A study published by the Bank for International Settlements (BIS) on October 13 shows that the repricing of bank deposit rates has a greater decelerating effect on USDC growth than on USDT, indicating that rising bank deposit rates pose a larger impediment to USDC adoption. The study notes that for every 1 basis point increase in deposit rates, USDC's cumulative growth will decrease by approximately 4.8% over 10 weeks, while USDT's growth will only decrease by 1.9%. Researchers Rashad Ahmed and Iñaki Aldasoro analyzed weekly data from January 2019 to June 2025, suggesting that USDC's greater reaction to deposit rates is consistent with its close ties to US institutions and DeFi users, who are more likely to compare bank deposits with stablecoin balances.