Sberbank, Russia's largest bank, has announced plans to accept Bitcoin, Ethereum, and USDT as collateral for loans. This comes after the country's new law regulating digital assets came into force. However, using crypto for domestic payments is still prohibited.
What This Means for Crypto Users?
For those holding USDT, this potentially opens new opportunities: you can get a loan backed by your tokens without selling them. This is especially relevant for those using USDT on TRC-20 or ERC-20 networks — the bank will likely account for assets depending on the network, affecting speed and fees when transferring collateral.
Practical Angle
If you plan to use USDT as collateral, it's important to understand the difference between networks:
- TRC-20 (on Tron) — usually faster and cheaper for transfers, convenient for collateral transfers.
- ERC-20 (on Ethereum) — may be more expensive due to gas fees, but more common in DeFi protocols.
Sberbank will likely value assets at current market rates and apply a haircut to minimize risks. Exact terms are not yet disclosed, but the news signals gradual acceptance of crypto in traditional banking.
What About Payments?
Despite progress, using cryptocurrencies to pay for goods and services within Russia remains prohibited. This means for everyday purchases or paying for foreign subscriptions, you'll still need virtual cards like VirtCardPay, which allow converting USDT to fiat and paying anywhere.
Conclusion
Sberbank's decision is an important step toward legalizing crypto in Russia, but it concerns lending, not payments. For those actively using USDT, it's a reason to consider diversification: keep some assets as collateral, and some in liquid form for daily expenses via cards.
Disclaimer: Information is for informational purposes only and does not constitute financial advice. Cryptocurrencies are volatile; assess risks.
A virtual card in 2 minutes
Pay for subscriptions, AI tools, travel, and international stores. Top up via USDT-TRC20 with no acquiring fees.
