币界网报道：According to the news on June 17, BitMEX co-founder Arthur Hayes published a new article titled "Assume the Position", pointing out that the success of stablecoin issuers depends on whether they have distribution channels of crypto exchanges, social media platforms or traditional banks. Tether has established a strong network effect due to its early roots in Greater China and deep integration with Bitfinex. Although Circle distributes USDC with the help of Coinbase, it is still at a disadvantage. With Meta, X, Google and other companies planning to issue their own stablecoins, market competition is becoming increasingly fierce. Hayes warned investors that new issuers who lack channels will find it difficult to maintain high valuations even if they successfully go public, and may eventually return to zero.