Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 44

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 44
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 many factors, both within and beyond our control, including the following:

| • |     | the size, diversity, and activity levels of our end-user and customer base; |

| • |     | the timing and market acceptance of products and services, including developments and enhancements to those products and 
 services offered by us and our competitors;                                                                              |

| • |     | trust, perception, and interest in the digital asset industry and in our products and services; |

| • |     | customer service and support efforts; |

| • |     | selling and marketing efforts; |

| • |     | the ease of use, performance, price, and reliability of solutions developed either by us or our competitors; |

| • |     | changes in economic conditions and government regulation and policies; |

| • |     | our ability to successfully execute on our business plans; |

| • |     | our ability to successfully integrate new products and services with our existing ones; |

| • |     | our ability to continue to enhance our technical infrastructure and technology; |

| • |     | our ability to enter new markets; |

| • |     | our ability to maintain and grow our partnerships with other market participants; |

| • |     | general digital payments, capital markets, blockchain, and stablecoin market conditions; and |

| • |     | our brand strength relative to that of our competitors. |

If we are unable to successfully compete in our industry, our business, results of operations, financial condition, and prospects could suffer materially. 35

Competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins.

With significant growth in the stablecoin market and an increasing understanding that it represents one of the largest potential new markets for financial and payments
infrastructures, we expect to continue to see intense competition. In addition, the emergence of yield-bearing digital assets represents an additional source of competition, particularly in light of the current high interest rate environment, which
has amplified the opportunity cost of holding stablecoins relative to other yield-bearing digital assets. See “Business—Competitive landscape” for a discussion of the competition within the digital asset industry (including from other
stablecoins and yield-bearing digital assets). Stablecoins and other digital assets that are currently issued or may in the future be issued by digital asset trading platforms, major existing global payments companies, major asset management firms