🔥BANKS RAISE DEPOSIT RATES, STABLECOINS SLOW DOWN - BIS NOW HAS THE EVIDENCE

A new BIS working paper (Oct 13, 2026), using U.S. data from 2019 to 2025, shows that stablecoins and bank deposits compete directly: a 1 bps rise in deposit rates slows stablecoin market cap growth by about 3 percentage points over 10 weeks, with USDC (-4.8%) hit harder than USDT (-1.9%). Note that this is a working paper that hasn’t been peer-reviewed, and the effect on USDT isn’t statistically certain.

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