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Circle's USDC At Risk Per Arthur Hayes As Big Banks Explore Joint Stablecoin Venture

May 23, 2025

1 min read

Major Wall Street banks are reportedly exploring a collaborative stablecoin initiative as the GENIUS Act advances toward passage in the U.S. Senate. Crypto veteran Arthur Hayes sees this as a significant challenge to existing market leaders like Circle (USDC) and Tether (USDT). Reflecting on the development, Hayes remarked, “Bye bye Circle. Thanks for playing.” Arthur Hayes Bids Bye to Circle, USDC Dollar-Peg Fumbles The latest WSJ report notes that top Wall Street banking giants like Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup, as evaluating a joint collaboration for a stablecoin project. As the GENIUS Act proceeds to the US Senate vote, commercial banks are already preparing for the next big opportunity in the stablecoin market. These developments have sent jitters, especially to Circle’s USDC, which saw its dollar-peg fumble a bit, while slipping to $0.9987 earlier today. ETH Store President Nater Geraci pointed out how banks switched from... Read More at Coingape.com

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