Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 207

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 207
---
.       |

| • |     | Nurture our brand and reputation.  To attract end-users, developers, businesses, and institutions to the                                                                                                                                             
 Circle stablecoin ecosystem, we must not only offer the utility and value of our network, but also ensure that our network sustains a very strong reputation. We have built our brand and reputation for a decade, in line with our values, taking a 
 regulatory-first posture as befits a firm building the new internet financial system. We make substantial investments in policy advocacy, risk management, compliance, financial control, and transparency, so that we can build trust with leading  
 businesses and institutions that are looking for a partner to build with and a stablecoin network to join, as well as regulatory bodies and policymakers.                                                                                            |

| • |     | Diversify our business and revenue in new ways.  Reserve income currently provides the majority of our                                                                                                       
 revenue. Moreover, our primary focus today is building the reach and utility, and hence the value, of the Circle stablecoin network. However, as our network grows, we expect to build new fee-based revenue 
 streams. These may include fees that monetize the movement of money across our network (driven by the velocity of money) and include subscription fees for our various Developer Services.                   |

Competitive landscape We operate in a large and evolving market. Although our competitive landscape can evolve given the category-defining nature of our platform, our main competition today primarily consists of private issuers of other stablecoins as well as technology startups providing tools and services to blockchain developers. We are also facing increasing competition from newly emerged yield-bearing digital assets, including TMMFs. Within the competitive landscape for stablecoins, we compete primarily with two key competitor categories:

| • |     | Offshore, unregulated stablecoin issuers that operate without supervision or compliance with the requirements of being a 
 federal- or state-licensed provider of money services; and                                                               |

| • |     | Other primarily U.S.-based regulated digital asset industry participants who are issuing U.S. dollar-based stablecoins. |

USDC is the second largest stablecoin and the largest regulated payment stablecoin as measured by the amount of stablecoins in circulation with a 24% share of the stablecoin market as of December 31, 2024, according to CoinMarketCap. Relative to certain other stablecoins, USDC is 100% backed by fiat-denominated reserves and has robust primary liquidity through a well-developed network of banks, representing what