Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 191

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 191
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 such stablecoins from the Circle Mint customer’s account and transfer fiat funds to the customer’s bank account. The Circle Mint
customer may choose between standard redemption (which is initiated nearly instantly) and basic redemption (which is initiated within two business days). Currently, we do not charge fees to the Circle Mint customer for minting stablecoins (assuming
the fiat funds are in the appropriate currency) or for redeeming stablecoins under the basic redemption option. We also offer Circle Mint customers the standard redemption option, under which we charge a 0.03% fee for amounts between $2 million
or €2 million to $5 million or €5 million, a 0.06% fee for amounts between $5 million or
€5 million to $15 million or €15 million, and a 0.1% fee for amounts exceeding $15 million or
€15 million, in each case for USDC and EURC, respectively, although we may waive such standard redemption fees for select Circle Mint customers.

Tokenized Money Market Fund

On January 21, 2025, we acquired Hashnote and
its TMMF, USYC, which is offered in reliance upon an exemption to the registration requirements of the Securities Act. USYC is an on-chain, tokenized representation of a traditional money market fund issued by Hashnote and is primarily used by
institutions 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 bills. 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.

Blockchain infrastructure

Our core technology is built on top of existing public internet protocols and infrastructure, including public blockchain networks. These public blockchain networks
provide a foundation for issuing digital assets, managing data, processing transactions, and performing computation. Just as large internet companies depend on many underlying open internet protocols and networks, so too do we depend on multiple
open protocols and networks—in this case, networks built using advanced cryptography to maintain tamper-resistant data, transactions, and computing resources, all crucial building blocks for building financial and commercial applications.

Across the Circle stablecoin network, we aim to enable simpler, safer, and easier to use applications.