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

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

The post Circle’s USDC At Risk Per Arthur Hayes As Big Banks Explore Joint Stablecoin Venture appeared first on CoinGape.

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

RELATED TOPICS

More From Coin Gape

Bitcoin vs Gold: Peter Schiff Explains Why Central Banks Choose Yellow Metal over BTC

Bitcoin 2025 Conference: Dates & Ticket Guide for Las Vegas Event

Pi Network Team Announces Two Major Updates Amid Kraken Pi Coin Listing

You May Also Like

Polygon Co-Founder Mihailo Bjelic Steps Down. What's Next ?

Crypto Tax: Form 1099-DA: What Crypto Investors Need to Know

Subscribe to Updates

Mango Markets Case: Fraud Charges Against Avraham Eisenberg Annulled

XRPL Announces New Batch Upgrade to Take On Rivals Ethereum and Solana

Market Overview