Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 136

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 136
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 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 March 31, 2025, there were approximately $211 billion
of stablecoins in circulation, according to CoinMarketCap, representing a 40% growth from March 31, 2024. 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 $60.0 billion of USDC in circulation across 4.9 million MeWs as of March 31, 2025. 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.

93

MeWs

|      |     | MeWs           
 (in thousands) |       |
| 1Q22 |     |                | 1,300 |
| 2Q22 |     |                | 1,620 |
| 3Q22 |     |                | 1,658 |
| 4Q22 |     |                | 1,759 |
| 1Q23 |     |                | 1,652 |
| 2Q23 |     |                | 2,296 |
| 3Q23 |     |                | 2,487 |
| 4Q23 |     |                | 2,780 |
| 1Q24 |     |                | 3,118 |
| 2Q24 |     |                | 3,363 |
| 3Q24 |     |                | 3,578 |
| 4Q24 |     |                | 4,264 |
| 1Q25 |     |                | 4,883 |

Expanding global awareness and distribution of USDC as a leading stablecoin network Access to the internet financial system transcends boundaries and borders