According to a study published in 2025 by the Bank for International Settlements (BIS), a slight increase in bank interest rates is sufficient to significantly slow the growth of stablecoins in the United States. Researchers analyzed weekly US data between January 2019 and June 2025: a one basis point rise in bank rates reduces cumulative stablecoin growth by 2.8 percentage points over the following ten weeks. Circle’s USDC is more exposed than Tether’s USDT, with a decline of 4.8 points compared to 1.9 points, due to its more American and institutional clientele. The authors note, however, that the rise of yield-bearing stablecoins and tokenized money market funds could alter this competition.
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