Dallas Fed economists estimate that if tokenized deposits make depositors 10% more sensitive to interest rates, the ability of U.S. banks to hold long-term interest rate risk could be reduced by approximately $700 billion. Programmable deposits and AI agents could enable instantaneous, automatic bank switching in pursuit of higher yields, thereby increasing banks' funding costs and weakening deposit stickiness. This could force banks to pay higher rates to retain deposits or rely more on higher-cost term debt, which would "adversely impact the cost of credit for consumers and businesses."