Arthur Hayes, co-founder of BitMEX, has emphasized the importance of distribution channels in the success of stablecoins. In a recent analysis, Hayes noted that stablecoins primarily rely on crypto exchanges, social media platforms, and traditional banks for distribution. Tether has emerged as the leading stablecoin, particularly in the global South, due to its partnership with Bitfinex and strong presence in Greater China. Meanwhile, Circle's USDC, distributed through Coinbase, still trails behind Tether in market share. Hayes cautioned that new stablecoin entrants face significant challenges due to limited distribution channels. He also predicted that the stablecoin market will continue to grow, especially with Circle's IPO, but warned of a potential bubble burst. Hayes advised investors to be cautious of high valuations, particularly for projects claiming bank partnerships without actual distribution networks.