Arca's Chief Information Officer Jeff Dorman criticized the "meager" CRCL allocation in the over-subscribed IPO of stablecoin issuers

ChainCatcher news, according to The Block, Arca's Chief Investment Officer Jeff Dorman criticized Circle for allocating a "pitiful" $135,000 worth of shares in its oversubscribed IPO.

Arca had placed an order to subscribe for $10 million, and Dorman stated that Circle is a long-term partner that helped them through the USDC de-pegging crisis during the 2023 banking turmoil, yet they have not received a fair allocation. Dorman publicly announced that he would close the Circle account and switch to competing stablecoins like USDT.