PANews reported on July 3 that Arthur Hayes, founder of BitMEX, said in his latest article that the US government has provided trillions of dollars of liquidity tools to large banks (TBTF) through stablecoin policies, which is not a manifestation of DeFi or financial freedom, but "debt monetization disguised as innovation." He believes that stablecoins will be used to purchase government bonds to maintain stock market gains, fill fiscal deficits, and weaken the competitiveness of financial technology companies such as Circle.

Hayes pointed out that instead of waiting for Federal Reserve Chairman Powell to announce "unlimited quantitative easing", investors should consider going long on Bitcoin and JPMorgan Chase instead of focusing on companies such as Circle. He emphasized that the "Trojan Horse" of stablecoins has sneaked into the market, with the goal of maintaining the stock market bubble, financing the fiscal deficit and appeasing elderly investors by purchasing Treasury bonds. He called on investors to seize the opportunity and not wait for the Federal Reserve to release further liquidity.