Sberbank Projects 46 Billion USD in Crypto Trading, Plans Ethereum and USDT Loans
Sberbank, Russia's largest bank, anticipates cryptocurrency trading volumes could reach 4 trillion rubles, approximately 46.43 billion USD, in the first year after new digital asset regulations take effect. By 2029, this figure may rise to around 7.5 trillion rubles, or 87 billion USD. Deputy Chairman Anatoly Popov described this projection as conservative, noting many transactions will continue to occur through crypto exchanges that avoid formal trading. Professional participants have until July 1, 2027, to obtain licenses, indicating the market may not fully mature within a year.
Sberbank plans to expand its crypto-backed lending to include Ethereum and Tether's USDT as collateral, alongside Bitcoin, pending central bank approval for public circulation of these assets. The bank has already piloted a Bitcoin-backed loan with mining firm Intelion in December 2025, preparing for the regulatory changes that took effect on September 1.
President Vladimir Putin signed a law in early August establishing rules for crypto trading, custody, and cross-border payments, while maintaining a ban on using crypto for domestic purchases. The Bank of Russia has published a draft list of assets eligible for public trading, which includes Bitcoin, Ethereum, and USDT, excluding tokens like XRP.
This lending initiative reflects demand in a high-interest rate environment, with Russia's key interest rate at 14%. By pledging crypto for credit, miners can retain exposure to potential price increases. Sberbank has not disclosed specific loan-to-value ratios, interest rates, or a launch date, as these depend on central bank approvals.
-- Price
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