TechFlow news, June 17 — Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, recently published an in-depth analysis of the stablecoin market landscape. The article指出 that the key to stablecoin success lies in distribution channels, currently primarily achieved through crypto exchanges, social media platforms, or traditional banks. Tether has become the dominant global stablecoin by leveraging its partnership with Bitfinex and establishing trust within the Greater China region, particularly gaining an edge in Global South markets; meanwhile, Circle distributes USDC through its collaboration with Coinbase, though it still lags behind Tether in market share.
Hayes warned investors that new entrants face severe challenges due to limited access to distribution channels, and predicted that while the stablecoin bubble will continue expanding following Circle's successful IPO, it will eventually burst on some project designed to separate "dumb money" from value. He emphasized that although stablecoin issuers enjoy substantial profits—mainly from treasury yields—investors should remain cautious about high valuations, especially for projects claiming partnerships with traditional banks but lacking actual distribution mechanisms.
