Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 23

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 23
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.7 billion, $155.7 million, and
$284.9 million, respectively, and first quarter 2025 revenue, net income, and Adjusted EBITDA of $578.6 million, $64.8 million, and $122.4 million, respectively. See “Management’s discussion and analysis of financial
condition and results of operations—Non-GAAP financial measures” for reconciliation of net income to Adjusted EBITDA. As the Circle stablecoin network grows and as more applications and activity take place on the Circle stablecoin network,
the amount of Circle stablecoins in circulation will continue to grow. In addition to as described in “Business—Our platform, products, and ecosystem,” we may seek to monetize the activity on our network with products that earn fee-based revenues based on transactions and usage in the future, and we intend to evaluate and consider various products from

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time to time, considering such factors as complexity and development costs, market opportunity, anticipated revenues, and the competitive landscape. For example, to capitalize on the growing
trend of using yield-bearing digital assets as collateral in margin trading, we issue a TMMF, USYC, following our acquisition of Hashnote. See “Business—Our platform, products, and ecosystem—Circle Tokenized Funds” for more
information on the Hashnote acquisition. We believe the market opportunity in the internet financial system is vast and that, although we face a variety of risks (see “Risk factors” for a discussion of the material risks faced by our
business), we are the best positioned firm to drive, capture, and monetize it.

Stablecoin overview

Stablecoins can facilitate the store and transfer of value in the new internet financial system and drive the advancement and adoption of the new internet financial
system. While there have been many experiments in the development of different stablecoin models, we have always been focused on building and operating “payment stablecoins.” These stablecoins are designed to be efficient forms of payment
and are fully backed by reserves consisting of highly liquid, price-stable cash and cash equivalents. By providing Circle Mint customers the ability to redeem their stablecoins on demand on a one-for-one basis for the underlying fiat currency,
Circle stablecoins are designed to provide a safe and sound foundation as a form of digital currency, as well as a bridge between blockchain and traditional finance.

Trends driving adoption of stablecoins and the internet financial system

In addition to the core efficiency and innovation benefits outlined above, a number