A study published by the Bank for International Settlements (BIS) found that rising bank deposit interest rates are associated with a slowdown in stablecoin market capitalization growth, with USDC responding more strongly than USDT.

The study “Do Stablecoins Replace Bank Deposits?” uses weekly U.S. data from January 2019 to June 2025. The model controls for factors such as Bitcoin prices, Treasury yields, and financial market conditions.

According to the baseline model estimates, when the average deposit interest rate rises by 1 basis point (0.01 percentage point) over one week, stablecoin market capitalization growth over the following 10 weeks falls by about 3 percentage points, from an average of around 15% to 12%. This is a slowdown in the growth rate, not a decline in market capitalization.

The authors note that the results are not sufficient to conclude that total deposits or bank lending activity have declined, and that the study sample covers only one high-interest-rate cycle. The views expressed in the study are those of the authors and do not necessarily represent the BIS or its member central banks.

Source: https://tintucbitcoin.com/bis-lai-suat-tien-gui-tang-co-the-kim-da-tang-truong-stablecoin/

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