Arthur Hayes Sounds Alarm Over Overvalued Stablecoin Startups Post-Circle IPO
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币界网报道：TL;DR Hype-Driven Startups: Arthur Hayes warns that Circle’s successful IPO has spurred a surge of stablecoin startups driven more by market excitement than by solid business fundamentals. Structural Weaknesses: These emerging “Circle imitators” often rely on aggressive financial strategies and lack robust infrastructure, making them vulnerable when market enthusiasm fades. Investor Caution: Arthur Hayes highlights.
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