Financial landscape is undergoing subtle changes. Recently, executives from the largest US banks issued a warning: if Congress allows stablecoins to pay interest, the US banking system could face a withdrawal of $6 trillion in deposits. What does this number imply?

Imagine stablecoins suddenly becoming a "super money market fund." The reserves backing these digital assets are typically invested in short-term assets like US Treasuries, offering good liquidity and safety. But what about banks? They need to use deposits for lending and investment.

This creates an enticing choice—if stablecoins can pay interest, why would ordinary people keep their money in banks? Funds would naturally flow toward higher-interest, similarly liquid options. This "deposit migration" may seem like a rational individual choice, but the chain reaction could be severe:

Deposit reduction → banks tighten lending → difficulties for businesses and individuals to finance → slowdown in economic growth. A more realistic concern is that banks might be forced to adopt more expensive financing methods to cover funding gaps, ultimately raising the entire society’s credit costs.

This is not just a competition of financial products. Some say it’s a technical discussion, but fundamentally, it’s a deep game between the traditional financial system and new digital financial forms. The $6 trillion figure is not just a data point for the US economy—it signifies a potential structural shock to the existing financial order.

The market is changing, and so are the rules. How will your asset allocation adjust?