$USDC "Circle cannot match Tether's distribution network," says Hayes - The analysis and criticism come just weeks after Circle's explosive Initial Public Offering (IPO) and its debut on the NYSE, raising questions about which crypto company will go public next. BitMEX co-founder and former CEO Arthur Hayes says that the issuer of the USDC stablecoin, Circle, may be overvalued compared to its industry peer, Tether.