for trading, the bank can extend collateralized loans against tokens that already have official standing, rather than getting ahead of the rules.
Cool reception for the digital ruble
The same reporting highlighted a more skeptical note about Russia’s central bank digital currency. Sber’s chief financial officer, Taras Skvortsov, questioned demand for the digital ruble, saying he did not see clear interest in the instrument beyond the central bank itself. He added that retail, corporate and financial clients were not actively pushing for the CBDC. His comments landed as the digital ruble headed toward a wider rollout scheduled for September 1, the same day the crypto law’s main provisions take effect.
Taken together, the developments sketch a striking contrast inside one of Russia’s most important financial institutions: enthusiasm for lending against established cryptocurrencies and stablecoins, paired with open doubt about the state-backed digital currency arriving on the very same day.
Written for Red Robot with AI assistance and human editing. Based on reporting by Cointelegraph.
