Odaily News Arthur Hayes, co-founder of BitMEX, published a new article that deeply analyzes the stablecoin market landscape. The article points out that the key to the success of stablecoins lies in the distribution channels, which are currently mainly achieved through crypto exchanges, social media platforms or traditional banks. Tether has become the world's leading stablecoin, especially in the global South market, thanks to its cooperation with Bitfinex and the trust it has established in Greater China; while Circle distributes USDC through cooperation with Coinbase, but its market share still lags behind Tether. Hayes warned investors that new entrants face severe challenges in the closure of distribution channels, and predicted that with the success of Circle's IPO, the stablecoin bubble will continue to expand, but will eventually burst on a project that separates "dumb money". He emphasized that although stablecoin issuers are profitable (mainly from government bond returns), investors should be wary of high valuation risks, especially those projects that claim to be able to cooperate with traditional banks but have no actual distribution channels.