Sberbank to Accept Bitcoin, Ether, and Tether as Loan Collateral

Deputy chairman Anatoly Popov told TASS on Friday that Sberbank intends to take Bitcoin (BTC), Ether (ETH), and Tether (USDT) as collateral for loans.

The country's biggest bank seeks these digital assets as security, not as a means of payment. Under Russia's digital currency law taking effect on September 1, using crypto for payments is still prohibited.

Collateral Allowed, Payments Still Banned

In Russia, a company can offer Bitcoin as collateral to a bank, but using it to buy a coffee remains out of the question. According to Popov, Sberbank began preparing for the regulatory shift ahead of time and is already managing digital assets. He added that the broader acceptance hinges on conditions.

“We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral… after the Central Bank, of course, allows them for public circulation,” local media said.

The law was signed by President Vladimir Putin on August 4. A week later, the Bank of Russia released its first sanctioned list. Just three cryptocurrencies made the cut.

The criteria set by regulators included market capitalization, substantial daily trading volume, and a minimum of five years of price data on overseas exchanges. Bitcoin, ether, and USDT met those requirements. No other coin did, and the central bank has made its position on the others clear.

Within Russia, cryptocurrency is not permitted as a payment method. The sole exception is for exporters and importers, who are allowed to use crypto in cross-border trade.

No Rate, No Date, No Terms Given

As of August 28, the key rate is 14%, making borrowing costly in Russia — a factor that drives demand for collateralized loans. Miners have a choice: sell their coins and forgo potential gains, or pledge them and pay interest.

The option is not available to individual Russians. The country's new crypto legislation limits non-qualified investors to 300,000 rubles (about $3,632) in crypto per year per intermediary, while corporate borrowers have no such cap.

Popov revealed no loan-to-value ratio, interest rate, or start date. He linked all of these to approvals from the central bank that have not yet been granted.

Current operations are more modest. Sber completed a crypto-backed lending trial in December 2025 and aims to launch a digital depository by December 1.

USDT stands out as a stable asset, trading at $0.9999, whereas Bitcoin fluctuates daily. Consequently, one coin requires a small haircut, the other a substantial one.

In the event of a default, Sberbank would be forced to sell the coins within a country where using them for payments is unlawful.