A working paper from the Bank for International Settlements suggests that commercial banks can influence stablecoin adoption through deposit interest rates. Economists Iñaki Aldasoro and Rashad Ahmed analyzed U.S. data from January 2019 to June 2025 to track this correlation.
The research indicates that a one-basis-point increase in bank deposit rates can reduce the growth rate of stablecoin market capitalization from approximately 15% to between 6% and 12% over a 10-week period. This effect is particularly pronounced for USDC, which has stronger ties to U.S. users compared to USDT.
The study notes that banks typically accelerate deposit rate adjustments once the federal funds rate exceeds 3%. While stablecoins continue to grow, the authors conclude that traditional banking institutions maintain leverage over the pace of this adoption by adjusting their pricing strategies.
The paper also highlights the ongoing regulatory environment in the United States. Following the enactment of the GENIUS Act in July of last year, which established rules for stablecoin issuance and custody, regulators are now evaluating whether issuers should be permitted to pay yield to holders.
