Wu said that BitMEX co-founder Arthur Hayes analyzed the stablecoin landscape, pointing out that the key to stablecoin success lies in distribution channels. Tether occupies a dominant position thanks to its partnership with Bitfinex and trust in the Greater China region, especially evident in its advantages in global southern markets; although USDC relies on Coinbase for distribution, it still lags behind Tether. Hayes warns that new projects will struggle to break through distribution bottlenecks and states that the stablecoin bubble may expand with Circle's IPO, ultimately bursting on some 'fool's money' project. Investors should be cautious of inflated valuations and shell projects disguised as 'bank collaborations.'