Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 29

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 29
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 an increasingly important role in the Circle stablecoin                                                                                                                                                    
 ecosystem, providing settlement and reserve infrastructure for Circle stablecoins. They are also important end-users of our stablecoin infrastructure. We are seeing growth in startup banks and neo-banks in many emerging markets focused on providing 
 digital payment and settlement services using USDC and the Circle stablecoin network.                                                                                                                                                                    |

| • |     | Payments companies. Increasingly, leading payments companies are integrating the Circle stablecoin network                                                                                                                                       
 into their offerings as a means of settlement (directly or indirectly) for their customers. As the global digital assets ecosystem grows, these companies are building products that are “future proof” and enabled for increasing integration   
 with the financial system. This includes payment processors, credit card networks, and money remittance services. We are working with leading payments companies like Visa, Mastercard, Stripe, Worldpay, and MoneyGram to facilitate stablecoin 
 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. Circle Payments Network In May 2025, we launched a new product initiative, Circle Payments Network (“CPN”), a new technology service that connects eligible financial institutions (including banks, neo-banks, payment service providers, virtual asset service providers, and digital wallets) to facilitate real-time settlement of payments, starting with cross-border payments, using regulated stablecoins such as USDC and EURC. As of June 30, 2025, we’ve launched three active payment corridors with four financial institutions actively facilitating payments. CPN is governed