Stablecoins competing with banks?

Another concern is that stablecoins could displace bank deposits and undermine commercial banks. Many banks are taking steps to “tokenise” their deposits, allowing them to be used easily for blockchain-based transactions. And they are reducing their fat fees on cross-border payments. In other words, faced with new competition, they are cutting costs and increasing efficiency. This is as it should be.

Here is more from Eswar Prasad at the FT.  Or can the banks simply not compete and will lose lots of deposits?