Nghiên cứu của BIS: Lãi suất tiền gửi ngân hàng cao hơn có thể làm chậm tăng trưởng stablecoin, USDC phản ứng mạnh mẽ hơn

The Huoxing Finance report states that the Bank for International Settlements (BIS) has published a working paper titled "Are Stablecoins Substitutes for Bank Deposits?" Based on U.S. weekly data from January 2019 to June 2025, and after controlling for factors such as Bitcoin price, government bond yields, and financial market conditions, the study finds that rising bank deposit rates are associated with a slowdown in the growth rate of stablecoin market capitalization. According to the baseline model, a one-basis-point (0.01 percentage point) weekly increase in average deposit rates corresponds to a cumulative growth rate of stablecoin market capitalization over the subsequent ten weeks that is approximately 3 percentage points lower than the average of about 15%, declining to around 12%, rather than turning negative. USDC responds more strongly than USDT. The authors note that the study does not imply a reduction in total bank deposits or lending, and the sample covers only one cycle of high interest rates. The views expressed in the paper are those of the authors and do not necessarily represent the position of the BIS or its member central banks.