Sberbank, Russia's largest lender, plans to expand lending secured by cryptocurrencies, adding Ethereum and Tether's USDT alongside Bitcoin once the assets are approved for public trading, senior executive Anatoly Popov told local media.

"We plan to accept not only Bitcoin but also Ethereum and the Tether stablecoin as collateral – of course, after the central bank allows them for public circulation," Popov said.

Crypto-collateralized lending is an established product category elsewhere, with lenders in markets such as the United States and Switzerland having long offered loans backed by Bitcoin and Ether. Sberbank's plan would bring a similar model into a newly regulated Russian framework.

The move comes as Russia prepares to launch a regulated crypto market on September 1, 2026, under legislation signed by President Vladimir Putin in August 2026. The Bank of Russia will determine which cryptocurrencies can be traded on regulated platforms (Russian President Signs Russia's First Comprehensive Crypto Law).

The central bank has already identified Bitcoin, Ether and USDT as candidates, citing their market capitalization, trading volumes and long trading histories overseas. Notably, USDT issuer Tether has previously stated that it complies with European sanctions rules, and regulated trading of the stablecoin in Russia would mark a shift for an asset long used in cross-border settlement.

Sberbank has already tested crypto-backed lending, giving the bank practical experience before the new rules take effect.

In contrast, the bank is simultaneously taking a more cautious view of Russia's digital ruble. Sber CFO Taras Skvortsov said the bank sees little evidence of demand from retail customers, companies or financial institutions.

"I don't see any clear interest in this instrument, apart from the central bank's," Skvortsov said.

The contrast is significant: while Russia is pushing its central-bank digital currency, its largest lender is preparing products around privately-issued cryptocurrencies and stablecoins. Russia banned crypto as a means of payment for goods and services in 2020, and the new framework preserves that prohibition while legalizing trading and custody through licensed intermediaries.

The latest move comes just two months after the bank announced it would launch a crypto wallet and digital asset custody service by December 1, 2026 (Russia's Largest State-Owned Lender Plans Crypto Wallet Rollout and Custody Services). Domestic crypto payments would remain prohibited even as trading and custody become legal through licensed intermediaries.