BIS Study Finds a 1 Basis Point Rise in U.S. Deposit Rates Cuts Stablecoin Market Cap Growth by Roughly 3...

A Bank for International Settlements study finds that banks can slow stablecoin growth by raising deposit rates.
A 1 basis point rise in U.S. deposit rates cuts stablecoin market cap growth by roughly 3 percentage points over 10 weeks, against average growth of about 15%.
The effect is stronger for USDC than USDT, which the authors link to USDC's closer ties to U.S. savers.
Meanwhile, $JPM, $BAC, and $WFC still pay nothing on $1.6 trillion of their deposits, according to the Financial Times.