Sberbank prepares loans backed by major cryptocurrencies

Russia’s largest lender Sberbank is preparing to expand corporate lending secured by cryptocurrencies, with plans to accept Bitcoin, Ethereum and Tether’s USDT as collateral once the country’s new digital-asset rules take full effect and regulators permit the assets’ public circulation.

Anatoly Popov, deputy chairman of Sberbank’s management board, said the bank intends to continue developing loans backed by digital assets and broaden the collateral it accepts beyond Bitcoin. Ethereum and USDT are expected to be added after the Bank of Russia authorises their use within the regulated market.

The announcement clarifies that the three cryptocurrencies are not yet being accepted across Sberbank’s loan book. Their inclusion will depend on regulatory approvals and the implementation of legislation governing cryptocurrency circulation, which comes into force from September 1.

“We plan to accept not only Bitcoin, but also Ethereum and the stablecoin Tether as collateral,” Popov said, adding that this would happen after the central bank permits the assets for public circulation. He said Sberbank had prepared for the regulatory change and already had practical experience working with cryptocurrency.

Federal Law No. 282-FZ, signed on August 4, establishes a broader legal framework for digital currencies and digital rights. Its main provisions take effect on September 1, creating regulated channels through which financial institutions and other authorised intermediaries can handle cryptocurrency transactions.

The framework allows both qualified and non-qualified investors to transact in cryptocurrencies through regulated intermediaries, subject to different restrictions. Non-qualified investors will be allowed to purchase certain liquid cryptocurrencies within an annual limit of 300,000 roubles through one intermediary after passing a test, while qualified investors face no equivalent purchase cap after meeting testing requirements.

The Bank of Russia has said the new system will include financial institutions, cryptocurrency exchanges and digital repositories responsible for recording rights to digital assets. Domestic use of cryptocurrency as a general means of payment remains restricted, although the legislation provides specific exceptions, including certain foreign-trade transactions.

Sberbank’s latest plan builds on a corporate lending pilot conducted with crypto-mining company Intelion Data. The bank issued a loan secured by cryptocurrency in late 2025, giving it operational experience with digital assets as pledged collateral before the broader regulatory framework was finalised.

The lender has since indicated that crypto-backed financing could extend beyond mining companies to other corporate clients holding digital assets. Such lending allows borrowers to pledge cryptocurrency instead of selling it, while exposing the lender to risks associated with price volatility, custody, valuation and liquidation of the collateral.

Those risks make the structure of the programme important. Sberbank has not disclosed lending rates, loan-to-value ratios, margin requirements, liquidation thresholds or the precise eligibility standards that will apply to Bitcoin, Ethereum or USDT. It has also not announced a general launch date for the expanded collateral programme.

USDT presents a different risk profile from Bitcoin and Ethereum because it is designed to maintain a value linked to the US dollar. Its proposed inclusion would nevertheless remain subject to the same Russian regulatory conditions governing which digital currencies can be admitted to public circulation.

Sberbank is also developing infrastructure around digital assets as Russia brings cryptocurrency activity further into the regulated financial sector. Popov has said the bank plans to introduce international settlements using digital currencies for business customers through its SberBusiness application by the end of 2026.

That service is intended for foreign economic activity rather than ordinary domestic payments. Sberbank says the necessary infrastructure has been created and will be integrated into existing business processes as the legal regime develops.

The bank’s crypto initiatives are unfolding as Russia formalises rules for trading, custody and intermediary services involving digital currencies. Credit institutions will be able to seek registration with the Bank of Russia for specified crypto-related activities under the new framework, while several transitional provisions extend into 2027 and 2028.