Arthur Hayes warns that a joint stablecoin venture by major US banks could spell the end for Circle’s USDC dominance.
The GENIUS Act opens the door for regulated bank-issued stablecoins, threatening crypto-native projects.
A banking-backed stablecoin could shift stablecoins from decentralization to institutional control.
Arthur Hayes, the co-founder of BitMEX and a long-standing voice in the crypto market, issued a warning for the future of Circle’s USDC. Reacting to reports that Wall Street’s biggest banks are teaming up for a stablecoin initiative, Hayes wrote, “Bye bye Circle. Thanks for playing.”
This characteristically sarcastic statement from Hayes throws a harsh spotlight on a major realignment brewing within the stablecoin space; one that could soon pit legacy finance heavyweights directly against the very crypto-native players that helped bring stablecoins into the mainstream.
Bye bye Circle. Thanks for playing. https://t.co/LmFPrv6KZK
— Arthur Hayes (@CryptoHayes) May 23, 2025
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