Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 202

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 202
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 to hold their assets in TMMFs while accruing yield and then be able to instantaneously convert into Circle stablecoins, which can
then be used to purchase other digital assets on third party platforms.

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To serve this objective, on January 21, 2025, we acquired Hashnote and its TMMF, USYC, which is a tokenized
product offered in reliance upon an exemption to the registration requirements of the Securities Act. USYC serves as an onchain representation of the shares in SDYF and is intended primarily for use 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 securities. According to RWA.xyz, USYC is one of the largest onchain TMMFs in terms of assets under management, with approximately $663.7 million in assets under management as of March 31, 2025. We believe that leveraging
Hashnote’s existing traction and momentum will enable us to enter the rapidly emerging TMMF space with a well-established tokenized stable yield product, enhancing our leading position within the overall digital asset capital markets.

On February 13, 2025, we received approval to issue USYC and offer Circle Mint accounts out of Bermuda under our existing DABA License granted by the BMA. 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.

Circle Liquidity Services

Circle liquidity services provide institutional
minting, reserving, redemption, and foreign exchange services for Circle stablecoins.

Circle Mint

Circle Mint is our service offering that provides institutional customers USDC- and EURC-related services, such as minting USDC and EURC, redeeming USDC and EURC for the
U.S. dollar and euro, respectively, directly from us, and sending and receiving USDC and EURC to and/or from Circle Mint accounts. Circle Mint supports international wires and domestic bank transfers in more than 185 countries. Circle Mint provides
customers with a powerful user interface, advanced security, and workflow and API capabilities. As of March 31, 2025, there were 1,834 Circle Mint customers with accounts. Circle Mint is currently available only to institutions