BitMEX co-founder Arthur Hayes breaks down stablecoin success.  
Distribution is key—via exchanges, social media, or banks.  
Tether leads globally, especially in the Global South, thanks to Bitfinex ties and trust in Greater China.  
Circle’s USDC, backed by Coinbase, lags behind.  
New players struggle with closed distribution channels.  
Hayes warns of a growing bubble, fueled by Circle’s IPO, set to burst on a "dumb money" project.  
Stablecoin profits come from Treasury yields, but overvalu