Sberbank Plans to Accept BTC, ETH, USDT as Loan Collateral

Sberbank, Russia’s largest bank, is preparing to expand its digital asset-backed lending services. The bank is planning to begin accepting Bitcoin ($BTC), Ethereum ($ETH), and Tether ($USDT) as collateral. According to Russian media, the bank plans to broaden its range of digital assets eligible for collateralized loans. This news comes at a time when Russia is developing regulatory framework for cryptocurrencies. Sberbank is already providing crypto custody services.

Sberbank Prepares to Expand Crypto-Backed Lending

Anatoly Popov, Deputy Chairman of Sberbank’s management board, said the bank already has practical experience with cryptocurrencies. Sing the experience, they are preparing for upcoming regulatory changes. Popov also stated that Sberbank intends to initially accept Bitcoin as collateral before expanding the offering to other major digital assets. Ethereum and Tether stablecoin are also among the first listings.

Popov added that the expansion would depend on the Bank of Russia allowing these assets for public circulation. Sberbank expects to adapt its existing lending products once the relevant provisions of Russia’s new digital asset regulations come into force.