BIS Study Finds Stablecoins Partially Substitute for Bank Deposits, with USDC Most Affected
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A recent BIS research paper shows that stablecoins and bank deposits act as partial substitutes: higher bank deposit rates tend to dampen the growth of stablecoins. The effect is markedly stronger for USDC than for USDT, indicating that the two major stablecoins respond differently to changes in traditional banking conditions. The study’s empirical analysis suggests that when banks raise deposit yields, the market value growth of stablecoins slows, especially for USDC. This relationship has implications for how banks’ funding conditions and monetary policy transmission may influence the broader digital‑currency ecosystem.
Written with AI from the reporting · updated 10/19/2026
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New at this step ·Higher Bank Deposit Rates Slow Stablecoin Growth, Especially USDC
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- BIS 研究论文 · First-partyHigher Bank Deposit Rates Slow Stablecoin Growth, Especially USDCOriginal source ↗
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1 developments10/14/2026, 10:23:08 PM
Higher Bank Deposit Rates Slow Stablecoin Growth, Especially USDCBIS 研究论文
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- 1Oct 13, 00:00recorded Oct 14, 22:23single sourcerevised
稳定币与银行存款部分替代
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- BIS 研究论文 · Oct 13, 08:00Higher Bank Deposit Rates Slow Stablecoin Growth, Especially USDC
A study of weekly U.S. data from 2019 to 2025 shows that increases in bank deposit rates are followed by slower growth in the market capitalisation of reserve‑backed stablecoins. The effect is stronger for USDC than for USDT and persists across different deposit products and DeFi‑supplied stablecoins. The findings suggest that bank pricing can influence the stablecoin sector and may affect banks’ funding conditions and monetary‑policy transmission.
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- BIS 研究论文SelectedHigher Bank Deposit Rates Slow Stablecoin Growth, Especially USDC
A study of weekly U.S. data from 2019 to 2025 shows that increases in bank deposit rates are followed by slower growth in the market capitalisation of reserve‑backed stablecoins. The effect is stronger for USDC than for USDT and persists across different deposit products and DeFi‑supplied stablecoins. The findings suggest that bank pricing can influence the stablecoin sector and may affect banks’ funding conditions and monetary‑policy transmission.