According to ChainCatcher, BitMEX co-founder Arthur Hayes recently published an in-depth analysis of the stablecoin market landscape. The article points out that the key to stablecoin success lies in distribution channels, currently mainly achieved through crypto exchanges, social media platforms, or traditional banks. Tether, leveraging its cooperation with Bitfinex and established trust in the Greater China region, has become the global dominant stablecoin, especially in the global South market; while Circle distributes USDC through cooperation with Coinbase, but its market share still lags behind Tether.
Hayes warns investors that new entrants face severe challenges of closed distribution channels and predicts that as Circle's IPO succeeds, the stablecoin bubble will continue to expand but ultimately burst on a project that separates "dumb money". He emphasizes that although stablecoin issuers have substantial profits (mainly from Treasury yields), investors should be wary of high valuation risks, especially for projects claiming traditional bank partnerships without actual distribution channels.
