PANews reported on June 6 that according to The Block, Circle performed strongly on its 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 allotment shares, far lower than its $10 million subscription application. Arca's Chief Investment Officer Jeff Dorman publicly stated that Circle "prioritizes traditional financial institutions" and has "no respect" for crypto-native institutions, and announced that it will close Circle accounts and switch to alternative stablecoins such as USDT.