Sberbank, Russia's largest bank, is preparing to launch corporate lending services collateralized by Bitcoin, Ethereum, and Tether. This move aligns with Russia's new digital asset law, which takes effect on September 1, 2026. Following the successful pilot of ruble-denominated loans backed by Bitcoin last December, the bank now plans to expand the collateral options to include Ethereum and Tether. However, approval from the Central Bank of Russia will still be required to accept Ethereum and Tether as collateral.

Furthermore, Sberbank announced plans to build its own crypto wallet, digital vault, and trading infrastructure by December 1 of this year. Interestingly, regarding the digital ruble—a central bank digital currency (CBDC) that the Russian Central Bank is ambitiously pushing—the bank's CFO noted that "there is almost no interest from customers." It seems to be proof that market demand for private cryptocurrencies like Bitcoin is much hotter than for government-backed digital currencies haha.

Of course, using cryptocurrency as a direct means of payment within Russia is still prohibited. However, this legal amendment establishes a foundation for traditional financial institutions to engage in crypto custody and brokerage, accelerating the integration with institutional finance. It will be interesting to see how the strange competitive dynamic between state-led, controlled digital currency and market-chosen private cryptocurrency plays out.

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