Delphi Digital: Stablecoins may disrupt bank interest rate spreads; deposit outflow risks are a concern.

Delphi Digital published an article stating that, compared to national security controversies, the potential impact of stablecoins on the profit model of traditional banks is more direct. Currently, the yield on US Treasury bonds is approximately 3.89%, while the interest rate on ordinary savings accounts is about 0.39%, with banks earning interest rate spreads through deposits. The article points out that stablecoins are also backed by assets such as Treasury bonds, and issuers are exploring mechanisms to distribute returns to holders. If this model is widely adopted, it could cause funds to flow from the traditional banking system to stablecoins, thereby weakening banks' ability to obtain low-cost funds and provide credit.