The Bank for International Settlements working paper described reserve-backed stablecoins and bank deposits as partial substitutes because non-yielding stablecoins become less attractive as bank deposit yields rise.

From the articleUSDC faces bank-rate pressure – Can Visa’s payments push offset it? - AMBCryptoAlso in A 1-basis-point deposit rate rise cuts stablecoin growth from 15% to 12%, BIS paper finds, BIS: Bank rate hikes cut stablecoin growth by 3 points