Sberbank Plans ETH and USDT Collateral for Crypto-Backed Loans

Sberbank plans to accept Ether and Tether’s USDT as collateral for loans alongside Bitcoin, Deputy Chairman Anatoly Popov said in an Aug. 28 interview with TASS. The expansion is conditional on Russian regulators approving the assets for public circulation, tying the bank’s lending plans to the country’s developing framework for regulated crypto activity.

The proposed addition would broaden Sberbank’s collateral universe beyond Bitcoin to include Ether, the second-largest cryptocurrency by market standing, and USDT, a stablecoin designed to track the US dollar. Popov did not provide product terms or a launch date.

Sberbank links ETH and USDT collateral to regulatory approval

Popov said Sberbank intends to work with ETH and USDT as collateral once they are permitted for public circulation, making the proposal conditional rather than an immediately available lending product. The announcement comes as Russia prepares a more formal regulatory structure for digital-asset activity and designated intermediaries.

Sberbank’s proposed collateral assets overlap with the Bank of Russia’s draft approach to public exchange trading, which identified Bitcoin, Ethereum and Tether USDT as eligible cryptocurrencies.

Bank of Russia’s draft list

On Aug. 11, the Bank of Russia published a draft list naming Bitcoin, Ethereum and Tether USDT as cryptocurrencies eligible for public exchange trading. The overlap with Sberbank’s prospective collateral list places the bank’s proposal within the regulator’s initial set of publicly tradable assets.

The draft would limit non-qualified investors to ₽300,000 in annual cryptocurrency purchases through each intermediary. The limit concerns purchases, rather than the terms of a loan secured by crypto, but it illustrates the guarded access model being proposed for retail participation.

Neither the draft list nor Popov’s comments establish the commercial structure of Sberbank’s planned loans. In particular, there is no indication of whether an investor’s qualification status would affect access to collateralised borrowing, should the products be introduced.

Sept. 1 law and regulated intermediaries

Russia’s cryptocurrency law takes effect on Sept. 1, 2026. According to the central bank’s July announcement, the legislation establishes regulated intermediaries and introduces requirements for foreign stablecoins.

It does not change the prohibition on using cryptocurrency for domestic payments. Using a digital asset as pledged loan collateral is distinct from using it to pay for goods or services within Russia.

According to TASS, Sberbank has proposed accepting crypto assets as loan collateral, subject to regulatory approval for public circulation.

Market participants have until July 1, 2027, to obtain licences and meet applicable requirements. Regulatory and operational steps remain before the framework is fully implemented as banks begin outlining products that could operate within it.

From Intelion Data’s loan to a broader product

Sberbank has already tested Bitcoin-backed lending. In December 2025, it issued what was reported as Russia’s first Bitcoin-backed loan to mining company Intelion Data, according to CoinDesk. The bank used its own custody product and Rutoken to hold the collateral, while the loan amount was not disclosed.

That transaction provides a precedent for the custody side of a secured crypto loan, but it does not reveal the terms of the proposed ETH and USDT offering. The earlier loan involved Bitcoin and a mining company; Popov’s remarks point to a potentially wider set of acceptable assets, subject to regulatory clearance.

Independent reporting by CoinDesk said Sberbank had not announced a timetable, loan-to-value ratios, interest rates or minimum collateral requirements for ETH- and USDT-backed loans. Those details will determine how the proposed products operate in practice once the relevant assets receive the necessary approval.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.