PANews, June 6 news, according to The Block report, Circle performed strongly on its first day of trading on the US stock market, raising over $1 billion. However, its long-term partner Arca only received a placement share of $135,000, far below its $10 million subscription request. Arca's Chief Investment Officer Jeff Dorman publicly stated that Circle "prioritizes traditional financial institutions" and shows "no respect" for crypto-native institutions, announcing the closure of Circle accounts and switching to alternative stablecoins like USDT.