Stablecoins: Banks Can Slow Their Growth by Offering Better Savings Rates

A slight increase in interest rates on bank deposits could slow the growth of stablecoins. This is the finding of a study by the Bank for International Settlements (BIS), which highlights competition between bank savings and these cryptocurrencies pegged to traditional currencies. However, the effect varies depending on the players: Circle’s USDC appears more sensitive to this competition than Tether’s USDT. The question of the links between banks and stablecoins continues to fuel debate. Tether already contested, at the end of August, the BIS’s reading on tokenized deposits . This time, the institution moves on to data analysis with a study by Rashad Ahmed and Iñaki Aldasoro. The researchers studied American weekly data from January 2019 to June 2025.

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