Circle, the issuer of the USDC stablecoin, saw its stock soar 167% on its debut on the New York Stock Exchange on June 5, 2025. The IPO, supported by major investors such as BlackRock and ARK Investment Management, marks a significant milestone for stablecoin-focused companies entering traditional financial markets. However, the launch was not without controversy. Arca, an early backer of Circle, criticized the limited allocation it received during the IPO. Jeff Dorman, Arca's Chief Investment Officer, labeled the $135,000 worth of shares allocated to them as "inappropriate" and "insulting," given their $10 million order. This incident highlights ongoing tensions between crypto-native firms and traditional financial institutions as they navigate partnerships and market dynamics.