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.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.