Russia’s Sber eyes USDT loans, questions digital ruble demand
Russia’s largest bank, Sber, plans to expand crypto-backed lending beyond Bitcoin to include Tether’s USDt stablecoin and Ether as collateral. Deputy Chairman Anatoly Popov said Sber will gradually adapt its products as Russia’s new crypto rules come into force and will add assets only after the Bank of Russia allows them for public trading. Russia is launching a regulated crypto market under a law signed by Vladimir Putin on Aug. 4, with key provisions starting Sept. 1. The central bank will decide which cryptocurrencies can trade on regulated exchanges and has proposed Bitcoin, Ether, and USDT as eligible assets. Sber is more cautious about Russia’s digital ruble. Chief financial officer Taras Skvortsov said there is little visible demand for the CBDC from retail, corporate, or financial clients.
