Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 213

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 213
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 reserves to (i) cash deposits at global banks, (ii) tri-party reverse repurchase
agreements on an overnight basis, over-collateralized by eligible assets that constitute reserve assets under MiCAR, with appropriate margins determined based on then-current market conditions and volatility of the specific eligible assets used as
collateral, (iii) euro-denominated sovereign debt securities, (iv) qualifying government bond Undertakings for Collective Investment in Transferable Securities funds, and (v) other financial instruments including digital tokenized products, where
the underlying asset composition of such financial instruments is limited solely to eligible assets set forth in the preceding (i) through (iv).

We intend to
continue to maintain a reserve management standard that is substantially consistent with our current standard subject to applicable law.

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Our reserve management committee provides governance, oversight, and accountability around the management of Circle
stablecoin reserves. The committee is chaired by our Chief Financial Officer, and members include senior level executives across Risk, Legal, Finance, Product, and Policy. Currently, the voting members of the committee are our Chief Executive
Officer, Chief Financial Officer, President and Chief Legal Officer, Vice President of Product, Chief Economist, and Head of Financial Risk. Committee members are designated by the committee’s charter based on the offices they hold in our
company. Changes in membership require approval by the committee.

The committee sets the strategy for reserve management, approves guidelines and limits within
which day-to-day reserve management should be conducted, and approves changes to the strategy, limits, and any exceptions or changes to our reserve management standard. In considering changes to our reserve management strategy, limits, and any
exceptions or changes to our reserve management standard, the reserve management committee considers, among other factors, applicable regulatory requirements and supervisory guidance, the characteristics of reserve assets and their liquidity, the
credit and risk profile of the issuers of reserve assets and our reserve management partners, and diversification and concentration of reserve assets. For example, we revised our reserve management standard in March 2024 to align more closely with
NYDFS guidelines and in June 2024 in consideration of MiCAR requirements. The committee meets on at least a quarterly basis and as frequently as additional meetings are necessary to carry out its duties and responsibilities and as business needs
arise. Within the guidelines, targets, and limits set by our reserve management committee, our reserve management and strategy team, consisting of members from our Treasury group, manages the daily operations of Circle stablecoin reserves, with