Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 219

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 219
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 as determined by rating agencies, (iv) government money market funds, and (v) other financial instruments including digital tokenized
products, where the underlying asset composition of such financial instruments is limited solely to eligible assets set forth in the preceding (i) through (iv). In addition, our reserve management standard limits the types of assets that may be
included in EURC reserves to (i) cash deposits at global banks,

133

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

(ii) tri-party reverse repurchase agreements on an overnight basis, over-collateralized by eligible assets that constitute reserve assets under MiCAR, with appropriate margins determined
based on then-current market conditions and volatility of the specific eligible assets used as collateral, (iii) euro-denominated sovereign debt securities, (iv) qualifying government bond Undertakings for Collective Investment in
Transferable Securities funds, and (v) other financial instruments including digital tokenized products, where the underlying asset composition of such financial instruments is limited solely to eligible assets set forth in the preceding
(i) through (iv).

We intend to continue to maintain a reserve management standard that is substantially consistent with our current standard subject
to applicable law.

Our reserve management committee provides governance, oversight, and accountability around the management of Circle stablecoin
reserves. The committee is chaired by our Chief Financial Officer, and members include senior level executives across Risk, Legal, Finance, Product, and Policy. Currently, the voting members of the committee are our Chief Executive Officer, Chief
Financial Officer, President, Senior Vice President of Product, Chief Economist, and Head of Financial Risk. Committee members are designated by the committee’s charter based on the offices they hold in our company. Changes in membership
require approval by the committee.

The committee sets the strategy for reserve management, approves guidelines and limits within which day-to-day reserve
management should be conducted, and approves changes to the strategy, limits, and any exceptions or changes to our reserve management standard. In considering changes to our reserve management strategy, limits, and any exceptions or changes to our
reserve management standard, the reserve management committee considers, among other factors, applicable regulatory requirements and supervisory guidance, the characteristics of reserve assets and their liquidity, the credit and risk profile of the
issuers of reserve assets and our reserve management partners, and diversification and concentration of reserve assets. For example, we revised our reserve management standard