United StatesHigher deposit rates slowed stablecoin growth from 15% to 12%.
Bank of America’s CEO warned $6 trillion in deposits could move to stablecoins.
Bank for International Settlements researchers found rate rises slowed Circle’s stablecoin more than Tether’s, using weekly data from 2019 to 2025.
The authors say the sample covers one high-rate period and growth slowed but did not reverse.
Yield-bearing stablecoins and tokenised money market funds may change the result, the authors say.
How each outlet framed it
- CoinDesk
- emphasizes the BIS finding that bank deposit rates slow stablecoin growth, with the 3x larger effect under the preferred estimate
Sources: CoinDesk