According to online reports, BitMEX co-founder Arthur Hayes recently published an in-depth analysis of the stablecoin market structure. The article pointed 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. With its cooperation with Bitfinex and the trust it has built in Greater China, Tether has become the world's leading stablecoin, especially in the global southern market; while Circle distributes USDC through cooperation with Coinbase, its market share still lags behind Tether. Hayes warned investors that new entrants face severe challenges in closing 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 "stupid money." He emphasized that although stablecoin issuers are profitable (mainly from treasury bond yields), investors should be wary of high valuation risks, especially those projects that claim to be able to work with traditional banks but have no actual distribution channels.