Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 13

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 13
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 for the benefit of certain other persons. In our case, we hold the cash portion of Circle stablecoin reserves at banks in accounts that are titled FBO holders of Circle stablecoins. |

| • |     | “fractional reserve banks” are banks that keep only a fraction of customer deposits in withdrawable funds and            
 make other use of certain customer deposits, such as by lending them to borrowers or investing in financial instruments. |

| • |     | “gas fee” is the fee required to conduct a transaction or execute a contract on a blockchain. |

| • |     | “interoperability” is the ability of different blockchains to exchange information and work together 
 frictionlessly.                                                                                      |

| • |     | “M2 money stock” is the money supply that includes cash, checking and savings account deposits, and other 
 short-term savings deposits.                                                                              |

| • |     | “meaningful wallets” or “MeWs” are onchain digital asset wallets holding $10 or more of USDC. |

| • |     | “multi-party computation based wallets” or “MPC-based wallets” are digital asset wallets that use                                                                                                                                       
 multi-party computation (i.e., a cryptographic technique that allows multiple parties to jointly compute a function without revealing their individual inputs) to offer strong security guarantees to those that manage digital assets. |

6

| • |     | “neo-bank” is a financial technology firm that offers apps, software, or other technologies to streamline mobile 
 and online banking, which may or may not possess a traditional banking license.                                  |

| • |     | “onchain apps” are software applications that use digital assets and smart contracts and deliver services using 
 blockchain networks.                                                                                            |

| • |     | “onchain transactions” are transactions that are carried out on the blockchain from start to finish. We measure 
 onchain transactions by parsing and querying transaction data from blockchains that support USDC.               |

| • |     | “on-ramps” and “off-ramps” are channels between fiat currency and stablecoins. |

| • |     | “payment stablecoins” are stablecoins that (i) are designed to maintain a stable value relative to a reference                                                                                                                                           
 fiat currency on a one-for-one basis, (ii) can be redeemed for such reference fiat currency on a one-for-one basis, and (iii) are backed by assets held in a reserve that are considered low-risk and readily liquid with a value in such reference fiat 
 currency that