Sber to Accept USDT, Ether as Crypto Loan Collateral
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- Sber plans to accept USDT and Ether as loan collateral alongside Bitcoin, per Deputy Chairman Anatoly Popov in a Friday TASS report.
- Putin signed Russia's new crypto law on Aug. 4, with core provisions giving the Bank of Russia authority over which crypto assets can trade on regulated exchanges taking effect Sept. 1.
- Bank of Russia proposed Bitcoin, Ether, and USDT for regulated exchange trading on Aug. 11, requiring criteria including market capitalization, trading volume, and at least five years of overseas price history.
- Sber CFO Taras Skvortsov said he sees "little evidence of broad demand" for the digital ruble CBDC ahead of its wider Sept. 1 rollout, adding that neither retail nor corporate clients nor financial institutions are actively pushing for it.
Why it matters: Sber — Russia's largest bank — publicly embracing Tether's USDT while its CFO cools on the central bank's own digital ruble signals that the country's biggest financial institution sees dollar-pegged stablecoins as more useful than the CBDC just as Russia's regulated crypto market opens Sept. 1.
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