The assessment that the statement is 'likely_true' is based on strong, consistent, and high-authority evidence. The primary sources directly support the claim, with a Federal Reserve Governor being the central proponent of this view.The most direct and authoritative evidence comes from a speech by Federal Reserve Governor Miran. Both the draft report and the final speech transcript explicitly state that a significant increase in stablecoin adoption, or a "Global Stablecoin Glut," could exert downward pressure on interest rates. This assertion from a key monetary policymaker is the strongest piece of evidence. This primary claim is directly corroborated by multiple high-authority news outlets, including Reuters and CNBC, which reported on the speech, confirming the Governor's statement and its context.The underlying economic mechanism is also supported by the provided sources. An academic paper from the Journal of the Royal Statistical Society and a post from the Fondation Robert Schuman both mention the concept of "bank disintermediation." This is a key channel through which the effect could occur: if consumers and businesses hold a significant portion of their funds in stablecoins instead of traditional bank deposits, banks lose a primary source of cheap funding. Furthermore, the massive reserves held by stablecoin issuers are typically invested in safe, short-term assets like government bonds. A surge in demand for these assets would drive their prices up and their yields (interest rates) down.There is no direct contradictory evidence among the high-authority sources. A LinkedIn post by an ECB official discusses a reverse causality—that higher interest rates can cause funds to flow out of stablecoins—but this does not invalidate the original statement. It merely suggests a complex, bidirectional relationship between stablecoins and interest rates. Given the direct statements from a Federal Reserve Governor, supported by major news organizations and plausible economic mechanisms discussed in academic and policy circles, the evidence strongly indicates the statement is truthful.