Arthur Hayes Blog: Discussing the History and Future of Stablecoins at the Time of Circle's Listing "Arthur Hayes pointed out that the successful listing of Circle marks a comprehensive heating up of the stablecoin narrative, but new issuances face structural difficulties such as a single profit model and a monopoly on distribution channels. Tether relies on zero interest, high interest spreads, and a large circulation network to establish a moat, while Ethena and others rely on "high interest storage" to seize market share in the short term. The future direction of stablecoins will highly rely on the regulatory attitude of the United States - once interest rates are allowed, it may give rise to a "digital Ponzi" wave; If the regulation is strictly implemented, the foam may rapidly ebb. read the whole passage: https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=47&id=44279