"No-Deposit Flights": Galaxy Disputes Standard Chartered's $500 billion Stablecoin Risk

According to a report by Bijie Network: Standard Chartered Bank has warned that due to the widespread adoption of stablecoins, the U.S. banking sector could face an outflow of $500 billion in deposits by 2028, with regional banks being at the greatest risk. However, Alex Thorn, Head of Research at Galaxy, refuted the notion of a "deposit flight," arguing that funds will merely "migrate," as stablecoin issuers will ultimately deposit cash into banks after purchasing government bonds.