According to Mars Finance news and reports from Cointelegraph, BitMEX founder Arthur Hayes warned in an article on Monday that a new wave of stablecoin companies is attempting to emulate Circle's successful IPO, but most will be overvalued and may fail due to locked distribution channels. He pointed out that viable distribution channels are limited to cryptocurrency exchanges, Web2 social media giants, and traditional banks, making it difficult for newcomers to access these channels. Hayes believes that Circle (CRCL) is currently "overvalued," but its price may continue to rise. He also warned investors against shorting these new stocks, as pro-cryptocurrency sentiment in the U.S. and the narrative of "stablecoin frenzy" may drive prices higher.