Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 193

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 193
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-users, it has become important for end-users to be able to easily and safely transfer stablecoins across different blockchain
networks. For most end-users, the process of making a transfer across blockchain networks is cumbersome, expensive, slow, and introduces significant security and financial integrity risks. Blockchains have
generally not been interoperable with each other, contributing to difficulties bridging from one chain to another. The only way for most end-users to move value across blockchains has been to use a
“wrapped token,” or a tokenized representation of a particular digital asset that enables it to be operable on another blockchain. Such protocols introduce undue risk and hacking opportunities into a process that should otherwise be simple
and hassle-free.

To address these issues, we launched CCTP. With CCTP, end-users can safely and cost-efficiently
transfer USDC from one blockchain to another. CCTP is a crucial building block for application developers and ensures that digital dollars can be used interoperably no matter what blockchain an application or end-user is interacting with. In early
2025, we launched CCTP V2, a fast version of CCTP that is expected to monetize and accrue revenue on each transaction. CCTP V2 is coming to Avalanche, Base, and Ethereum in early 2025, with more blockchains expected to be announced throughout 2025.

130

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

CCTP works by first redeeming USDC on the source chain and then issuing USDC on the
destination chain, relying on a cryptographic attestation, or receipt, to prove that the USDC has been properly redeemed before the corresponding USDC can be reissued on another blockchain.

From its launch in April 2023 to December 31, 2024, CCTP has handled approximately $24.7 billion in transfers and is available as a public protocol through a series of
smart contracts that work alongside the core USDC stablecoin protocol. While nascent, we view CCTP as an important capability and a unique differentiator that will act as a key driver of our future growth.

Web3 Services application platform

To foster and grow the Circle
stablecoin network, we aim to help developers and enterprises to easily build, deploy, and operate end-user applications on blockchain networks.

Web3 Apps are a major new class of applications spanning consumer, e-commerce, gaming, social, finance