In the future, we are moving to a world where there will be a formalised liquidity facility where a flat, positive fee is charged. So that should affect all asset classes equally and should not affect their relative attractiveness. So I would not expect this to change bank balance sheet’s demand for the non-government assets they hold in their liquidity portfolios.
Second, issuers of stablecoins designed to facilitate consumer payments must clearly demonstrate how consumer protections would be assured. Consumers will need to be educated on how their rights differ with respect to digital wallets compared to bank accounts.