Sberbank PJSC is moving to expand its cryptocurrency-backed lending program beyond bitcoin, announcing plans to accept ether (ETH) and Tether's USDT stablecoin as collateral once regulators clear the assets for public circulation in Russia.
Market Context
The Bank of Russia's recent inclusion of ETH and USDT in a draft list of cryptocurrencies approved for public trading on Russian exchanges has opened the door for broader institutional crypto adoption in the country. The central bank selected digital assets based on market capitalization, average daily trading volume, and at least five years of price history on foreign platforms.
Russia's new cryptocurrency law takes effect September 1, establishing a framework for trading through regulated intermediaries while maintaining restrictions on domestic crypto payments. Market participants have until July 2027 to obtain the necessary licenses to operate within this new regulatory structure.
Analysis
Deputy Chairman Anatoly Popov told TASS that Sberbank will adapt its existing products to Russia's new crypto rules before gradually expanding the assets it accepts as collateral. The bank has already tested the model, issuing what it called Russia's first bitcoin-backed loan in December 2025 to mining company Intelion Data, holding the collateral through its in-house custody product.
The addition of USDT introduces a layer of sanctions risk that neither bitcoin nor ether carries. Tether has maintained the ability to freeze assets linked to entities under sanctions, and the Bank of Russia warned in June that stablecoin issuers can seize tokens from lawful owners under unilateral restrictions without a court order.
This dynamic is particularly notable given Sberbank's existing compliance landscape. The lender has faced full U.S. blocking sanctions since April 2022 and an EU asset freeze since July of that year, creating potential friction with Tether's enforcement mechanisms.
Key Numbers
- ETH trading price referenced at approximately $2,447.80
- BTC trading price referenced at approximately $78,396.23
- Russia's new crypto law takes effect September 1, 2026
- Market participants have until July 2027 to obtain operating licenses
- Sberbank issued Russia's first bitcoin-backed loan in December 2025
What to Watch
Monitor whether Tether responds to inquiries regarding its policies toward sanctioned entities holding USDT with Sberbank. Track the Bank of Russia's finalization of its approved cryptocurrency list and any additional assets that may be included for public trading. Observe how other Russian financial institutions structure their crypto lending offerings as regulatory clarity improves, and watch for potential conflicts between Tether's freeze capabilities and Sberbank's existing sanctions exposure.