ARTHUR HAYES: CIRCLE IS “GROSSLY OVERVALUED” — STABLECOIN IPOS WILL FAIL WITHOUT DISTRIBUTION BitMEX co-founder Arthur Hayes warns that Circle’s IPO has sparked a “stablecoin mania” cycle, predicting that most new entrants will fail due to lack of distribution channels. He describes these emerging firms as “Circle copycats” and cautions investors to trade them like a “hot potato.” Hayes argues that the core challenge for any new stablecoin company is distribution, identifying three effective channels: centralized crypto exchanges, major Web2 platforms like social media giants, and traditional banking institutions. Without access to these, he believes new issuers stand little chance. Source: @Cointelegraph