ChainCatcher message, cryptocurrency trading platform BitMEX co-founder Arthur Hayes' latest article deeply analyzes the landscape of the stablecoin market. The article points out that the key to the success of stablecoins lies in the distribution channels, which are currently mainly achieved through cryptocurrency exchanges, social media platforms, or traditional banks. Tether, with its collaboration with Bitfinex and the trust established in the Greater China region, has become the dominant stablecoin globally, particularly holding an advantage in the Global South markets; while Circle distributes USDC through its partnership with Coinbase, but its market share still lags behind Tether.
Hayes warns investors that new entrants face the severe challenge of closed distribution channels and predicts that with the success of Circle's IPO, the stablecoin bubble will continue to expand but will eventually burst on some project that separates "dumb money." He emphasizes that although stablecoin issuers are highly profitable (mainly from treasury yields), investors should be wary of overvaluation risks, especially for those projects that claim to collaborate with traditional banks but lack actual distribution channels.
