BitMEX founder Arthur Hayes warned in an article on Monday that a new wave of stablecoin companies are trying to follow Circle's successful IPO, but most will be overvalued and may fail due to lock-in distribution channels. He pointed out that feasible distribution channels are limited to cryptocurrency exchanges, Web2 social media giants and traditional banks, and new entrants have difficulty accessing these channels. Hayes believes Circle(CRCL) is currently "overvalued" but its price may continue to rise. He also warned investors not to short these new stocks because pro-cryptocurrency sentiment and the "stablecoin mania" narrative in the United States could push prices higher.