With the stablecoin bill aka GENIUS Act set to pass through the US Senate, Wall Street banking giants have started exploring a joint stablecoin venture, which could pose a major threat to dominant market players like Circle (USDC), and Tether (USDT), believes crypto market veteran Arthur Hayes. Citing this development, Hayes wrote: “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. Crypto veterans like Arthur Hayes believe that… Read More at Coingape.com

The post “Bye Bye Circle” Arthur Hayes Says As Big Banks Explore Joint Stablecoin Venture appeared first on CoinGape.

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