Circle is under fire from Jeff Dorman, the chief investment officer at Arca, for a $135,000 investment in the stablecoin issuer's recent IPO. Dorman criticized Circle's leadership for poor decision-making, deeming the allocation 'inappropriate' and announcing the closure of all Arca accounts with Circle. Despite being an early supporter of Circle, Arca was only granted a small portion of the $10 million order. Dorman highlighted the irony of the situation, stating that Arca moved away from traditional finance to avoid dealings with individuals like those at Circle. Additionally, Arca plans to sever ties with Circle and discourage other firms from partnering with the stablecoin giant. Circle's IPO on the NYSE was met with enthusiasm, with the company's stock price surging over 200% in its initial trading hours. Read more AI-generated news on: https://app.chaingpt.org/news