BIS Research Links Deposit Rates with Stablecoin Growth

BIS published a working paper on October 13, 2026, examining deposit rates and stablecoin growth. Using weekly US data from January 2019 to June 2025, the researchers found that higher deposit rates were followed by slower stablecoin growth, supporting partial substitution. The paper explicitly does not establish that stablecoin growth necessarily reduces aggregate bank deposits or lending.

The useful question for readers is why someone holds money in a particular instrument. A person needing funds for a payment within days may make a different decision from someone comparing returns on longer-term savings. A market-level statistical relationship should therefore not be converted into an automatic rule for every individual or institution.

The sample period also deserves attention. Historical observations do not by themselves describe conditions in November 2026 or provide a ready forecast of upcoming interest-rate decisions. Readers should separate the study’s publication date from the period measured and examine assumptions before relying on it in a policy argument.

A practical liquidity comparison could list intended use, accessibility, costs, legal rights and acceptable risks. These are general organisational questions, not advice to move money from a bank account into a digital asset. The publication represents its authors’ research views, rather than a new regulation or a guarantee that the relationship between yields and demand will remain unchanged.

Source: [BIS Working Paper 1382: Are stablecoins and bank deposits substitutes?](https://www.bis.org/publications/working-paper-1382-are-stablecoins-and-bank-deposits-substitutes).