Arthur Hayes warns of overvalued stablecoin IPOs following Circle's success, predicting most will fail

From Cointelegraph

June 17, 2025 1:20 AM:

BitMEX founder Arthur Hayes warns of upcoming stablecoin companies following Circle’s IPO, predicting most will fail due to overvaluation. He advises against shorting, as pro-crypto sentiment will initially drive prices up. The US Senate will vote on stablecoin legislation on June 17, potentially fueling the “stablecoin mania” narrative. Chainlink co-founder Sergey Nazarov agrees, foreseeing a wave of new stablecoins globally. Hayes argues new stablecoins have limited chances of success without access to key distribution channels. He criticizes Circle’s (CRCL) valuation as “insanely overvalued,” despite its successful IPO leading to an 80% price increase.

Read more at Cointelegraph: Arthur Hayes Warns New Stablecoin IPOs Are Overvalued Hot Potatoes