The dialogue on stablecoins and deposit substitution is evolving, highlighting their modest impact on U.S. bank deposits. Currently at about 1.5% of deposits, stablecoins influence the banking landscape through direct substitution, recycling, and restructuring. While not an immediate threat, their growth could affect deposit stability and liquidity, prompting shifts in funding dynamics. … More Stablecoins and Deposit Substitution: Key Insights for Financial Stability