亞瑟·海斯（Arthur Hayes）警告銀行支持的穩定幣將“勝過” Circle的USDC

BITMEX的聯合創始人Arthur Hayes公開警告說，由銀行支持的Stablecoins“超越” Circle的USDC。

Arthur Hayes, co-founder of BitMEX, publicly warned that bank-backed stablecoins would “outcompete” Circle’s USDC.

BITMEX的聯合創始人Arthur Hayes公開警告說，由銀行支持的Stablecoins“超越” Circle的USDC。

On May 23, 2025, he posted on X (formerly Twitter), “Bye bye Circle. Thanks for playing,” in response to media reports of Wall Street’s biggest banks planning a joint stablecoin.

2025年5月23日，他在X（以前是Twitter）上發布了“再見。

Arthur Hayes argued that banks’ regulatory advantages, capital resources, and trust in the traditional financial system could erode USDC’s market share.

亞瑟·海斯（Arthur Hayes）認為，銀行對傳統金融體系的監管優勢，資本資源和信任可能會侵蝕USDC的市場份額。

He noted that the GENIUS Act, which would require stablecoin issuers to maintain 100 percent reserves and obtain a federal license, would give banks a clear path to issuance, potentially sidelining non-bank issuers like Circle.

他指出，《天才法案》（Genius Act）將要求Stablecoin發行人維持100％的儲備並獲得聯邦許可證，這將使銀行為發行的明確途徑，潛在地佔用像Circle這樣的非銀行發行人。

USDC’s slight de-pegging proved that crypto-native issuers remain vulnerable when perceived market power shifts toward regulated entities.

USDC輕微的脫釘證明，當人們認為市場電力轉移到監管實體時，加密本地發行人仍然容易受到傷害。

Arthur Hayes Warns Amid Wall Street’s Stablecoin Plans

在華爾街的Stablecoin計劃中，Arthur Hayes警告

According to The Wall Street Journal, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in early talks to develop a jointly issued stablecoin aimed at corporate and institutional use. Arthur Hayes sees this as a threat to Circle’s stablecoin market share.

根據《華爾街日報》的報導，美國銀行，花旗集團和富國銀行的摩根大通正在早期談判，以開發針對公司和機構使用的共同發行的Stablecoin。亞瑟·海斯（Arthur Hayes）認為這是對Circle的Stablecoin市場份額的威脅。

The project is still conceptual. However, the U.S. Congress is set to decide on the bipartisan GENIUS Act, which would potentially grant banks explicit permission to custody reserves and issue stablecoins.

該項目仍然是概念性的。但是，美國國會將決定《兩黨天才法》，該法可能會授予銀行明確許可監護權儲備並簽發Stablecoins。

The banks are evaluating this consortium as a means to modernize cross-border payments, reduce transaction costs, and deepen customer engagement.

銀行正在評估該財團，以此作為使跨境支付，降低交易成本和加深客戶參與度現代化的手段。

Arthur Hayes estimates that a bank-backed coin could capture 10–20 percent of current stablecoin transaction volume. That would be equivalent to $20–$46 billion—within its first year. This is if it meets corporate demand for compliance and speed.

亞瑟·海斯（Arthur Hayes）估計，銀行支持的硬幣可以捕獲當前穩定交易量的10-20％。這將等同於20至460億美元，這是其第一年。如果它滿足公司對合規性和速度的需求。

On May 21, 2025, the U.S. Senate advanced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act by a 66–32 vote.

2025年5月21日，美國參議院以66-32票的投票提出了指導和建立國家創新（Genius）法案。

The bill mandates that any “payment stablecoin” issuer hold 100 percent reserves in U.S. dollars or short-term Treasury assets, undergo monthly reserve audits, and publicly disclose reserve compositions.

該法案規定，任何“付款Stablecoin”發行人以美元或短期財政資產的100％儲備，進行每月儲備金審核，並公開披露儲備金組成。

It also prohibits public companies outside the financial sector from issuing stablecoins unless they meet strict capital, data-privacy, and conflict-of-interest rules. Supporters argue these measures will enhance consumer protection and maintain dollar dominance in the digital asset layer.

它還禁止金融部門以外的上市公司發行Stablecoins，除非符合嚴格的資本，數據私人和利益衝突規則。支持者認為，這些措施將增強消費者的保護並維持數字資產層中的美元優勢。

Why Did Arthur Hayes Warn Circle’s USDC?

