Jeff Dorman, CIO of Arca, citing a long partnership with Circle, announced that Arca would close its Circle accounts and move to rival stablecoins, citing misaligned priorities and accusing Circle of taking its partners for granted

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I cannot believe our efforts to help you grow for years culminated in you giving us a joke, throwaway allocation. You are the first and only crypto company who has EVER treated Arca this way,” Dorman added.

Dorman said Arca would close its current Circle accounts and begin using rival stablecoins, such as USDT.