BIS paper: rising bank deposit rates slow stablecoin growth

The BIS finding reframes stablecoins as rate-sensitive substitutes for bank deposits rather than purely crypto-native instruments, which matters for issuers whose growth models assume steady inflows regardless of the macro backdrop. The stronger sensitivity of USDC than USDT suggests reserve composition and user base shape that substitution, a distinction worth watching as rate cycles turn. Whether this elasticity holds outside the sample period, and whether it shifts the competitive balance between the two largest issuers, is the open question.