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The BIS paper found that higher bank deposit rates slow stablecoin market-cap growth, with a stronger relationship for Circle's USDC than Tether's USDT. The authors cautioned that the analysis covers one high-rate cycle and a period when stablecoins paid holders no interest.
The Bank for International Settlements issued a paper arguing state-issued money is necessary to provide emergency liquidity during market stress. The report criticized Bitcoin's rigid supply cap, despite central banks purchasing over 1,000 tons of gold annually over the past five years.
Commercial banks create money out of thin air whenever issuing loans, leaving nonexistent interest that forces continuous debt expansion across the economy. Simon Dixon describes this as a legal Ponzi scheme guaranteed by central banks and backed by the sovereign Bank for International Settlements.
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