Russia’s Sberbank Sees $46 Billion in Crypto Trading, Plans Ethereum and USDT-Backed Loans

Russia’s largest bank expects crypto trading to take off once the country’s new digital asset rules take effect, and it’s preparing to accept Ethereum and Tether’s USDT as collateral for loans.

Sberbank Deputy Chairman Anatoly Popov told state news agency TASS that cryptocurrency trading volumes in Russia could reach as much as 4 trillion rubles, or about $46.43 billion, in the first year, and climb to roughly 7.5 trillion rubles, around $87 billion, by 2029.

Popov described the projection as conservative, noting that a large share of transactions will keep flowing through crypto exchange services that bypass formal exchange trading, and that the market won’t fully mature within a year since professional participants have until July 1, 2027, to obtain licenses.

Popov also laid out plans to broaden Sberbank’s crypto-backed lending. “We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral,” he told TASS, adding that the expansion would come only after the central bank permits those assets for public circulation.

The bank said it prepared early for the rule change and already has hands-on experience with digital assets, having run a Bitcoin-backed loan pilot with mining firm Intelion in December 2025.

The comments come as Russia’s crypto framework takes effect September 1. In early August, President Vladimir Putin signed the law establishing rules for crypto trading, custody, and cross-border payments, while keeping a ban on using crypto to pay for goods and services domestically.

The Bank of Russia subsequently published a draft list of assets eligible for public trading, selected by market capitalization, trading volume, and at least five years of price history. Only Bitcoin, Ethereum and USDT made the cut, with tokens like XRP left off.

The lending push reflects clear demand in a high-rate environment, where Russia’s key interest rate stood at 14%. A crypto miner, for instance, that sells its coins gives up potential upside, while pledging them for credit keeps that exposure intact.

Sberbank has not disclosed loan-to-value ratios, interest rates, or a launch date, tying everything to approvals the central bank has yet to grant.