PANews reported on June 17 that Arthur Hayes, co-founder of BitMEX, published a new article titled "Assume the Position", pointing out that the success of stablecoin issuers depends on whether they have distribution channels through crypto exchanges, social media platforms or traditional banks. Tether has established a strong network effect due to its early roots in Greater China and deep integration with Bitfinex. Although Circle distributes USDC with the help of Coinbase, it is still at a disadvantage. With Meta, X, Google and other companies planning to issue their own stablecoins, market competition is becoming increasingly fierce. Hayes warned investors that new issuers who lack channels will find it difficult to maintain high valuations even if they are successfully listed, and may eventually return to zero.