Arthur Hayes, co-founder of BitMEX, has criticized Circle, the issuer of the USDC stablecoin, as being "grossly overvalued." Hayes expressed skepticism about the sustainability of new stablecoin issuers, emphasizing that without genuine distribution channels, many are likely to fail. He cautioned that the upcoming wave of initial public offerings (IPOs) in the stablecoin sector could lead to significant losses for investors, describing it as a potential setup for financial setbacks.