Wu Shuo learned that Arthur Hayes, a co-founder of BitMEX, published an article analyzing the stablecoin landscape and pointed out that the key to the success of stablecoins lies in the distribution channels. Tether holds a dominant position through its cooperation with Bitfinex and trust in the Greater China region, particularly in the global southern market where it has a clear advantage; Although USDC relies on Coinbase for distribution, it still lags behind Tether. Hayes warned that it is difficult for new projects to break through the distribution bottleneck, and said that the stable currency foam may be accompanied by Circle IPO