The Bank for International Settlements study analyzed 339 weeks of U.S. data from January 2019 through June 2025, during which reserve-backed stablecoin market capitalization grew from under $5 billion to over $220 billion.

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