According to a recently released working paper from the Bank for International Settlements (BIS), bank deposits and stablecoins like USDC function as portfolio substitutes. The study reveals that a 1-basis-point increase in bank deposit rates can reduce stablecoin market cap growth by approximately 3 percentage points, with USDC experiencing a more pronounced impact of up to 4.8%. The correlation is notably stronger for USDC than USDT, indicating that onshore factors play a significant role in USDC's market performance.

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