“Bye-Bye Circle”: Arthur Hayes Warns of Wall Street’s Stablecoin Takeover

Arthur Hayes warns that a joint stablecoin venture by major US banks could spell the end for Circle’s USDC dominance. The GENIUS Act opens the door for regulated bank-issued stablecoins, threatening crypto-native projects. A banking-backed stablecoin could shift stablecoins from decentralization to institutional control. Arthur Hayes, the co-founder of BitMEX and a long-standing voice in the crypto market, issued a warning for the future of Circle’s USDC. Reacting to reports that Wall Street’s biggest banks are teaming up for a stablecoin initiative, Hayes wrote, “Bye bye Circle. Thanks for playing.” This characteristically sarcastic statement from Hayes throws a harsh spotlight on a major realignment brewing within the stablecoin space; one that could soon pit legacy finance heavyweights directly against the very crypto-native players that helped bring stablecoins into the mainstream. Bye bye Circle. Thanks for playing. https://t.co/LmFPrv6KZK — Arthur Hayes (@CryptoHayes) May 23, 2025 Wall Street Titans Reportedly Plan Joint Stablecoin as GENIUS Act Nears According to reports , the titans of traditional finance – JPMorgan Chase, Bank o… The post “Bye-Bye Circle”: Arthur Hayes Warns of Wall Street’s Stablecoin Takeover appeared first on Coin Edition .

Source: Coin Edition