Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 196

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 196
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coin settlement on the Circle stablecoin network.                                                                                                                                                                                           |

| • |     | Market makers and liquidity providers.  Stablecoins such as USDC are made widely available through                                                                                                                                                       
 hundreds of retail and institutional platforms around the world. As a wholesale market infrastructure, we do not directly provide stablecoin liquidity to all of these venues and distribution channels; instead, we depend upon a global network of     
 market makers and over-the-counter liquidity providers to supply USDC. These institutional trading firms play an important role in ensuring that USDC is widely accessible, including in dozens of international markets where they facilitate trading   
 using local currencies and banking infrastructure. Leading global market makers and liquidity providers include Cumberland, Galaxy Digital, Wintermute Trading, and B2C2. For example, in December 2024, we entered into an agreement with Cumberland to 
 expand liquidity and settlement capabilities in USYC and USDC over the course of a three-year term.                                                                                                                                                      |

We are continually exploring opportunities to expand our product offerings to complement and increase the usage and utility of Circle stablecoins and the Circle stablecoin ecosystem. 140

Circle Reserve Management

Sound reserve management (ensuring liquidity and preservation of reserve assets) is central to our operations.

The Circle stablecoin network benefits from the strength, operating resiliency, and risk management capabilities of the leading financial institutions that are part of
our reserve management infrastructure. We hold reserves in a manner designed to ensure liquidity and preservation of reserve assets. See “—Reserve management standard” for information regarding our standards for managing Circle
stablecoin reserves. In compliance with applicable laws and regulatory guidance, we (i) limit Circle stablecoin reserves to highly liquid financial instruments, (ii) hold reserves in accounts that are titled FBO holders of USDC and EURC,
respectively, and (iii) do not lend, borrow against, or encumber the reserves. See “—Regulatory policy landscape—Principal U.S. federal and state regulatory regimes—Money transmitter and money services laws” for a discussion
of the regulations governing our U.S. state licenses.

As of December 31, 2024, we held approximately 85% of USDC reserves in the Circle Reserve Fund, a government
money market fund pursuant to Rule 2a-7 under the 1940 Act managed by BlackRock, one of the world’s largest asset managers, and available only to us. The assets within the Circle Reserve Fund are held in the custody of BNY, one of the largest
asset cust