Arthur Hayes Shares His 'Stablecoin Play' — And It Isn't Betting On Circle

Benzinga

Jul 03, 2025

Arthur Hayes has laid out a detailed case for why the U.S. government, through Treasury Secretary Scott Bessent's policies, is increasingly leaning on stablecoins as a financial tool to help fund ...

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FinTech companies like Circle may find themselves sidelined as they lack access to the deposit base and government guarantees that banks enjoy.Hayes highlighted JPMorgan's JPM recently announced stablecoin, JPMD, as a key example. He suggests that banks will aggressively push customers to convert traditional deposits into stablecoins, offering cost efficiencies and freeing up trillions of dollars to purchase T-bills.The stablecoin shift, Hayes argues, could boost profitability and stock valuations of large banks while creating a hidden liquidity source that supports both the Treasury market and risk assets like Bitcoin BTC/USD and equities.In Hayes' view, investors overly focused on waiting for a Federal Reserve pivot may miss the real liquidity story that is already taking shape. “Stop listening to the simp sitting in the cuck chair, and start listening to the man wielding the monster cock,” he wrote, in his typically provocative style, referring to Treasury policy as the more immediate market driver.Hayes concludes that this policy pathway, while not officially labeled as quantitative easing, could have similar effects: surging liquidity, rising asset prices, and a potentially dramatic upside for Bitcoin and stocks tied to the largest U.S. banks.Loading...Loading...Read Next: \nJPMorgan’s Tests Carbon Credit Tokenization On The Blockchain\nImage: ShutterstockCRCLCircle Internet Group Inc$180.801.59%Stock Score Locked: Edge Members OnlyBenzinga Rankings give you vital metrics on any stock – anytime.Unlock RankingsEdge RankingsMomentumNot AvailableGrowthNot AvailableQualityNot AvailableValue2.51Price TrendShortMediumLongOverview$BTCBitcoin$109052.750.15%JPMJPMorgan Chase & Co$292.120.04%Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}