Arca slammed Circle's IPO for under-alloting, saying it would switch to USDT

PANews
PANews
USDT-0.27%

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 called Circle "prioritized traditional financial institutions" and had "no respect" for crypto-native institutions, and announced that he would close his Circle account and switch to alternative stablecoins such as USDT.

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