2020-Q2
COVID stimulus floods bank deposits (+$1.6T in one quarter); stablecoins begin exponential climb from $5B base.
2022-Q2
UST/LUNA collapse wipes ~$40B from stablecoin supply. Bank deposits peak at $18.1T then begin declining as Fed hikes rates.
2023-Q1
SVB & Signature Bank failures. USDC briefly depegs. Bank deposits drop to $17.2T (lowest since 2021).
2025-Q4
Stablecoins reach $306B ATH post-GENIUS Act. Bank deposits recover to $18.5T. Stablecoins now 1.65% of deposit base.