A Standard Chartered report states that stablecoins pose a real risk to bank deposits globally and in the United States. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, points out in the report that the delay in the US Clarity Act serves as a reminder of the risks stablecoins pose to banks. Kendrick estimates that US bank deposits will decrease as stablecoin market capitalization grows, by approximately [a percentage of the stablecoin market capitalization's weight]. Regional banks in the US will be most affected, while investment banks will be least affected. The report shows that only 0.02% and 14.5% of Tether's and Circle's reserves are held in bank deposits, respectively, indicating extremely low reinvestment rates.