Sberbank plans to accept ether and USDT as loan collateral

Russia's largest bank, Sberbank, plans to accept ether and USDT as collateral for crypto-backed loans alongside bitcoin. Sberbank will introduce the assets once regulators allow them to circulate publicly. The bank will adapt its existing products to Russia's new crypto rules. Sberbank will gradually expand the assets it accepts. Deputy Chairman Anatoly Popov told TASS about the plan. The Bank of Russia named bitcoin, ether and USDT in an August draft list of cryptocurrencies that could trade publicly on Russian exchanges. The Bank of Russia selected the assets based on market capitalization. It also considered average daily trading volume. The assets had at least five years of price history on foreign platforms. Sberbank tested the lending model in December. The bank issued what it called Russia's first bitcoin-backed loan to miner Intelion Data. Sberbank held the collateral through its in-house custody product. The loan amount was not disclosed. Sberbank said in February that it wanted to extend the product beyond miners to other businesses holding cryptocurrency. USDT presents risks because Tether can freeze assets linked to entities under sanctions.