According to Odaily Planet Daily, Coinbase Chief Policy Officer Faryar Shirzad wrote that banks across the United States are sounding the alarm about stablecoins, claiming they will siphon off deposits and undermine lending. This narrative, now ubiquitous in mainstream media, distorts both the evidence and the reality surrounding stablecoin use. The argument that stablecoins will lead to a massive outflow of bank deposits is fundamentally unfounded. There is no meaningful correlation between stablecoin adoption and deposit outflows from community banks, nor does it pose a threat to lending, nor is there reason to believe that large banks will fare any worse. Instead, what we are seeing is a coordinated effort by large financial institutions to slow innovation and preserve the rents they earn from a payments system that has remained essentially unchanged for decades.