Standard Chartered: Stablecoins fit drain $500B from bank deposits, dey pressure bank NIMs

Standard Chartered research dey warn say rapid adoption of stablecoin fit commot up to $500 billion from developed-market bank deposits by end of 2028, wey fit threat bank net interest margins (NIMs). Geoff Kendrick, global head for digital assets research, estimate say deposit outflows fit equal about one-third of stablecoin market cap if total supply grow near $2 trillion. Stablecoin supply don rise about 40% year-on-year to just over $300 billion, driven by more use for settlement and liquidity, yield-bearing stablecoin products (for example Coinbase dey offer ~3.5% on USDC), and possible US law like the Clarity Act wey fit quicken adoption. Regional US banks — Huntington, M&T, Truist and Citizens — dem identify as most vulnerable because dem depend more on NIM and get local lending exposure; big national banks less exposed. Tether (USDT) and Circle (USDC) reportedly keep most reserves in Treasury bills rather than bank deposits (0.02% and 14.5% in bank deposits respectively), so e limit immediate redeposit back to banks. Short-term signs dey mixed: regional bank stocks don rally recently and expected rate cuts fit reduce deposit costs, but Kendrick warn say na longer-term structural shift fit happen. For traders: watch stablecoin supply growth, yield products, major stablecoin flows (USDT, USDC), regional bank NIM trends and equity/debt performance, plus progress on Clarity Act. Potential impacts include pressure on regional bank equities and yield-sensitive instruments, more attention to on-chain dollar liquidity, and opportunities inside stablecoin market instruments.