Standard Chartered's Head of Digital Asset Research, Geoff Kendrick, has highlighted the growing threat stablecoins pose to global and U.S. bank deposits. The bank estimates that U.S. bank deposits could shrink by approximately one-third of the stablecoin market cap, which currently stands at $301.4 billion. Regional banks in the U.S., such as Huntington, M&T Bank, and Truist, are deemed most at risk due to their higher reliance on net interest income from deposits. Despite the potential impact, the reserve proportions of USDT and USDC in bank deposits are relatively low, at 0.02% and 14.5% respectively, indicating limited re-deposit effects. Standard Chartered projects that if the stablecoin market cap reaches $2 trillion by 2028, developed market banks could lose around $500 billion in deposits, while emerging markets might see a loss of up to $1 trillion.