Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 211

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 211
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 percentage ranges from an annualized mid-double-digit to
high double-digit percentage of a fixed

149

rate, reset quarterly based on a discount to the three-month SOFR, based on balances held. With respect to the treasury arrangement, such incentive fees are payable only if Binance continues to
hold at least 1.5 billion of USDC in treasury, and Binance agreed, subject to certain exceptions, to keep 3 billion of USDC in its treasury. The marketing arrangement has a two-year term, although if it is terminated for convenience prior to the
term, there is a one-year tail during which payments and promotional obligations continue, although at reduced rates. The treasury arrangement has a two-year term. We and Binance may unilaterally terminate the arrangements prior to the expiration of
their terms upon the occurrence of certain specified events.

Partnership with BlackRock

In April 2022, we entered into a memorandum of understanding with BlackRock (as amended and restated, the “MOU”). In the MOU, the parties expressed their
intention to collaborate in a number of areas relating to stablecoins, including exploring, over the three-year term of the MOU, capital market applications for USDC. In addition, we appointed BlackRock as the exclusive manager of USDC reserves
during the term of the MOU, other than up to 20% of USDC cash reserves that we may keep in bank deposits. We granted BlackRock a right of first refusal to be the preferred asset manager for similar arrangements for cash reserves of other stablecoins
that we may issue, and we granted BlackRock the right to notice of certain material capital and strategic transactions we may undertake. Further, subject to BlackRock’s internal approvals and SEC registration, BlackRock anticipated launching an
SEC-registered money market fund that is specific to us and which would invest in high-quality assets in compliance with government money market fund requirements pursuant to Rule 2a-7 under the 1940 Act; we anticipated subscribing to the fund
after its registration with the SEC. Pursuant to this plan, BlackRock launched the Circle Reserve Fund in 2023, but such Reserve Fund is not governed by the terms of the MOU and is therefore not impacted by it. See “Management’s discussion
and analysis of financial condition and results of operations—Liquidity and capital resources—Composition of USDC reserves” for additional information regarding the Circle Reserve Fund. In connection with the activities contemplated
by the MOU,