A Bank for International Settlements study found that a one-basis-point increase in bank deposit rates is associated with about 4.8% less cumulative USDC growth over ten weeks, compared with 1.9% less USDT growth. According to NS3.AI, the estimates are based on weekly data from January 2019 through June 2025 and do not show a fixed response across different market conditions.

The study said exchange rewards make comparisons more difficult because available returns depend on customer eligibility, platform terms and costs. It added that the evidence measures competition for balances, rather than losses in aggregate bank deposits or lending.