BIS study finds higher bank deposit rates slow stablecoin growth, with USDC more affected than USDT
A Bank for International Settlements working paper analyzing U.S. data from 2019 to 2025 found that a one-basis-point increase in bank deposit rates reduced 10-week stablecoin growth from approximately 15% to 12%. The effect was stronger for Circle's USDC than Tether's USDT, which researchers attributed to USDC's closer ties to U.S. users.
