Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 210

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 210
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 credit card networks, and money remittance services. We are working with leading payments companies like Visa, Mastercard, Stripe, Worldpay, and MoneyGram to facilitate 
 stablecoin settlement on the Circle stablecoin network.                                                                                                                                                                                           |

| • |     | Market makers and liquidity providers.  Stablecoins such as USDC are made widely available through                                                                                                                                                       
 hundreds of retail and institutional platforms around the world. As a wholesale market infrastructure, we do not directly provide stablecoin liquidity to all of these venues and distribution channels; instead, we depend upon a global network of     
 market makers and over-the-counter liquidity providers to supply USDC. These institutional trading firms play an important role in ensuring that USDC is widely accessible, including in dozens of international markets where they facilitate trading   
 using local currencies and banking infrastructure. Leading global market makers and liquidity providers include Cumberland, Galaxy Digital, Wintermute Trading, and B2C2. For example, in December 2024, we entered into an agreement with Cumberland to 
 expand liquidity and settlement capabilities in USYC and USDC over the course of a three-year term.                                                                                                                                                      |

We are continually exploring opportunities to expand our product offerings to complement and increase the usage and utility of Circle stablecoins and the Circle stablecoin ecosystem. 146

Circle Payments Network

On May 21, 2025, we launched a new product initiative, CPN, a new technology service that will connect eligible financial institutions (including banks, neo-banks,
payment service providers, virtual asset service providers, and digital wallets) to facilitate real-time settlement of payments, starting with cross-border payments, using regulated stablecoins such as USDC and EURC. CPN is governed by a robust
framework that requires participants to meet strict eligibility standards, including licensing, AML/CFT compliance, financial risk management, and cybersecurity protocols. In collaboration with our 29 design partners at launch, CPN is designed to
support a broad spectrum of money movement use cases for businesses, financial institutions, and individuals—including supplier payments, remittances, payroll, capital markets settlement, internal treasury operations, and onchain financial
applications. Powered by smart contract infrastructure and modular APIs, CPN will enable third-party developers to build advanced modules, app services, and automated financial workflows directly on top of CPN. To support the development of CPN,
leading global financial institutions are contributing their expertise in global payments to assist us in designing CPN to ensure that it meets the needs of leading banks and financial institutions worldwide.

Circle Reserve