Arthur Hayes: New stablecoin IPO is like a "hot potato"

In an article on Monday, BitMEX founder Arthur Hayes warned that a new wave of stablecoin companies trying to emulate Circle's successful IPO, but most will be overvalued and likely to fail due to locked distribution channels. He noted that viable distribution channels are limited to cryptocurrency exchanges, Web2 social media giants, and traditional banks, which are difficult for new entrants to access.
Hayes believes that Circle (CRCL) is currently "overvalued", but its price could still continue to rise. He also warned investors not to short these new stocks, as the pro-cryptocurrency sentiment and "stablecoin mania" narrative in the United States could push prices higher.