On the 13th, the Bank for International Settlements (BIS) published a working paper (No.1382) examining whether stablecoins and bank deposits have a substitution relationship. It was found that there is a partial substitution relationship, and when U.S. banks raise deposit rates, the market capitalization growth of stablecoins tends to slow down.
The authors, Iñaki Aldasoro from the BIS Monetary and Economic Department and Andersen Kin...