Arthur Hayes: the stablecoin market is overheated, but the mania is just beginning.

The IPO of the USDC issuer, Circle, was not the end, but the start of a new mania in the stablecoin market. Now, operators of other imitation projects will try to go public, writes BitMEX co-founder Arthur Hayes in a new essay. However, investors, in his opinion, underestimate the risks and have inflated expectations.

Circle went public on the New York Stock Exchange on June 5. As of June 16, Circle's shares (CRCL) peaked at $165.60 and closed at $151.06, with the company's market capitalization reaching $33.6 billion. Shares are trading more than 400% above the offering price of $31. #FOMCMeeting