Sberbank is preparing to expand crypto-backed lending in Russia, with Bitcoin, Ether and Tether’s USDT set to become eligible collateral if the central bank gives the required approval.
The plan comes as Russia prepares to open a regulated cryptocurrency market from 1 September 2026, while continuing to prohibit the use of crypto for ordinary domestic payments.
Sberbank Wants More Than Bitcoin As Loan Collateral
Russia’s largest lender already has experience using Bitcoin as security for loans and now wants to widen the range of digital assets it can accept.
Deputy chairman Anatoly Popov said the bank plans to include Ethereum and USDT alongside Bitcoin, but only after the Bank of Russia permits the assets for public circulation.
Popov said,
“We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral,”
He added that this would happen “after the Central Bank, of course, allows them for public circulation.”
The approach separates crypto ownership from crypto spending.
A Russian company may be able to pledge digital assets to a bank to secure financing, while those same assets cannot be used to pay for ordinary goods and services inside the country.
Why Are Bitcoin, Ether And USDT Being Considered?
The Bank of Russia has proposed Bitcoin, Ether and USDT for regulated trading after assessing factors including market capitalisation, trading activity and more than five years of price history on international exchanges.
The three assets were selected from a much wider cryptocurrency market, meaning other tokens are not currently expected to receive the same access through regulated venues.
The central bank’s proposal remained subject to final regulatory action after its consultation period ended on 24 August.
Sberbank’s broader collateral plans therefore cannot begin until the necessary permissions are in place.
USDT could also present a different risk profile from Bitcoin and Ether because it is designed to track the US dollar.
USDT was trading around $0.9999 in the information provided, while Bitcoin and Ether can experience much larger price movements.
For a lender, that difference could affect how much a borrower is allowed to borrow against each asset and how much protection the bank requires if prices fall.
Sberbank Has Already Tested Bitcoin-Backed Lending
The proposed expansion builds on a Bitcoin-backed lending pilot that Sberbank completed in December 2025 with Russian mining company Intelion Data.
The cryptocurrency used as collateral was protected through the bank’s Rutoken storage system, giving Sberbank direct experience with handling digital assets as part of a lending arrangement.
The bank has not limited the idea to cryptocurrency miners.
Popov said the model could eventually serve a broader group of companies that hold digital assets and need access to financing without immediately selling their cryptocurrency.
However, Sberbank has not yet published the commercial details for the planned expansion.
There is no confirmed launch date, loan-to-value ratio, interest rate or final list of eligible borrowers.
Russia’s Crypto Market Opens While Payments Stay Banned
The lending plans arrive as Russia introduces a new framework for regulated cryptocurrency trading from 1 September 2026.
Under the framework, banks, brokers, asset managers, exchanges and digital depositories can take part in the regulated market, subject to licensing and other requirements.
Cryptocurrency will still not be permitted as a payment method for ordinary transactions inside Russia.
Exporters and importers will have an exception allowing crypto to be used for certain foreign trade settlements.
Retail access will also be restricted.
Non-qualified investors must pass a knowledge test and can purchase up to 300,000 rubles of cryptocurrency per year through each intermediary, worth roughly $3,600.
Qualified investors must also complete testing but will not face the same annual monetary limit.
Existing crypto exchange providers have until 1 July 2027 to obtain the required licences, meaning Russia’s regulated market is expected to build gradually rather than reach full capacity immediately after the September launch.
How Large Could Russia’s Regulated Crypto Market Become?
SberCIB Investment Research expects Russia’s regulated crypto trading market to handle between 3.5 trillion and 4 trillion rubles during its first year, equivalent to about $46.43 billion.
The estimate is based on the view that only around 20% of Russia’s existing cryptocurrency activity will move to regulated exchanges.
Popov said current Russian cryptocurrency transactions amount to roughly 50 billion rubles a day, which would equal around 18 trillion rubles over a year.
SberCIB expects organised trading to reach between 4.75 trillion and 5.25 trillion rubles by 2028, before rising to about 7.5 trillion rubles, or $87.06 billion, in 2029.
The figures remain forecasts rather than official targets from the Russian government or central bank.
Investor demand, the number of licensed intermediaries and the final market rules will determine how much activity actually moves into the regulated system.
A sizeable share could remain with crypto services operating outside organised markets, particularly given the restrictions placed on retail investors.
Sberbank Is Building The Infrastructure Behind The Market
Sberbank is also developing infrastructure that could support its wider digital asset business.
The bank plans to launch a digital depository by 1 December 2026 to record ownership, manage wallets and support deposits, withdrawals and settlements.
A consumer-facing crypto wallet is also under development, while the bank continues to work on trading and custody services.
For crypto-backed lending, this infrastructure could provide the systems needed to hold collateral and record ownership while loans remain outstanding.
The main uncertainty is still regulatory approval and the final terms Sberbank will attach to the products.
The Digital Ruble Gets A Different Reception
Sberbank’s enthusiasm for privately issued digital assets contrasts with its more cautious view of Russia’s digital ruble.
Chief financial officer Taras Skvortsov said there was little evidence of strong demand for the central bank digital currency ahead of its wider rollout on 1 September.
“I don't see any clear interest in this instrument, apart from the central bank's.”
He added that retail customers, companies and financial institutions were not actively pushing for the CBDC.
Sberbank is therefore preparing for a market where Bitcoin, Ether and USDT could play a growing role in lending and trading, even as the bank remains unconvinced about immediate demand for the state-backed digital ruble.
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