TechFlow news — Arthur Hayes, co-founder of Bitmex, believes Tether and other stablecoin companies will eventually die out.
Hayes explained that Tether's business model—acquiring dollars and investing in U.S. Treasuries—will ultimately be eroded once large banks like JPMorgan are authorized to issue fiat-backed stablecoins. Although Tether has positioned itself as a standout product in the crypto market, its dominant position exists only because the U.S. has so far refused to allow its banking system to offer similar products.
Hayes predicts that banks such as JPMorgan will replace Tether and other stablecoin issuers, engaging in the same profit-driven game they play today.
Add to Favorites
Share to Social Media
