Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 129

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 129
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 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 MeWs as of December 31, 2024. We stand to benefit as the adoption of stablecoins and the internet financial system increase, due not only to the growth in
circulation of Circle stablecoins, but also due to the Circle stablecoin network that we have developed. The following chart provides an overview of MeWs at quarter end for the periods presented.

85

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

|      |     | MeWs           
 (in thousands) |       |
| 1Q22 |     |                | 1,300 |
| 2Q22 |     |                | 1,620 |
| 3Q22 |     |                | 1,658 |
| 4Q22 |     |                | 1,759 |
| 1Q23 |     |                | 1,652 |
| 2Q23 |     |                | 2,296 |
| 3Q23 |     |                | 2,492 |
| 4Q23 |