Russia’s largest bank plans to expand crypto-backed lending beyond Bitcoin, while a senior Sber executive says demand for the country’s digital ruble remains limited ahead of its broader rollout.
Russia’s largest lender, Sber, is preparing to expand its crypto-backed lending business by accepting Ether and Tether’s USDT as collateral alongside Bitcoin as the country introduces a broader regulatory framework for digital assets.
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Anatoly Popov, deputy chairman of Sber’s management board, said the bank intends to adapt its existing products as Russia’s new crypto rules take effect and gradually expand the range of digital assets that can be used as collateral.
“We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral — of course, after the Central Bank allows them for public circulation,” Popov said in comments reported by TASS on Aug. 28.
The proposed expansion remains dependent on regulatory approval and does not mean all three assets are immediately available as collateral.
Russia prepares regulated crypto market
Sber’s plans come as Russia prepares to implement Federal Law No. 282-FZ, a wide-ranging law governing digital currencies and digital rights.
President Vladimir Putin signed the legislation on Aug. 4, following its passage by the State Duma in July. The law establishes rules covering cryptocurrency exchanges, digital depositories, brokers and other market participants, while giving the Bank of Russia extensive authority over the regulated market.
Its main provisions are scheduled to take effect on Sept. 1.
The Bank of Russia had already begun drafting rules for organized crypto trading before the law formally took effect.
On Aug. 11, the central bank proposed allowing Bitcoin, Ether and USDT to be publicly traded on regulated exchanges. The regulator said eligible assets would be assessed using criteria including market capitalization, average daily trading volume and at least five years of pricing history on overseas markets.
Under the proposed framework, non-qualified investors would be able to purchase selected liquid cryptocurrencies after passing a test, subject to an annual limit of 300,000 rubles through each intermediary. Qualified investors would have broader access without the same purchase limit.
Sber’s lending strategy would build on those regulatory changes by allowing approved crypto assets to serve as collateral rather than as payment instruments.
Sber cautious on digital ruble demand
While Sber is preparing to increase its exposure to crypto-related services, the bank appears less convinced about near-term demand for Russia’s central bank digital currency.
Sber Deputy Chairman and Chief Financial Officer Taras Skvortsov said the bank currently sees little evidence of widespread interest in the digital ruble.
“I don’t see any clear interest in this instrument, apart from the central bank’s,” Skvortsov said, according to reports based on his TASS interview.
He added that retail customers, corporate clients and financial institutions have not shown significant demand that would drive broad adoption of the new form of the Russian currency.
The comments come just before a major expansion of the digital ruble system.
From Sept. 1, 2026, Russia’s largest banks are required to provide customers with access to digital ruble services, including opening accounts, transferring funds and making payments. Large retailers that meet specified requirements will also begin supporting digital ruble payments.
The Bank of Russia has emphasized that use of the digital ruble remains voluntary for individuals and that it will circulate alongside cash and conventional bank deposits.
The contrasting developments show Sber taking different approaches to two parts of Russia’s digital finance strategy. The bank is preparing to expand commercial products built around cryptocurrencies such as Bitcoin, Ether and USDT, while questioning how quickly consumers and businesses will adopt the state-backed digital ruble.