Dynamic Zone Insights WebX 2025 | Exclusive Interview with Arthur Hayes: USDe will surpass USDC next year, ETH's pump and fall depend on this point.

WebX 2025 is set to take place tomorrow (25th) at the Prince Park Tower Hotel in Tokyo, Japan. Before the event starts, BlockTempo brings you an exclusive interview with BitMex co-founder Arthur Hayes, who shares his views on the recent market, stablecoins, and Ethereum. (Background: Arthur Hayes latest prediction: Bitcoin 250,000, Ethereum 10,000, to be seen by year-end) (Additional context: Arthur Hayes: Bitcoin and Ethereum have completed their bottoming process, where will the new liquidity come from? How to choose targets at this stage?) The future of decentralized stablecoins: Next year, USDe will surpass USDC. BlockTempo Alex: Hello, Arthur, let’s start with stablecoins! You mentioned that many new stablecoin projects "have no real future" because they cannot be issued through major channels such as crypto exchanges, social media giants, or traditional banks. At the same time, you have expressed confidence in new decentralized stablecoins, such as Ethena's USDe, believing it may one day replace USDT and become the largest dollar stablecoin. So, in your opinion, how likely is the future of decentralized stablecoins to be realized? Especially in a market currently dominated by giants like Tether and USDC, what key traits do new stablecoins need to stand out and succeed in the long term? Arthur Hayes: Speaking of USDe, I believe Ethena will surpass Circle next year and become the second in the market. We have already seen the rapid growth of USDe's supply, which is growing very quickly because it is different from other stablecoins. Ethena can actually lend money to crypto investors, generating returns here. As more people understand stablecoins, users will want to earn more returns, so they will turn to Ethena and use it. I think Ethena's uniqueness lies in its capture of this specific market, making it nearly impossible for another issuer to replicate this model. The rise of ETH prices depends significantly on how the relationship between Layer 2 and Layer 1 evolves. BlockTempo Alex: As one of the leaders in the crypto market, you have always maintained confidence in the future of Ethereum. Recently, you stated that you bought more ETH during the market pullback and expect ETH to reach 10,000 to 20,000 USD in this bull run. You also mentioned that ETH occupies too large a proportion in your investment portfolio. Some people believe that "Ethereum will eventually become the foundational layer of the global financial system," with all financial activities built on top of Ethereum. From your perspective, what role does Ethereum play in the future global finance? Do you think it really has the potential to become the foundation of the global financial system? What challenges or conditions does the Ethereum ecosystem need to overcome to achieve this goal? Arthur Hayes: Of course, I think Ethereum, as the smart contract layer, is clearly the most dominant, having the most developers and the largest market share, which advantage will continue. But... whether this will translate into a rise in ETH prices depends heavily on how the relationship between Layer 2 and Layer 1 evolves. I am not sure how things will develop in the future, and how transaction fees and Sequencer revenues will be distributed between the security layer (Layer 1) and the AppChain (Layer 2). This is a question that remains to be answered. But if every financial institution has its own AppChain in the future, yet ultimately relies on Ethereum for security, then how can Ethereum share in these economic activities? This is the key question of whether it can truly become the underlying support for all Layer 2. However, whether this can translate into returns for ETH holders remains a question. Further reading: Arthur Hayes latest interview: Autumn pullback, ETH long-term target of 10,000-20,000 USD. The ultimate answer to the driving force of the crypto market is: interest rate cuts and money printing. BlockTempo Alex: In your recent article, you boldly predicted that Bitcoin might rise to 250,000 USD by the end of 2025, believing the main reason is that the US government may force the Federal Reserve to print money again to cope with fiscal pressures. You further stated: "For my investment portfolio, what matters is not the strength of the US, but how much fiat currency exists in the system," highlighting the importance of liquidity and monetary policy. In the current macro trends (such as high inflation, huge debts, and potential money printing) and global political risks (such as trade conflicts and regulatory changes), what factors do you think will most profoundly impact the future of the crypto market? Arthur Hayes: The key factors influencing the future of the crypto market, I believe, ultimately depend on the asset base and monetary printing. Just like how many units of dollars do you think are circulating globally now? How many will there be in the future? What does the market think there will be in the future? As we saw in Powell's recent speech at the Jackson Hole conference, the Federal Reserve has accepted the need for further monetary easing to support Trump's investments and promote his policies. This means that the monetary base of the US will continue to expand, and other countries will also accelerate their responses accordingly. I believe this process will continue to accelerate. So that’s why I think only interest rate cuts and money printing are key. Further reading: The Federal Reserve's Powell hints at "September interest rate cut probability surges," Bitcoin breaks through 117,000 USD, and Ethereum approaches historical highs. Related reports: Ken's $YZY falls below 1.2 million! Arthur Hayes angrily criticizes garbage SHIB. Is Arthur Hayes' typical operation of shouting and selling? Arthur Hayes pessimistic about Trump establishing a Bitcoin and altcoin reserve: The US government has no money, just empty talk. <BlockTempo's direct coverage of WebX 2025｜Exclusive interview with Arthur Hayes: USDe will surpass USDC next year, and ETH's rise and fall depend on this point>. This article was first published in BlockTempo, the most influential blockchain news media.