Macro· ★★★· neutral·

BIS: Higher Deposit Rates Slow Stablecoin Growth

  • —BIS Working Paper No. 1382 covers U.S. data from January 2019 to June 2025
  • —Rising deposit rates are linked to slower stablecoin market cap growth
  • —Instrumental-variable estimates are about three times larger than OLS estimates
  • —The effect is stronger for USDC than for USDT
Why it matters: The findings suggest stablecoins compete with bank deposits, a key input for forecasts as the Fed tightens policy.
#USDT#USDC
Source: TokenPost
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