Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 170

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 170
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 17 C.F.R. § 200.83

flows in the same manner as if such payments were settled in cash. Refer to Note 2—Deposits from Stablecoin Holders in the audited consolidated financial statements and unaudited condensed
consolidated financial statements included elsewhere in this prospectus for additional details regarding the accounting for the use of corporate-held stablecoins in our consolidated statement of cash flows.

Cash and cash equivalents segregated for the benefit of stablecoin holders was $43.9 billion, $24.3 billion, and $36.0 billion as of December 31, 2024,
2023, and 2022, respectively, and $61.4 billion as of June 30, 2025. This represents cash and cash equivalents maintained in segregated reserve accounts. We segregate the use of the assets underlying the customer funds to meet regulatory
requirements and classify the assets as current based on their purpose and availability to fulfill our direct obligation under custodial funds due to stablecoin holders.

Off-balance sheet arrangements

As of June 30,
2025 and December 31, 2024, 2023, and 2022, we did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established for the purpose
of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Composition of USDC reserves

Circle manages its USDC reserves in accordance with the terms of its agreement with Circle Mint customers and applicable regulatory requirements and commercial
laws. All USDC minted and outstanding are backed by an equivalent amount of U.S. dollar-denominated assets held in accounts that are titled FBO holders of USDC, and are held in omnibus structures, agnostic to individual customer and customer
jurisdiction. During the periods presented, prior to January 2023, USDC reserves were limited to cash balances held at banks, U.S. Treasury securities with maturities of 100 days or less, and the Circle Reserve Fund. Since January 2023, USDC
reserves have been limited to cash balances held at banks and the Circle Reserve Fund.

As of June 30, 2025 and December 31, 2024, 2023, and 2022,
USDC reserves held as cash balances at banks (labeled as “Cash” in the table below) significantly exceeded the FDIC insurance limit of $250,000 per financial institution.