Russia's largest bank Sberbank will accept Bitcoin as loan collateral and plans to add Ethereum and Tether once regulators permit, according to Deputy Chairman Anatoly Popov at the Eastern Economic Forum on August 28.
Popov said Sberbank already has operational experience with crypto assets and will expand its collateral offerings as Russia's new regulatory framework takes effect September 1. The bank's ability to accept Ethereum and USDT depends on approval from the Bank of Russia for their public circulation, both of which remain conditional.
Sberbank is Russia's dominant lender by assets and deposit base. The bank has been gradually building cryptocurrency infrastructure under the country's emerging regulatory regime. Popov indicated the expansion will happen incrementally, adapting existing lending products rather than launching entirely new ones.
Russia legalized cryptocurrency in June 2024 but restricted retail access to digital assets. The September regulatory framework creates formal rules for how banks and institutions can hold, custody, and accept crypto as collateral. Sberbank's move follows months of regulatory clarity that major Russian financial institutions would integrate digital assets into credit products once the legal pathway opened.
The collateral program sits within a broader Russian push to domesticate crypto flows. The Bank of Russia has been cautious about permitting circulation of assets like Ethereum and USDT, citing volatility concerns. Bitcoin has faced fewer restrictions in early enforcement, though the central bank maintains authority to revoke approval at any time.
Sberbank's inclusion of Bitcoin collateral ahead of Ethereum and USDT reflects the Bank of Russia's current regulatory stance. Bitcoin now has de facto acceptance in Russia's financial system, while stablecoins and major altcoins remain under stricter review. The bank will move on additional assets once approvals arrive.
Sberbank holds roughly one-quarter of total Russian banking assets. A major lender's adoption of crypto collateral typically removes friction for corporate borrowers holding digital reserves. Ethereum and USDT collateral could arrive within months if Bank of Russia approval comes as expected.
The document to watch is the Bank of Russia's formal approval list for Ethereum and USDT public circulation, which would trigger Sberbank's expansion beyond Bitcoin.
