This objection shouldn't surprise anyone. The argument from banks was never about "deposit flight" per se, though it was the more effective position as part of a motte and bailey argument. The banks' real problem is that stablecoins are offering a FAR more effective payment+savings rail, usurping the use case of the cheapest source of financing for banks, non-interest bearing checking accounts. So, even if deposits recirculate into the commercial banking system, they are in a form much more sensitive to interest pricing. The issue Senators should ask themselves, if deposits and lending are relatively stable, but its just bank margins that are compressed... why is that anyone's problem but the banks?(Scott Johnsson)