Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 315

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 315
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 our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be
communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical
audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.

F-2

Deposits from Stablecoin Holders—Refer to Note 2 to the Financial Statements Critical Audit Matter Description Deposits from stablecoin holders are funds received from customers from the issuance of Circle stablecoins. This represents claims from the stablecoin holder associated with Circle’s obligation to redeem stablecoins on a one-for-onebasis. Circle stablecoins are the USDC and EURC payment stablecoins and are digital currencies issued natively on blockchain networks. All stablecoins issued and outstanding are backed by at least an equivalent amount of fiat currency denominated reserve assets. Stablecoins not accounted for could result in the amount of claims from the stablecoin holder to be more than the amount of reserve assets. We identified deposits from stablecoin holders as a critical audit matter due to the fact that the issuance and redemption of stablecoins requires complex computer code operations and smart contracts. The nature and extent of audit effort required to address the matter includes significant involvement of more experienced engagement team members and involvement of specialist. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to deposits from stablecoin holders included the following, among others:

| • |     | We tested the effectiveness of controls over management’s minting and burning process for the issuance and redemption 
 of stablecoins.                                                                                                       |

| • |     | We tested effectiveness of controls over management’s reconciliation of reserve assets to stablecoin in circulation on 
 approved blockchains.                                                                                                  |

| • |     | We utilized our proprietary audit tool and involved specialists to independently obtain evidence from public blockchains to 
 test the completeness of stablecoins minted and outstanding by blockchain.                                                  |

| • |     | We evaluated the reliability of audit evidence obtained from public blockchains. |

/s/ Deloitte & Touche LLP New York, New York March 31, 2025 We have