Yield-Bearing Stablecoins Could Cut Bank Deposits as fUSD Launches via Anchorage and Falcon

Analysts at the Bank Policy Institute argue that the growth of yield‑bearing stablecoins will ultimately shrink aggregate bank deposits and reduce loan funding, contrary to some commentary that deposits merely shift between institutions. By offering transaction services and yield, these stablecoins compete directly with traditional deposits, leading to lower overall deposit levels and a contraction in bank lending.

On May 27, 2026, Falcon Finance and Anchorage Digital Bank introduced fUSD, a U.S. dollar‑pegged stablecoin built to meet the GENIUS Act requirements. Issued by the federally‑chartered Anchorage Digital Bank and launched on Ceffu’s institutional custody platform, fUSD offers qualified institutional holders an estimated three percent annual reward tied to the stablecoin’s Treasury‑backed reserves. Falcon Finance will be a launch holder, deploying its own corporate reserves into the token, and the product targets desks that need compliant, revenue‑generating digital dollars.

Both pieces highlight how stablecoins are reshaping the financial landscape: one foreseeing deposit erosion, the other demonstrating a regulatory‑compliant, reward‑bearing stablecoin model.