Arthur Hayes publishes an article analyzing the stablecoin landscape

BitMEX co-founder Arthur Hayes published an article analyzing the stablecoin landscape, pointing out that the key to stablecoin success lies in distribution channels. Tether, leveraging its cooperation with Bitfinex and trust in the Greater China region, dominates the market, especially in the Global South; USDC, despite being backed by Coinbase distribution, still lags behind Tether. Hayes warns that new projects will find it difficult to break through distribution bottlenecks, and suggests that the stablecoin bubble may expand with Circle's IPO, ultimately bursting on some "dumb money" project, cautioning investors to be wary of inflated valuations and shell projects disguised as "bank partnerships".