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By 2028, stablecoins could trigger a $500 billion outflow from U.S. bank deposits
Cryptocurrency tokens pegged to the U.S. dollar could cause an outflow of around $500 billion in deposits from American banks by the end of 2028, Reuters reports, citing calculations by Standard Chartered. This forecast could intensify the confrontation between the banking sector and crypto companies over legislation regulating digital assets.
U.S. regional banks will face the greatest risk of deposit losses due to stablecoins, said Geoff Kendrick, Head of Digital Assets Research at Standard Chartered. The calculations are based on an analysis of banks’ net interest margin — the difference between what a bank earns on loans and what it pays on deposits. According to the expert, U.S. banks will face increasing threats as payment networks and other core banking operations shift to stablecoins.
Last year, President Donald Trump signed a bill establishing a federal regulatory framework for stablecoins, which is expected to lead to more intensive use of dollar-pegged tokens. The legislation prohibited stablecoin issuers from paying interest on cryptocurrencies; however, banks argue that it left a loophole allowing third parties — such as crypto exchanges — to offer yields on tokens, creating new competition for deposits.
In practice, this works as follows: issuers such as Circle or Tether place their reserves in U.S. Treasury bills yielding 3.6% annually and return around 3.5% to their clients. Traditional banks use a similar model but pay only 0.1% on checking accounts, keeping the difference for themselves.
Banking lobbyists insist that if Congress does not close this loophole in the near future, lending institutions will face deposit outflows — the primary source of funding for most banks — potentially threatening financial stability. Crypto companies object, arguing that a ban on paying interest on stablecoins would be an anti-competitive measure.
See also: "Bitget Launches Instant Deposits to Visa and MasterCard"
