Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 127

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 127
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 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.

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 June 30, 2025,
there were approximately $222.7 billion of stablecoins in circulation, according to CoinMarketCap, representing a 50% growth from June 30, 2024. 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 $61.3 billion of USDC in circulation across 5.7 million MeWs as of June 30, 2025. We stand to benefit as the adoption