Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 28

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 28
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 yield and then be able to instantaneously convert into Circle stablecoins, which can then be used to purchase other digital assets on
third party platforms.

To serve this objective, on January 21, 2025, we acquired Hashnote Holdings LLC, a Delaware limited liability company (together with its
subsidiaries, “Hashnote”) and its TMMF, USYC, which is a tokenized product offered in reliance upon an exemption to the registration requirements of the Securities Act. USYC serves as an onchain representation of the shares in Hashnote
International Short Duration Yield Fund Ltd. (“SDYF”) and is intended primarily for use as collateral on digital asset trading platforms. Unlike payment stablecoins that offer no yield, TMMFs like USYC offer yield to the token holders that
is generated from its invested assets consisting primarily of reverse repurchase agreements on U.S. government and government-backed securities and short-term U.S. Treasury securities. According to RWA.xyz, USYC is one of the largest onchain TMMFs
in terms of assets under management, with approximately $663.7 million in assets under management as of March 31, 2025. We believe that leveraging Hashnote’s existing traction and momentum will enable us to enter the rapidly emerging TMMF space
with a well-established tokenized stable yield product, enhancing our leading position within the overall digital asset capital markets.

On February 13, 2025,
we received approval to issue USYC and offer Circle Mint accounts out of Bermuda under our existing Digital Assets Business Act (“DABA”) License granted by the Bermuda Monetary Authority (“BMA”). We plan to integrate USYC into
the Circle stablecoin network, offering eligible customers the ability to move between the non-yield bearing Circle payment stablecoins and USYC at the settlement speed of the blockchain.

Circle Liquidity Services

Circle Liquidity Services provide
institutional minting, reserving, redemption, and foreign exchange services for Circle stablecoins.

Circle Mint

Circle Mint is our service offering that provides institutional customers USDC- and EURC-related services, such as minting USDC and EURC, redeeming USDC and EURC for the
U.S. dollar and euro, respectively, directly from us, and sending and receiving USDC and EURC to and/or from Circle Mint accounts. Circle Mint supports international wires and domestic bank transfers in more than 185 countries. Circle Mint provides
customers with a powerful user interface, advanced security, and workflow and API