$USDC According to Cointelegraph, Jeff Dorman, Chief Investment Officer of digital asset investment firm Arca, criticized stablecoin issuer Circle for allocating $135,000 to Arca in its recent IPO. Dorman posted an open letter on social media, accusing Circle and its leadership of making poor judgments, calling the allocation "improper," and announcing the closure of all Arca accounts with Circle.

Dorman noted that Arca received only $135,000 of a $10 million order allocation. Arca was one of the earliest entities to make an offer and is an early supporter of Circle.

Dorman also stated that Arca will close all Circle accounts and discourage other companies from collaborating with the stablecoin giant. Circle went public on June 5 on the New York Stock Exchange, seen as a significant milestone for the cryptocurrency industry.