Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 30

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 30
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 by a robust framework that requires participants to meet strict eligibility standards, including licensing, AML/CFT compliance, financial risk management, and cybersecurity protocols. In collaboration with our 29 design partners at launch, CPN is designed to support a broad spectrum of money movement use cases for businesses, financial institutions, and individuals—including supplier payments, remittances, payroll, capital markets settlement, internal treasury operations, and onchain financial applications. Powered by smart contract infrastructure and modular APIs, CPN will enable third-party developers to build advanced modules, app services, and automated financial workflows directly on top of CPN. To support the development of CPN,

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CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

leading global financial institutions are contributing their expertise in global payments to assist us in designing CPN to ensure that it meets the needs of leading banks and financial
institutions worldwide.

First National Digital Currency Bank, N.A.

On June 30, 2025, we submitted to the Office of the Comptroller of the Currency (“OCC”) an application on behalf of our proposed subsidiary,
First National Digital Currency Bank, N.A. (“FNDCB”), to form FNDCB as a national trust bank. If approved, FNDCB will operate as a federally regulated trust institution, subject to OCC oversight, and will oversee the management of the USDC
reserve according to our reserve management policy. See “Business—Reserve management standard” for information regarding our standards for managing Circle stablecoin reserves. In addition, subject to regulatory approval, FNDCB is
expected to offer digital asset custody services to our affiliates and, through Circle Mint, to unaffiliated institutional customers.

Circle Reserve Management

Sound reserve management (ensuring liquidity and preservation of reserve assets) is central to our operations.

The Circle stablecoin network benefits from the strength, operating resiliency, and risk management capabilities of the leading financial institutions that are
part of our reserve management infrastructure. We hold reserves in a manner designed to ensure liquidity and preservation of reserve assets. See “Business—Reserve management standard” for information regarding our standards for
managing Circle stablecoin reserves. In compliance with applicable laws and regulatory guidance, we (i) limit Circle stablecoin reserves to highly liquid financial instruments, (ii) hold reserves in accounts that are titled FBO holders of
USDC and EURC, respectively, and (iii) do