Arca criticizes Circle for the low IPO allocation, stating it will switch to USDT.

PANews reported on June 6 that, according to The Block, Circle performed strongly on the first day of listing on the U.S. stock market, raising more than $1 billion, but its long-term partner Arca only received $135,000 in placement shares, far lower than its $10 million subscription application. Jeff Dorman, Arca’s chief investment officer, publicly stated that Circle “prioritizes traditional financial institutions” and has “no respect” for crypto-native institutions, and announced that he will close his Circle account and switch to alternative stablecoins such as USDT.