CoinVoice has recently learned that, according to a report by Cointelegraph, BitMEX founder Arthur Hayes warned in an article on Monday that a new wave of stablecoin companies is trying 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 new entrants to access these channels.

Hayes believes that Circle (CRCL) is currently "overvalued," but its price may continue to rise. He also warned investors not to short these new stocks, as pro-crypto sentiment in the U.S. and the "stablecoin frenzy" narrative may drive prices up. [Original link]