reply guys

fuck you @JerCircle and Circle

For almost a decade Arca has been a customer and a partner. We've had you on our podcasts, and had you speak at our conferences when USDC had virtually no traction and no AUM.  We've defended USDC and stablecoins to every institution on the planet who called you and this industry a joke, including numerous conversations with the SEC on your behalf.  Our ops team has worked tirelessly with your team testing product ideas, and offering improvements, and helping you through tough times like the the March 2023 banking crisis and other depegs.

And you thank us by giving Arca a measly $135k allocation to your IPO on a $10 million order?  An order that we put in on DAY 1 of the IPO roadshow, on April 8th, when everyone else was running from your deal because of tariffs, and it almost got pulled (for the 2nd time).  We asked JPM and Citi not to waste your time with a 1 on 1 meeting because we already knew your company so well from having been a customer for almost a decade.  We pinged you separately 2 months ago indicating our order, and you thanked us for the support -- if you were going to fuck us at the end, the least you could have done was tell us 2 months ago so we didn't waste our analysts and ops teams' time on a deal that you had no intention of allocating shares to us. 

Arca has been through hell and back like every other crypto native firm the last 8 years.  Most of us stick together and help each other.  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.  Most of Arca's management team left Wall Street 8 years ago to start a crypto-native company specifically to get away from TradFi clowns like you.  Ironically, you've come full Circle. 

You're the exact opposite of crypto ethos -- everyone else in crypto aligns their customers and stakeholders via a token, so their customers can become power users and evangelists for life, and ultimately feel aligned towards helping the company grow.  You decide to give fat allocations to TradFi mutual funds and hedge funds who likely didn't even read your prospectus, have no wallets, and will never use your product.   

Arca is closing all of our accounts with Circle and will tell every single dealer we work with that we will no longer accept USDC and will only use USDT and onchain stablecoins from here on out. We will also tell all of our customers and LPs in our funds how Circle operates, and we hope that they too pull their business from you.  If you want to see how irrelevant and generic your product has become, this is a decision that was easy to make and doesn't affect our business one bit because there are perfect substitutes everywhere -- something that could not have been said five years ago.  We will gladly invest in, and encourage, others to continue to take market share from you.

You and Coinbase deserve each other -- a match made in heaven of two incompetent management teams who were early, but screw up everything you touch.  There is a reason both of you are hated by your customers because you don't care about them.  I always thought Circle and Coinbase would be surpassed by TradFi eventually because your products are generic, but I never thought I'd root for it to happen. Now I'm not only rooting, but I will play an active role in making sure it happens.  I'm sure those TradFi investors you catered to in the IPO are really going to be there for you when every bank offers similar products, and comes after your business for stealing their float.

If it wasn't clear -- fuck you.

Tether FTW 

18th largest HODLr of US Securities