CoinMeta data: A latest working paper by the Bank for International Settlements (BIS) indicates that there is a clear asset substitution effect between stablecoins and bank deposits. Weekly empirical data from the United States show that for every 1 basis point increase in bank deposit interest rates, the cumulative market value growth of stablecoins over 10 weeks decreases by about 3 percentage points (this effect increases to about 9 percentage points using instrumental variable methods). This substitution effect is much stronger in USDC (which has closer ties to the U.S. domestic market, at -4.8%) than in offshore-dominated USDT (-1.9%). It also holds true in fixed deposit and DEFI lending scenarios, indicating that bank deposit pricing can directly constrain the expansion pace of stablecoins.