Arthur Hayes: Circle’s Reliance on Coinbase Limits USDC’s Market Reach

BitMEX co-founder and former CEO Arthur Hayes says USDC stablecoin issuer Circle may be overvalued, relative to its industry peer, Tether (USDT). The analysis and critique come barely weeks after Circle’s explosive Initial Public Offering (IPO) and NYSE debut, raising enquiries about which crypto firm would go public next. Circle Cannot Match Tether’s Distribution Network, Hayes Says The BitMEX executive argues that Circle faces significant challenges in the stablecoin market. He cites the firm’s business model as not as sustainable as many investors think source: https://beincrypto.com/arthur-hayes-criticizes-circle-overvalued/