Higher U.S. bank deposit rates slowed stablecoin growth without reducing total existing stablecoin supply or turning market growth negative.

From the articleBIS: Bank rate hikes cut stablecoin growth by 3 pointsAlso in Stablecoin Growth Cooled as Deposit Rates Rose, With USDC Most Exposed, Working Paper Says - Unchained, Banks Hold a Lever Over Stablecoin Adoption, BIS Economists Say - Decrypt, USDC faces bank-rate pressure – Can Visa’s payments push offset it? - AMBCrypto, A 1-basis-point deposit rate rise cuts stablecoin growth from 15% to 12%, BIS paper finds