Fed: US Bank Deposits Fell to $19.568 Trillion Last Week

A $90 billion weekly drop in system-wide deposits is the kind of move that matters less for its size than for what it signals about where cash is sitting. Deposits are the banking system's raw funding, so persistent contraction tends to tighten the liquidity available for balance-sheet-heavy activities, including tokenized treasury and stablecoin reserve structures that lean on bank rails. Whether this is a one-week blip or the start of a broader runoff is the open question, and the next few weekly prints will say more than this one does.