The more interesting line in that BIS paper is which coin moves. A 1bp bump in US deposit rates cut ten-week USDC growth by about 4.8 points and USDT by about 1.9. USDC competes with your savings account. USDT is mostly used offshore and in developing economies, where a US savings rate was never the alternative. And it slowed growth, it didn't reverse it, over a sample with one hiking cycle.
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