亚瑟·海斯（Arthur Hayes）警告银行支持的稳定币将“胜过” Circle的USDC

BITMEX的联合创始人Arthur Hayes公开警告说，由银行支持的Stablecoins“超越” Circle的USDC。

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

BITMEX的联合创始人Arthur Hayes公开警告说，由银行支持的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）上发布了“再见。

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

亚瑟·海斯（Arthur Hayes）认为，银行对传统金融体系的监管优势，资本资源和信任可能会侵蚀USDC的市场份额。

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）将要求Stablecoin发行人维持100％的储备并获得联邦许可证，这将使银行为发行的明确途径，潜在地占用像Circle这样的非银行发行人。

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

USDC轻微的脱钉证明，当人们认为市场电力转移到监管实体时，加密本地发行人仍然容易受到伤害。

Arthur Hayes Warns Amid Wall Street’s Stablecoin Plans

在华尔街的Stablecoin计划中，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.

根据《华尔街日报》的报道，美国银行，花旗集团和富国银行的摩根大通正在早期谈判，以开发针对公司和机构使用的共同发行的Stablecoin。亚瑟·海斯（Arthur Hayes）认为这是对Circle的Stablecoin市场份额的威胁。

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.

该项目仍然是概念性的。但是，美国国会将决定《两党天才法》，该法可能会授予银行明确许可监护权储备并签发Stablecoins。

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

银行正在评估该财团，以此作为使跨境支付，降低交易成本和加深客户参与度现代化的手段。

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.

亚瑟·海斯（Arthur Hayes）估计，银行支持的硬币可以捕获当前稳定交易量的10-20％。这将等同于20至460亿美元，这是其第一年。如果它满足公司对合规性和速度的需求。

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，美国参议院以66-32票的投票提出了指导和建立国家创新（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.

该法案规定，任何“付款Stablecoin”发行人以美元或短期财政资产的100％储备，进行每月储备金审核，并公开披露储备金组成。

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.

它还禁止金融部门以外的上市公司发行Stablecoins，除非符合严格的资本，数据私人和利益冲突规则。支持者认为，这些措施将增强消费者的保护并维持数字资产层中的美元优势。

Why Did Arthur Hayes Warn Circle’s USDC?

亚瑟·海斯（Arthur Hayes）为什么要警告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，管理资产为410亿美元。

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

它受益于Defi的深层整合，历史上有超过750亿美元的循环供应，以及与链接支付签证的合作伙伴关系。

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的主导地位取决于公共和机构信任，这是银行支持的硬币可以竞争的。如果银行部署了完全合规的硬币，他们可以利用现有的客户网络在公司国债，谈判较低的交易成本，并削弱了USDC在付款导轨中的作用。

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采取了措施来提高弹性，包括在2025年4月为IPO提交S-1，并推出了为公司和机构客户设计的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文件还表明，利率的1个百分点变化可能会使USDC的储备收入每年减少4.41亿美元，从而强调了其对宏观经济转变的敏感性。

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.

随着《天才法案》预计在2025年中期预计的制定，圈子可能需要获得联邦或州许可。它必须遵守更严格的资本要求。

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轻微的PEG滑移至0.9987美元，这是对这些发展的市场反应的早期指标。

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.

亚瑟·海斯（Arthur Hayes）的鲜明警告强调了对稳定的关键时刻。 Circle的USDC现在必须在一个景观中浏览，受监管的金融巨头可以利用许可，资本和机构关系来捕获大量的稳定市场份额。

Hayes Famed for Viral Market Commentaries

海耶斯以病毒市场评论而闻名

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.

亚瑟·海斯（Arthur Hayes）以他在加密cirtles中的钝，积极的存在而闻名。他大胆的价格预测，严厉的监管机构批评和宏伟的宏观评论通常会影响市场的情绪。

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点燃了对炒作的兴趣。在帖子中，他引用了 @jameswynnreal的11亿美元比特币的报告，作为“ $ $ hype的最佳广告”，并将100美元定为下一个里程碑。

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美元的新历史高度，标志着其有史以来最强的估值。这次集会在与CFTC，主要鲸鱼职位的积极参与以及在其分散的衍生产品中创下了90亿美元的公开利息的限制了一周的起泡收益。