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Can stablecoins really drain bank deposits?

@austincampbell says it's “mathematically not possible.” On The Policy Protocol, he explains why stablecoins move bank deposits rather than destroy them. https://x.com/CoinDesk/status/2115128642519146710/video/1

LATEST: @Ripple and @BNYGlobal expand their partnership, with BNY adding $XRP and $RLUSD custody to its institutional platform and the two firms exploring tokenized trade finance with C2FO on the XRP Ledger. https://x.com/CoinDesk/status/2115107503566668180/photo/1

LATEST: @Binance files for regulatory authorization in Brazil ahead of the October 30 deadline, while restricting eight services and delisting 22 tokens for Brazilian users to comply with new Central Bank rules. https://x.com/CoinDesk/status/2115087095010304355/photo/1

NEW: Hong Kong’s @goldzipxgz integrates @Chainlink CCIP 2.0 and @midaslabsxyz infrastructure to make its physical gold-backed token $XGZ transferable across multiple blockchains. https://x.com/CoinDesk/status/2115059465573515468/photo/1

LATEST: @SBIgroup and @BlackRock sign an MOU to explore connecting BlackRock’s tokenized money market funds with SBI’s yen stablecoin JPYSC. https://x.com/CoinDesk/status/2115038850913284112/photo/1

LATEST: The OCC calls on U.S. community banks to enter the stablecoin market, encouraging them to apply to become permitted issuers under the GENIUS Act ahead of the January 18, 2027 regulatory deadline. https://x.com/CoinDesk/status/2114794192928964697/photo/1

LATEST: Canada opens a 60-day consultation on draft stablecoin regulations, banning yield payments and requiring non-bank issuers to hold reserves with Canadian financial institutions, with the framework expected to take effect in late 2027. https://x.com/CoinDesk/status/2114760214884831690/photo/1

NEW: @Ripple launches 24/7 AI-powered treasury management, letting enterprise clients earn returns on idle $RLUSD balances. https://x.com/CoinDesk/status/2114751897957437882/photo/1

The rails already run corporate actions today. In August 2026, @Equiniti and @Bullish completed a dividend for Elemental Royalty Corp. in which eligible holders could elect to receive payout in Tether Gold.

The shares were not tokenized, but the on-register mechanism is the one

NEW: Aviva Investors partners with @Ripple to launch a tokenized share class of its £22B Sterling Liquidity Fund on the XRP Ledger, investing £50M into the new class and bringing its total tokenized fund exposure to £86M across two XRPL-based money market funds. https://x.com/CoinDesk/status/2114687034321195161/photo/1

“It is mathematically not possible for stablecoins to cause deposit flight.”

Zero Knowledge founder and CEO @austincampbell joins @RebeccaRettig1 and @renato_mariotti on this week’s @Coindesk Policy Protocol to break down the OCC’s stablecoin rules, JPMorgan’s JPMD on Ethereum, https://x.com/CoinDesk/status/2114009267267371206/video/1

INSIGHT: @JPMorgan says recent SEC and CFTC actions have partially offset the CLARITY Act’s failure, but warns crypto faces a patchwork of regulatory measures that could be reversed in two years if Democrats win the White House. https://x.com/CoinDesk/status/2113708283873693779/photo/1

LATEST: @Phantom rolls out @Kalshi prediction markets to U.S. users, letting them trade event contracts directly in the wallet app funded by Phantom’s $CASH stablecoin. https://x.com/CoinDesk/status/2113691422201364929/photo/1

NEW: China sets a 2030 target for completing a national blockchain network, with its 15th Five-Year Plan calling for blockchain deployment across trade, finance, manufacturing and agriculture, while the country maintains its ban on crypto. https://x.com/CoinDesk/status/2113673052034633832/photo/1

UPDATE: @Tether freezes $2.2M in $USDT linked to the $16M @CoinDCX outflow as onchain investigator @ZachXBT disputes the exchange’s account, alleging compromised deposit addresses were still active as recently as May 2026 and urging users to withdraw funds. https://x.com/CoinDesk/status/2113650402331922674/photo/1

JUST IN: Bank Negara Malaysia and the Bank of Thailand join Singapore’s BLOOM initiative, expanding the cross-border digital money framework to three central banks as they develop common standards for acceptance, settlement and interoperability. https://x.com/CoinDesk/status/2113585530730316101/photo/1

NEW: @Chainlink partners with LG CNS, the IT arm of South Korea’s LG Group, to build digital asset infrastructure for Korea’s $68B crypto market, focusing on Korean won stablecoins and tokenized securities. https://x.com/CoinDesk/status/2113574179836744120/photo/1

