Delphi Digital: Stablecoins may impact the bank interest margin model, with deposit outflow risks drawing attention
According to Odaily, Delphi Digital stated that compared to national security concerns, the potential impact of stablecoins on the traditional banking profit model is more direct. Currently, the yield on US Treasury bonds is about 3.89%, while the interest rate on ordinary savings accounts is about 0.39%. Banks earn interest rate spreads through deposits.
It pointed out that stablecoins are also backed by assets such as Treasury bonds, and issuers are exploring mechanisms to distribute yields to holders. If this model is widely adopted, it could prompt funds to flow from the traditional banking system to stablecoins, thereby weakening banks' ability to obtain low-cost funds and provide credit.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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