Sber Bank to Accept USDT and Ether for Crypto-Backed Loans
- Sber Bank plans to expand its crypto-backed lending to include Tether’s USDt stablecoin and Ether as collateral alongside Bitcoin.
- This expansion follows a new crypto law in Russia, signed by President Vladimir Putin on August 4, with key provisions effective September 1.
- The Bank of Russia will determine which crypto assets can trade on regulated exchanges, having proposed Bitcoin, Ether, and USDT for trading on August 11.
- Sber’s Deputy Chairman Anatoly Popov stated that the bank will adapt existing products gradually as regulations evolve.
- Despite the developments in crypto lending, Sber has expressed skepticism about demand for the digital ruble (CBDC), stating little interest from clients.
Sber Bank’s move to accept Tether’s USDt and Ether as collateral is part of a broader shift towards a regulated crypto market in Russia. The central bank’s role in approving trading assets signals a significant change in the financial landscape.
With the new law coming into effect on September 1, Sber aims to broaden its offerings while remaining cautious about the digital ruble, citing low demand from clients for this initiative.
