But stablecoin issuers aren’t the only entities behind this silent vampire attack. Just as crypto has come to rely on a few centralized stablecoins, crypto firms have increasingly relied on a small number of banks for fiat services. Silvergate Bank and Signature Bank, which provide the lion’s share of banking services to major industry firms, also stand to profit from higher interest rates – and to keep those profits to themselves. For example, Silvergate Bank projects in a 2022 SEC filing that for every +25bps increase in interest rates, its net interest income would increase by around $23 million.
