Tether · Russia · Ethereum · CoinDesk
Sberbank is set to add ether and USDT as collateral for crypto-backed loans: Report
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Russia’s largest bank, Sberbank, plans to expand its crypto-backed lending program to accept ether ETH $ 2,451.27 and Tether’s stablecoin USDT as collateral, alongside bitcoin BTC $ 78,717.51, once regulators allow the assets to circulate publicly.
Key facts
- Russia’s largest bank, Sberbank, plans to expand its crypto-backed lending program to accept ether ETH $ 2,451.27 and Tether’s stablecoin USDT as collateral, alongside bitcoin BTC $ 78,717.51, once
- Sberbank has faced full U.S. blocking sanctions since April 2022 and an EU asset freeze since July of that year
- In December, it issued what it called Russia’s first bitcoin-backed loan to miner Intelion Data, holding the collateral through its in-house custody product
- Russia’s new crypto law takes effect Sept. 1, allowing trading through regulated intermediaries and applying the same requirements to foreign stablecoins
Summary
Sberbank plans to expand its crypto-backed lending beyond bitcoin, aiming to accept ether (ETH) and Tether’s USDT as collateral. The Bank of Russia recently included ETH and USDT in a draft list of cryptocurrencies approved for public trading on Russian exchanges. USDT presents unique risks, with Tether maintaining the ability to freeze assets linked to entities under sanctions. The bank will adapt its existing products to Russia’s new crypto rules before gradually expanding the assets it accepts, Deputy Chairman Anatoly Popov told TASS.