Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 128

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 128
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 31, 2024, 2023, and 2022, respectively, and we do not anticipate them to impact our future financial or operating performance.

Transaction Services

Transaction Services related to the processing of
USDC-native payments, payouts to sellers, vendors, or end-users, ledger management, and safekeeping services. In this capacity, we operated as a payment facilitator, processing credit and debit card
transactions primarily for Web3 merchants. We completed the deprecation of these services in 2024.

Circle Yield

Circle Yield allowed accredited investors to lend their USDC to certain third parties (over-collateralized with Bitcoin) and earn yield. In November 2022, we ceased
these activities, and have no residual exposure to any borrowing or lending made under this product.

92

SeedInvest SeedInvest offered a platform for companies to raise capital through equity offerings directly on the internet. In exchange for our services, we received a placement fee paid by issuers as well as transaction fees paid by investors. In May 2023, we divested the majority of operations and ceased activities related to this product. Key factors affecting operating results The growth and success of our business as well as our financial condition and operating results have been, and will continue to be, affected by a number of factors, including: Growth of the internet financial system The internet financial system is built on blockchain infrastructure, and represents a fundamental shift that we believe will result in a profound change to the existing financial system by materially improving efficiency, reducing costs, expanding accessibility, and accelerating innovation. While the internet financial system has grown rapidly, it remains in its infancy and is very small relative to the legacy financial system. We believe we are well positioned to be among the winners in this emerging, transformative space, and we expect increased adoption and expansion of the internet financial system to be a key driver of growth in all our products and services, and hence of our overall financial performance. Adoption of stablecoins as the core means of value exchange within the internet financial system We believe stablecoins are the core facilitator of value exchange in the internet financial system. As of December 31, 2024, there were approximately $185 billion of stablecoins in circulation, according to CoinMarketCap. We believe that we are poised to lead the way in driving the growth of stablecoins, with our trusted brand, regulation-first posture, robust scalable infrastructure, institutional-grade safety and soundness, and $43.9 billion of USDC in circulation across 4.3 million