Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 199

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 199
---
 global consumer payments revenue stood at approximately $2.4 trillion in 2023. 
 In addition, our technology has the potential to drive material growth in the consumer payments market itself. As both the unit economics and utility from stablecoins grow, our technology could contribute to an ever larger volume of consumer  
 payments than has been possible in the existing financial system.                                                                                                                                                                                  |

| • |     | Modernizing traditional capital markets:  A programmable money system native to the internet can also                                                                                                                                                
 revolutionize the global capital markets. According to S&P Global, annual global capital markets revenue stood at approximately $180 billion in 2023. Even beyond the near-term opportunity of USDC to facilitate settlement activities, large-scale 
 capital markets activities including foreign exchange, interest rate-related securities and derivatives, and equity and fixed income investment vehicles can all be tokenized using blockchain technology and then denominated in, and settled with, 
 stablecoins, enhancing their usability and transferability.                                                                                                                                                                                          |

| • |     | Creating new capital products natively on the internet:  The internet financial system will facilitate the                                                                                                                                            
 creation of new, broader, and deeper capital markets and products, with digital currency at their core. Buyers and sellers of credit will be able to connect at internet scale (as will underwriters and analysts and other market participants), not 
 just aggregating greater liquidity, but also creating new programmable credit markets. Just as the internet facilitated new markets—such as the new global advertising markets that afford even the smallest advertisers unprecedented reach and      
 precision, or new markets and distribution platforms for goods and services that enable the smallest merchants to access global buyers—so too will the internet financial system.                                                                     |

We view the adoption of the internet financial system as inevitable because of its materially better efficiency and reach, and this transition has only just begun. We further believe that we are the best-placed organization to facilitate the paradigm shift from the incumbent financial system to one based on the internet financial system, and to take advantage of the massive market opportunities that will result from this secular shift. 139

Our platform, products, and ecosystem

We operate one of the largest and most widely used stablecoin networks in the world. Anchored around USDC, our U.S. dollar-denominated payment stablecoin, our suite of
stablecoins and related products together provide a network utility and application platform for a wide range of organizations to benefit from stablecoins and the new internet financial system. Through our partners and the broader ecosystem that
supports and integrates