🚨HUGE: Bank for International Settlements study finds banks can CUT stablecoin growth by 3 points just by raising deposit rates 0.01%. A 1 basis point rise in US deposit rates cuts stablecoin market cap growth by roughly 3 percentage points over 10 weeks, against average growth of about 15%. The effect is stronger for USDC than USDT, which the authors link to USDC’s closer ties to US savers. Meanwhile, JPMorgan, BofA and Wells Fargo still pay nothing on $1.6 TRILLION of their deposits, per the FT.