Sberbank, Russia’s largest lender, has begun testing decentralized finance (DeFi) tools, as interest in cryptocurrencies continues to grow among its customers.
In an interview with Russian business outlet RBC, Anatoly Popov, a deputy chair of Sberbank’s management board, confirmed the bank is piloting multiple DeFi-related solutions.
He emphasized that any digital asset offering will be developed in close coordination with regulators. This approach aims to align innovation with legal certainty.
Popov also suggested that traditional banking services and decentralized finance models are gradually converging. However, he declined to name specific DeFi platforms involved in the pilot projects.
Growing Client Demand Shapes Strategy
Sberbank’s cautious move comes amid rising demand for cryptocurrency exposure across Russia’s banking sector. In addition, expectations that a clearer regulatory framework could emerge by 2026 have further strengthened this trend.
The bank’s scale further adds significance to its strategy shift. Sberbank serves roughly 109 million retail clients and over 3 million corporate customers, with an estimated market capitalization of $83 billion.
Popov noted that many of these clients are actively seeking simple and reliable ways to access crypto assets.
Industry Moves Ahead of Full Regulatory Approval
Despite growing interest, Russian banks are still prohibited from offering direct cryptocurrency trading through their mobile applications. As a result, customers cannot yet buy or sell digital assets directly without regulatory approval.
Nevertheless, demand is becoming increasingly visible. Earlier this month, rival lender VTB reported that its clients prefer holding actual cryptocurrencies rather than trading derivatives.
In parallel, several major Russian firms have launched crypto investment products, including funds, bonds, and indices tied to Bitcoin, Ethereum, and leading US-listed crypto ETFs.
Central Bank Data Underscores Rising Adoption
During the interview, Popov cited estimates from the Central Bank of Russia to illustrate the scale of crypto adoption. He said the total value of cryptocurrency held in Russian wallets had reached $10.35 billion by March 2025. This estimate supports banks’ views that crypto interest is becoming a mainstream financial trend.
However, expansion faces resistance from the central bank. While the Bank of Russia supports blockchain technology, it remains skeptical of private cryptocurrencies.
For instance, Governor Elvira Nabiullina has repeatedly criticized assets such as Bitcoin, instead favoring state-controlled alternatives like the digital ruble. This position has long constrained banks and blockchain firms operating in the country.
Policy Shifts Open the Door to Public Blockchains and Tokenization
Nonetheless, that stance began to soften in 2025, creating space for limited experimentation. This change follows the growth of domestic Bitcoin mining and the increasing use of cryptocurrencies in cross-border settlements.
Against this backdrop, Sberbank is widening its blockchain strategy. Anatoly Popov said the bank is no longer focused solely on private networks.
Instead, it is examining public blockchains for specific, controlled applications. Asset tokenization and technical integration with decentralized finance (DeFi) protocols are among the areas under review.
Ethereum has emerged as a leading candidate. In particular, Popov cited its mature infrastructure, advanced smart contract functionality, and transparent architecture, which he said make integration easier and provide access to global markets.
He concluded that tokenized assets are already being tested worldwide and that Russia is beginning to move in the same direction, provided regulatory clarity and economic conditions continue to improve.
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