Arthur Hayes: a new wave of stablecoins — a bubble that will burst

💵 BitMEX co-founder Arthur Hayes sharply commented on the surge of interest in stablecoins following Circle's IPO (issuer $USDC ).

🗣 "New companies are just copying Circle. This is a bubble that will take billions from gullible investors, mixed with leverage and showmanship."

📉 Hayes believes that most of these IPOs are overvalued, but he does not recommend shorting immediately — the market is supported by a favorable regulatory agenda in the U.S.

➡️ In his opinion, newcomers have little chance of success:

— Exchanges, banks, and social networks are the only effective distribution channels.

— All of them are already occupied by large players.

— Newcomers will have to pay to enter or concede the market.