Sberbank predicts $46 billion in cryptocurrency trading

The largest Russian bank expects a boom in cryptocurrency trading following the implementation of new digital asset regulations in the country, and is preparing to accept Ethereum and Tether USDT as collateral for loans.

Deputy Chairman of Sberbank Anatoly Popov told the state news agency TASS that the volume of cryptocurrency trading in Russia could reach as much as four trillion rubles, or about $46.43 billion, in the first year, and by 2029 rise to approximately 7.5 trillion rubles, which is around $87 billion.

Popov described the projection as conservative, noting that a large share of transactions will continue to flow through crypto exchanges that bypass formal trading on exchanges and that the market will not fully mature within a year as professional participants have until July 1, 2027, to obtain licenses.

Popov also outlined plans to expand Sberbank’s crypto lending.

– We plan to accept not only Bitcoin but also Ethereum and stablecoin USDT as collateral – he told TASS, adding that the expansion will only occur after the central bank approves the public circulation of such assets.

The bank stated that it had prepared early for the regulatory changes and already has practical experience with digital assets, having conducted a pilot project for Bitcoin-secured loans with the mining company Intelion in December 2025.

The comments come at a time when the Russian crypto framework comes into effect on September 1. In early August, Russian President Vladimir Putin signed a law establishing rules for cryptocurrency trading, custody, and cross-border payments, while simultaneously maintaining a ban on the use of cryptocurrencies for the payment of goods and services in the country.

The Bank of Russia subsequently published a draft list of assets eligible for public trading, selected based on market capitalization, trading volume, and at least a five-year price history. Only Bitcoin, Ethereum, and USDT passed the test, while tokens like XRP were excluded.

The impetus for lending reflects clear demand in a high-interest-rate environment, where the Russian key interest rate stood at 14 percent. A cryptocurrency miner, for example, who sells their cryptocurrencies and forgoes potential growth while pledging them for a loan maintains that exposure intact.

Sberbank did not disclose loan-to-value ratios, interest rates, or a launch date.