Sberbank plans to accept Bitcoin, Ethereum and USDT as loan collateral

Russia's largest bank, Sberbank, plans to expand its crypto-backed lending program to accept Ethereum and Tether's USDT as collateral alongside Bitcoin. The expansion is contingent on the Bank of Russia permitting the assets for public circulation under a new regulatory framework taking effect September 1, 2026. While Sberbank forecasts first-year regulated trading volumes of 4 trillion rubles ($46.4 billion), the inclusion of USDT introduces unique sanctions risks for the lender, which has been under Western sanctions since 2022.

Sberbank crypto-backed loans

• ▪Sberbank plans to launch a crypto wallet in its Sber and Sber Investments apps alongside a digital asset depository by early December 2026
• ▪Sberbank plans to expand its crypto-backed lending program to accept Ethereum and Tether's USDT as collateral alongside Bitcoin
• ▪Sberbank Deputy Chairman Anatoly Popov stated that the bank will add Ethereum and USDT as collateral after the Bank of Russia permits them for public circulation

Russian crypto regulatory framework

• ▪Cryptocurrency payments for goods and services inside Russia remain prohibited under the new law, though cross-border settlements are permitted for foreign trade
• ▪The Russian crypto framework limits non-qualified retail investors to an annual purchase limit of 300,000 rubles per intermediary, while qualified investors face no limits
• ▪The Bank of Russia proposed Bitcoin, Ethereum, and USDT for regulated exchange trading based on market capitalization, trading volume, and a five-year foreign price history
• ▪Russia's new regulated crypto market framework, signed into law by President Vladimir Putin on August 4, 2026, takes effect on September 1, 2026

Crypto trading volume forecasts

• ▪Sberbank Deputy Chairman Anatoly Popov forecasted that Russia's regulated crypto trading volume on exchanges could reach 4 trillion rubles ($46.4 billion) in its first year
• ▪Sberbank Chief Financial Officer Taras Skvortsov stated that the bank sees little evidence of broad retail, corporate, or financial institution demand for Russia's digital ruble
• ▪Sberbank Deputy Chairman Anatoly Popov forecasted that Russian regulated crypto trading volume could grow to approximately 7.5 trillion rubles ($87.1 billion) by 2029

USDT sanctions risks

• ▪Tether maintains the authority to freeze USDT tokens linked to sanctioned entities, and the Bank of Russia warned that stablecoin issuers can seize tokens without a court order
• ▪USDT collateral introduces unique sanctions risks for Sberbank, which has been under full U.S. blocking sanctions since April 2022 and an EU asset freeze since July 2022

Bitcoin loan pilot program

• ▪Sberbank held the cryptocurrency collateral for the Intelion Data pilot loan using its own in-house custody infrastructure
• ▪Sberbank tested its crypto-backed lending model in December 2025 by issuing a corporate loan to Russian mining company Intelion Data secured by mined cryptocurrency

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