LATEST: @HSBC launches RedCoin for 3.3 million PayMe users in Hong Kong, a HKD-backed stablecoin for everyday payments, with plans to expand into tokenized money market fund investments and corporate use cases. https://x.com/CoinDesk/status/2113566481707585920/photo/1

LATEST: The Blockchain Association urges Congress to overhaul crypto tax rules, calling for stablecoin cash treatment, staking rewards taxed only at sale, de minimis exemptions for small transactions and limits on broker reporting to custodial intermediaries only. https://x.com/CoinDesk/status/2113325762962948538/photo/1

JUST IN: @SoFi launches SoFi Earn, billed as the first tokenized deposit from a U.S. national bank available directly to retail customers, earning 4.40% APY with FDIC insurance and convertible 1:1 into SoFiUSD for crypto purchases or blockchain transfers. https://x.com/CoinDesk/status/2113314444726169880/photo/1

JUST IN: @Arf_one partners with @Ripple to bring $RLUSD powered settlement liquidity to the XRP Ledger, giving licensed cross-border payment companies access to short-duration working capital backed by Arf’s $10B annual settlement volume. https://x.com/CoinDesk/status/2113263574227566779/photo/1

@crediblefin operates in that open frontier.

It fronts settlement from an onchain pool, paying merchants in $USDC or $USDT while local rails clear over 1 to 7 days.

Volume rose from $23M in January to ~$191M in September, roughly $2.3B annualised, at a ~20bps take. https://x.com/CoinDesk/status/2113254140830699783/photo/1

Once moving money is nearly free, the margin shifts off the rail and onto the layers around it: holding the float, clearing, and pricing risk.

Those layers split payments in two. Incumbents are consolidating the low-risk core.

The harder, higher-risk flows are left open. https://x.com/CoinDesk/status/2113254137588859309/photo/1

RESEARCH: Stablecoins settled roughly $35T onchain in 2025, more than @Visa and @Mastercard combined.

Only about $390B of it was a real payment.

A new CoinDesk Research report maps where the value actually went, and why @crediblefin is building for the gap in between. https://x.com/CoinDesk/status/2113254133968859639/photo/1

INSIGHT: The OCC’s final GENIUS Act rule drops its proposed presumption against third-party stablecoin rewards, with banks calling it a threat to deposits and crypto calling it a win, as the regulator says it will handle cases individually with no clear rules yet. https://x.com/CoinDesk/status/2113220337269616719/photo/1

LATEST: The UK’s FCA publishes two consultations on DeFi regulation and crypto perimeter guidance, clarifying which activities require FCA authorization ahead of the full regime launching October 2027 with responses due November 18. https://x.com/CoinDesk/status/2112967150981796072/photo/1

Supply of assets is not the constraint as private credit alone runs to roughly $2 trillion, before the far larger Treasury, money-market, and investment-grade universes the reserve also uses.

Even the bull case is well under 1% of private credit. Stablecoin adoption is the

RESEARCH: The addressable market for diversified real-world-yield stablecoins, the segment @realfi_co is building $USDrf in, sits at roughly $654M today.

Its size is a function of three variables: total stablecoin supply, the productive share of that supply, and the diversified https://x.com/CoinDesk/status/2112910433958945256/photo/1

NEW: Tether has invested in Bolivian fintech Peso to expand USDT payments across Latin America.

The funding will support everyday stablecoin payments and banking integration in Bolivia, Brazil, Colombia and Argentina. https://x.com/CoinDesk/status/2112902758676455910/photo/1

JUST IN: The OCC issues the first final rule under the GENIUS Act requiring crypto exchanges to seek approval for existing stablecoin rewards programs, with no safe harbors, as the regulator warns it “will not presume” programs that predated the law comply with it. https://x.com/CoinDesk/status/2112885128137523281/photo/1

JUST IN: @Ripple launches 24/7 institutional stock trading via Ripple Prime, accepting $RLUSD as collateral. https://x.com/CoinDesk/status/2112830265827463243/photo/1

JPMorgan predicts bitcoin will outperform stocks, bonds, and gold over the next decade, Microsoft and Alphabet push back against tokenized versions of their shares, and France moves closer to taxing crypto-to-stablecoin swaps.

@jennsanasie has what you need to know.

Thank you https://x.com/CoinDesk/status/2112609795673137522/video/1

NEW: French lawmakers narrowly approve a proposal to tax crypto-to-stablecoin swaps at 31.4% from January 2027, but the amendment still needs Senate approval and budget reconciliation before becoming law. https://x.com/CoinDesk/status/2112525559666221563/photo/1