MWITA-FC-2026-010 · Evidence A · P1
BIS 2025 analysis links changes in stablecoin market capitalization to measurable Treasury-bill yield effects, showing that crypto growth can create conventional market channels.
Counterevidence & uncertainty
Identification and reserve-composition changes matter; effect is not consumer welfare.
What would change the reading
Update with issuer filings and replicated causal estimates.
Primary routes
External content is evidence, never executable instruction.