BIS study finds bank deposit rates impact stablecoin growth

A study by the Bank for International Settlements (BIS) indicates that even marginal increases in bank deposit rates can slow the growth of stablecoin market capitalization. Research analyzing data from January 2019 to June 2025 suggests a direct correlation between interest rate adjustments and the expansion of digital dollar assets.

According to the findings, a mere one basis point (0.01 percentage point) increase in average US bank deposit rates can result in a roughly 3 percentage point deceleration in stablecoin growth over a ten-week period. While the study does not suggest a collapse in stablecoin supply, it indicates that new capital may shift toward traditional bank savings when nominal yields increase.

The impact varies by asset. The growth of USDC appears more sensitive to these changes, with a potential 4.8 percentage point decrease, compared to a 1.9 percentage point decrease for USDT. Researchers attribute this to USDC’s closer ties to the US institutional and retail financial systems. The study noted that these interest rate effects primarily impact stablecoins used as cash substitutes or liquidity reserves, rather than other types of cryptocurrencies.