This is exactly the correct mental model for stablecoin growth's effects on depositary institutions, something I have harped on but is illustrated far more eloquently and comprehensively in this report. The key issue for banks is not aggregate deposit reduction but distributional effects. I would even extend this further as well... this outcome is an inevitability given the trajectory of instantly redeemable tokenized MMFs regardless of whatever gnashing of teeth the ABA wishes to do to console its members about GENIUS and CLARITY yield prohibitions. The ABA needs to accept its fate, competition for deposits will increase to the benefit of everyone but those living off fat NIM. The gravy train is all out of gravy.(Scott Johnsson)