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Banks in the Age of Stablecoins: Lessons from Their Historical Responses to Financial Innovations, Accessible Data
Figure 1. U.S. Money Market Fund Assets Under Management, 1973 Q4 – 2025 Q2
This figure shows the trends in Money Market Fund (MMF) Assets Under Management (AUM) from 1974 to 2024. The graph uses three lines to display different metrics. The red solid line represents MMF AUM in trillions of USD (left axis), which shows a gradual increase from near zero in 1974 to about 7.5 trillion USD by 2024, with a sharp rise in the last few years. The blue dotted line shows MMF AUM as a percentage of mutual fund AUM (right axis), peaking at about 75% in the early 1980s before declining to around 25% by 2024. The blue dashed line represents MMF AUM as a percentage of total deposits (right axis), which fluctuates between about 15% and 55% over the period, ending at around 40% in 2024.
Notes: Chart is closely adapted from Bouveret et al. (2022). All series are quarterly and non-seasonally adjusted. Since the Z.1 data separate MMF AUM from non-MMF mutual fund AUM, we add them back together for the purpose of showing MMF AUM as a percent of total mutual fund AUM. Total deposits are measured using the Federal Reserve's H.8 statistical release, specifically the series "Deposits, All Commercial Banks." We use the monthly frequency data and retain only observations corresponding to quarter-end months.
Sources: Federal Reserve Z.1 Release (MMF AUM, mutual fund AUM); Federal Reserve H.8 Release (Total Deposits); Authors' calculations
Figure 2. PayPal Total Payment Volume and Account Balance
This graph displays the growth of digital payments from 2000 to 2025, using two metrics. The blue vertical bars represent Account Balances in billions of USD (left axis), showing a steady increase from near zero in 2000 to about 40 billion USD by 2025. The black line with dots shows the Total Payment Volume in trillions of USD (right axis), which follows a similar growth trajectory, rising from almost nothing in 2000 to approximately 1.75 trillion USD by 2025. The graph illustrates the rapid expansion of digital payment systems over this 25-year period.
Notes: The blue bars represent annual total payment volume (left axis), and the dotted line represents total user balances held on the PayPal platform (right axis). Both series cover the period 2000–2025.
Sources: PayPal SEC filings
Figure 3. Zelle Total Payment Volume and Total Transactions
This chart presents the growth in digital payment activity from 2016 to 2024. The teal vertical bars indicate the Total Payment Volume in trillions of USD (left axis), demonstrating consistent year-over-year growth from about 0.5 trillion USD in 2016 to nearly 1.75 trillion USD in 2024. The black line with dots represents the number of Transactions in billions (right axis), which shows a corresponding increase from less than 0.5 billion transactions in 2016 to over 3.5 billion by 2024. This figure highlights the substantial expansion in both the value and frequency of digital payment transactions over the eight-year period.
Notes: The teal bars represent annual total payment volume of Zelle in trillions dollars (left axis), and the dotted line represents total number of transactions processed by Zelle (right axis). Both series cover the period 2016–2024.
Sources: Zelle Newsroom