Delphi Digital: Stablecoins May Disrupt Bank Interest Margin Model, Deposit Outflow Risks Draw Attention

According to a report by Jinse Finance on March 19, Delphi Digital stated in an article that critics portray stablecoins as a threat to national security, but the real disruption lies in the banking profitability model. The yield on U.S. Treasury bonds is approximately 3.89%, while the interest rate on regular savings accounts is only about 0.39%. Banks earn this interest margin through deposits, but these funds could otherwise achieve returns closer to the risk-free rate. Stablecoins are typically backed by the same Treasury assets, and issuers are gradually exploring ways to directly distribute these returns to holders. If this model is implemented on a large scale, deposits may flow out of the traditional banking system. Banks would lose their cheapest source of funding, thereby weakening their ability to provide low-cost credit.