Sberbank to Launch Crypto-Backed Corporate Loans After Pilot
- Sberbank plans crypto-backed corporate loans after a January bitcoin-collateral pilot deal
- The lender will extend lending beyond miners to firms holding crypto on their balance sheets
- Digital asset issuance hit RUB 408B in 2025, showing fast growth inside Russia’s top bank
Russia’s largest lender is moving to formalize what began as a quiet trial into a new line of corporate finance. According to a Reuters report, Sberbank plans to roll out crypto-backed loans after completing a pilot earlier this year, a step that reflects how digital assets are being absorbed into Russia’s tightly regulated banking system rather than kept at its margins.
The decision follows a January transaction that quietly broke new ground. The bank issued the country’s first bitcoin-backed corporate loan to major mining firm Intelion Data, describing the deal at the time as a test rather than a product launch. Executives now say the model is ready to scale, with demand coming not just from miners but from companies holding cryptocurrency on their balance sheets.
From Pilot to Product
Per the report, the initial loan relied on self-mined bitcoin as collateral, allowing the bank to stress-test custody, valuation, and liquidation procedures under live conditions. Deputy Chairman Anatoly Popov acknowledged the trial was designed to open a working dialogue with regulators and to understand how digital assets could fit within existing credit frameworks without unsettling risk controls.
That groundwork is now feeding into a broader rollout. The planned program is expected to extend beyond mining companies to corporates that hold crypto as treasury assets, reflecting a shift in how such holdings are viewed inside the banking system. Rather than being treated as peripheral or speculative, they are increasingly being assessed as collateralizable assets, albeit within strict legal boundaries.
The bank has already been active in adjacent areas. It offers structured bonds and regulated digital financial assets linked to bitcoin and ether, and has been testing decentralized finance instruments. Besides, Popov has said the institution supports the gradual legalization of crypto activity within Russia’s legal framework, emphasizing controlled expansion over rapid adoption.
Digital Assets Grow Quickly, From a Small Base
The timing coincides with rapid growth in the bank’s digital financial asset business. In 2025, issuance on its regulated DFA platform reached 408 billion rubles, roughly $5.3 billion. That marked a 5.6-fold increase from the previous year and dwarfed volumes seen just two years earlier.
The lender’s own DFA holdings also climbed sharply, rising sevenfold in six months to 185 billion rubles, or about $2.2 billion. Even so, these figures remain modest next to the core balance sheet. By December, corporate loans stood at 30.4 trillion rubles, retail lending at 18.8 trillion rubles, and client deposits at 33.1 trillion rubles.
However, the contrast is striking. Tokenized assets account for a small fraction of activity, yet their growth rate far outpaces traditional segments. As a result, executives have framed crypto-backed lending as an incremental addition rather than a pivot away from conventional banking.
Regulation and Peers Move in Parallel
Russia’s regulatory environment is evolving in parallel. The Bank of Russia classifies cryptocurrency as a foreign exchange asset, allowing trading and investment while banning its use for domestic payments. Therefore, officials expect a comprehensive legal framework governing crypto assets to be finalized by July 1, 2026.
Meanwhile, other lenders are already moving. Sovcombank rolled out bitcoin-backed loans earlier this month for individuals and businesses that legally hold crypto, becoming the first major private bank in the country to do so. Internationally, large banks such as Wells Fargo and JPMorgan Chase have explored or prepared similar structures for institutional clients.
Related: US-Iran Tensions Shake Bitcoin Prices Ahead of Nuclear Talks
Sanctions Pressure and Strategic Relevance
Crypto’s expanding role in Russia’s economy has been shaped by external pressure. Western sanctions imposed after Moscow’s military action in Ukraine have constrained access to many global currencies, prompting businesses and financial institutions to seek alternative channels.
Against that backdrop, the planned lending program reflects a cautious recalibration rather than a dramatic shift. By anchoring crypto-backed loans in pilot data, balance-sheet discipline, and close coordination with regulators, Sberbank is positioning digital assets as a managed extension of corporate finance. The approach underscores how crypto, once sidelined, is being folded into mainstream banking on tightly controlled terms.
