Company: CRCL
Filing Date: 2025-04-18
Form Type: CORRESP
Source: 0001193125-25-084837
Chunk: 3

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: CORRESP
Chunk 3
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-held stablecoins. In financial statements filed with the Commission following the consummation of the Company’s initial public offering, the Company will update the identified accounting policy as follows to clarify that when the Company makes payments in the form of corporate-held stablecoins, the associated cash is subsequently reflected as “Cash and cash equivalents segregated for the benefit of stablecoin holders,” and is no longer included in the corporate-held stablecoin balance (additions are underlined and deletions are represented by strikethrough). Deposits from Stablecoin Holders Funds received from customers from the issuance of Circle stablecoins represent claims which are reflected as a liability classified as Deposits from stablecoin holders on the Consolidated Balance Sheets. As a licensed money transmitter and regulated Electronic Money Institution, Circle is obligated to redeem all Circle stablecoins presented by Circle Mint customers on a one for one basis for U.S. dollars or euros, as applicable, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny Circle stablecoin redemption requests from Circle Mint customers. With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers. However, Circle stablecoins are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers, remittance providers, superapps and commerce companies, and as such, Circle stablecoin holders could transact with Circle Mint customers, ultimately allowing the Circle stablecoins to be redeemed. Deposits from stablecoin holders do not include amounts associated with corporate-held stablecoins. Cash associated with such corporate-held stablecoins are presented as Cash and cash equivalents segregated for corporate-held stablecoins on the Consolidated Balance Sheets. When the Company makes payments in the form of corporate-held stablecoins, the Company records an associated Deposits from stablecoin holders and records the cash associated with such stablecoins as Cash and cash equivalents segregated for the benefit of stablecoin holders corporate-held stablecoins. When such payments, in the form of corporate-held stablecoins, are for distribution, transaction and other costs or operating expenses incurred, the payments are presented in the consolidated statements of cash flows in the same manner as if such payments were settled in cash. * * * 3

| Division of Corporation Finance U.S. Securities 
 and Exchange Commission                         |

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