Russia's largest bank Sberbank (accounting for over a quarter of the Russian banking system's assets) is about to launch a crypto asset-backed loan service. What does this indicate? Traditional finance is officially extending an olive branch to the crypto world.

Frankly, this is not just simple financial innovation. It breaks down the barriers between crypto assets and traditional credit, and will directly reshape market liquidity and compliance expectations. In the short term, bullish sentiment will run high; in the long term, it will be a major screening for compliance.

Looking at international precedents, it’s clear. When a major bank entered the crypto collateral business, funds in DeFi lending platforms experienced outflows—Aave’s TVL dropped by over 6%. But don’t rush to bearish conclusions; this also means that incremental capital is flowing in.

What is the current market situation? At noon on December 26, Bitcoin hovered around $88,900, with a 24-hour increase of 1.38%; ETH was around $2,900, up 0.93%. Funds are already positioning for mainstream coins.

From a data perspective, BTC and ETH are most likely to become accepted collateral by banks. The reasons are straightforward: high liquidity and high acceptance of LTV (Loan-to-Value ratio), which aligns perfectly with banks’ risk control logic—similar to institutional strategies like JPMorgan.

What about local currencies? Waves and FEMF may strengthen together. The former is a financial public chain developed by a Russian team, and the latter is backed by Far Eastern Group, naturally fitting local business scenarios. Conversely, privacy coins (like XMR) and small-cap altcoins may be sidelined—banks find the risk management costs for privacy assets too high, and funds will naturally flow toward more compliant assets.

For investors, consider increasing mainstream coin holdings to 60%-70%, and closely monitor the latest developments in Russia’s regulatory sandbox. Institutions should proactively deploy compliant custody solutions, using a "cold storage + insurance" combo to mitigate bad debt risks.

But be cautious of one risk point: if the policy stances of the Central Bank of Russia and the Ministry of Finance diverge, regulatory implementation could be compromised, and market adjustments will be imminent.