Sberbank to Expand Cryptocurrency-Backed Lending

Sberbank intends to expand its range of credit products, including the option to obtain a loan secured by cryptocurrency. According to the bank's Deputy Chairman of the Board, Bitcoin and Ethereum will be joined by the stablecoin USDT.

The key condition for launching this direction is the Central Bank's permission to allow these assets in public trading. This means recognition by the largest state-owned bank of the dollar-pegged stablecoin as legitimate collateral.

Amid enthusiasm about cryptocurrencies, Sberbank's attitude toward the digital ruble remains restrained. The CFO noted a lack of clear interest in this instrument from retail clients, the corporate sector, and financial institutions.

So far, the only active user of the digital ruble is the regulator itself. Forecasts by the bank's head suggest that the share of the third form of money in total turnover will amount to only a fraction of a percent.