---
title: Are stablecoins and bank deposits substitutes?
url: https://www.ml-quant.com/papers/repec/bis-biswps-1382/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-30
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:bis:biswps:1382
source_url: https://econpapers.repec.org/RePEc:bis:biswps:1382
featured: 2026-10-30
citations: unknown
topic: Crypto & DeFi
---


# Are stablecoins and bank deposits substitutes?

Stablecoin growth slows roughly 3.75 percentage points per standard-deviation rise in deposit rates, with effects three times larger using instrumental variables and stronger for USDC than USDT.

- Source: https://econpapers.repec.org/RePEc:bis:biswps:1382
- Identifier: RePEc:bis:biswps:1382
- Released: 2026-10-26
- First featured: Quant Letter No. 137 (2026-10-30): https://www.ml-quant.com/issues/2026-10-30/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Crypto & DeFi
- Authors: Iñaki Aldasoro, Rashad Ahmed

## Related

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