Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 31

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 31
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 providers include Cumberland, Galaxy Digital, Jump Trading, and Wintermute Trading.                    |

Summary risk factors Our business and common stock are subject to many risks, as more fully described in the “Risk factors” section immediately following this “Prospectus Summary” section. These risks include, among others:

| • |     | We face intense and increasing competition. |

| • |     | Competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital                              
 assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins. |

| • |     | Stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid                                                                                                                                  
 redemption requests (or runs). Extreme scenarios, such as market shocks that affect the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin reserves, 
 may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests.                                                                                                                                                  |

| • |     | As a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due 
 to surges in demand.                                                                                                        |

| • |     | Any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on 
 consumer confidence.                                                                                                       |

20

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

| • |     | The acceptance of Circle stablecoins could be negatively impacted by the disruptions in secondary marketplaces that 
 facilitate the purchase and sale of Circle stablecoins.                                                             |

| • |     | Absent federal regulations, there is a possibility that Circle stablecoins may be classified as “securities” and                                              
 any classification of Circle stablecoins as a “security” would subject us to additional regulation and could materially impact the operation of our business. |

| • |     | We hold a substantial amount of USDC reserves in the Circle Reserve Fund and thus are subject to risks associated with the 
 issuer, the manager, and the custodian of the Circle Reserve Fund.                                                         |

| • |     | Any significant disruption in our or our third-party service providers’ or partners’ technology could result in a        
 loss of customers or funds and adversely impact our business, results of operations, financial condition, and prospects. |

| • |