The study's instrumental-variable method relied on U.S. banks passing through significantly larger shares of federal funds rate increases to deposit rates once the federal funds rate exceeded 3%.

From the articleA 1-basis-point deposit rate rise cuts stablecoin growth from 15% to 12%, BIS paper findsAlso in BIS: Bank rate hikes cut stablecoin growth by 3 points, Banks Hold a Lever Over Stablecoin Adoption, BIS Economists Say - Decrypt, Stablecoin Growth Cooled as Deposit Rates Rose, With USDC Most Exposed, Working Paper Says - Unchained