Circle’s IPO was a huge success, with its stock jumping nearly 400%. Now, others want to follow, but BitMEX founder Arthur Hayes warns most new stablecoin startups will fail.

Why? Because success isn’t just about having a stablecoin, it’s about distribution. Without access to users through big exchanges, tech companies, or banks, new projects won’t scale.

Circle only took off after partnering with Coinbase, and most distribution channels are already locked up. 
Hayes says new IPOs will likely burn cash and flop, but hype could still send their stocks soaring in the short term.