Circle's initial public offering (IPO) has sparked discussions about a potential bubble in the stablecoin sector. Arthur Hayes, co-founder of BitMEX, described Circle's IPO as the beginning of a "stablecoin mania" bubble, warning that most new stablecoin issuers will be overvalued and likely to fail unless they secure distribution channels through cryptocurrency exchanges, banks, or social media platforms. Despite these concerns, Circle's stock has reached an all-time high, driven by expectations of U.S. stablecoin regulatory legislation and the entry of major corporations into the market. The rise in Circle's valuation has prompted questions about the future of assets backing its USDC stablecoin should the company face financial difficulties. Industry observers note that established blockchain platforms like Chainlink and Ethereum currently dominate the stablecoin market. The broader financial sector, including Wall Street, is increasingly embracing stablecoin cryptocurrencies, viewing them as a potential foundation for the future global financial infrastructure.