Bitmex Co-Founder Arthur Hayes Has a Stark Prediction for ‘Circle Copycat’ Stocks

BitMEX co-founder Arthur Hayes is sounding the alarm on what he calls "Circle copycat" stocks—companies that mimic the business model of stablecoin issuer Circle but lack its fundamentals. Hayes predicts these imitators could face a harsh reckoning as market conditions tighten, drawing parallels to past crypto bubbles. His blunt take? Many are overhyped and doomed to fail.