亞瑟·海斯（Arthur Hayes）為什麼要警告Circle的USDC？

Circle’s USDC currently ranks as the second-largest stablecoin with $41 billion in assets under management as of December 2024.

截至2024年12月，Circle的USDC目前是第二大Stablecoin，管理資產為410億美元。

It benefits from deep integrations in DeFi, over $75 billion in circulating supply historically, and partnerships with Visa for on-chain payments.

它受益於Defi的深層整合，歷史上有超過750億美元的循環供應，以及與鏈接支付簽證的合作夥伴關係。

Yet, USDC’s dominance hinges on public and institutional trust—precisely what a bank-backed coin could rival. If banks deploy a fully compliant coin, they could leverage existing customer networks to onboard corporate treasuries, negotiate lower transaction costs, and undercut USDC’s role in payment rails.

然而，USDC的主導地位取決於公共和機構信任，這是銀行支持的硬幣可以競爭的。如果銀行部署了完全合規的硬幣，他們可以利用現有的客戶網絡在公司國債，談判較低的交易成本，並削弱了USDC在付款導軌中的作用。

Circle has taken measures to shore up resilience, including filing an S-1 for an IPO in April 2025 and launching its Circle Payments Mainnet, designed for corporate and institutional clients.

Circle採取了措施來提高彈性，包括在2025年4月為IPO提交S-1，並推出了為公司和機構客戶設計的Circle Payments Mainnet。

However, IPO filings also reveal that a 1 percentage-point change in interest rates could reduce USDC’s reserve income by $441 million annually, highlighting its sensitivity to macroeconomic shifts.

但是，IPO文件還表明，利率的1個百分點變化可能會使USDC的儲備收入每年減少4.41億美元，從而強調了其對宏觀經濟轉變的敏感性。

With the GENIUS Act’s enactment expected by mid-2025, Circle may need to obtain federal or state licenses. It would have to adhere to stricter capital requirements.

隨著《天才法案》預計在2025年中期預計的製定，圈子可能需要獲得聯邦或州許可。它必須遵守更嚴格的資本要求。

As of May 2025, USDC’s slight peg slip to $0.9987 serves as an early indicator of market reaction to these developments.

截至2025年5月，USDC輕微的PEG滑移至0.9987美元，這是對這些發展的市場反應的早期指標。

Arthur Hayes’ stark warning underscores a crucial moment for stablecoins. Circle’s USDC must now navigate a landscape where regulated financial giants could leverage licenses, capital, and institutional relationships to capture a substantial stablecoin market share.

亞瑟·海斯（Arthur Hayes）的鮮明警告強調了對穩定的關鍵時刻。 Circle的USDC現在必須在一個景觀中瀏覽，受監管的金融巨頭可以利用許可，資本和機構關係來捕獲大量的穩定市場份額。

Hayes Famed for Viral Market Commentaries

海耶斯以病毒市場評論而聞名

Arthur Hayes is famed for his blunt, active presence in crypto circles. His bold price forecasts, harsh regulator critiques, and sweeping macro commentary often sway market sentiment.

亞瑟·海斯（Arthur Hayes）以他在加密cirtles中的鈍，積極的存在而聞名。他大膽的價格預測，嚴厲的監管機構批評和宏偉的宏觀評論通常會影響市場的情緒。

Just yesterday, he reignited interest in HYPE with a viral post. In the post, he quoted Lookonchain’s report of a $1.1 billion Bitcoin long by @JamesWynnReal—as “the best advertising for $HYPE,” and set $100 as its next milestone.

就在昨天，他以病毒式帖子重新點燃了對炒作的興趣。在帖子中，他引用了 @jameswynnreal的11億美元比特幣的報告，作為“ $ $ hype的最佳廣告”，並將100美元定為下一個里程碑。

Today, HYPE climbed to a new all-time high of $37.24, marking its strongest valuation ever. The rally capped a week of blistering gains driven by positive regulatory engagement with the CFTC, major whale positions, and record $9 billion open interest in its decentralized derivatives

如今，Hype攀升到了37.24美元的新歷史高度，標誌著其有史以來最強的估值。這次集會在與CFTC，主要鯨魚職位的積極參與以及在其分散的衍生產品中創下了90億美元的公開利息的限制了一周的起泡收益。