Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 5

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 5
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 “electronic money token” or “e-money token” means a type of digital asset that purports to maintain a stable value by referencing the value of one official currency. |

| • |     | “FBO account” or “for-the-benefit of account” is an account set up by a company to manage funds titled for the benefit of certain other persons. In our case, we hold the cash portion of Circle stablecoin reserves at banks in accounts that are titled FBO holders of Circle stablecoins. |

| • |     | “fractional reserve banks” are banks that keep only a fraction of customer deposits in withdrawable funds and make other use of certain customer deposits, such as by lending them to borrowers or investing in financial instruments. |

| • |     | “gas fee” is the fee required to conduct a transaction or execute a contract on a blockchain. |

| • |     | “interoperability” is the ability of different blockchains to exchange information and work together frictionlessly. |

| • |     | “M2 money stock” is the money supply that includes cash, checking and savings account deposits, and other short-term savings deposits. |

| • |     | “meaningful wallets” or “MeWs” are onchain digital asset wallets holding $10 or more of USDC. |

| • |     | “multi-party computation based wallets” or “MPC-based wallets” are digital asset wallets that use multi-party computation (i.e., a cryptographic technique that allows multiple parties to jointly compute a function without revealing their individual inputs) to offer strong security guarantees to those that manage digital assets. |

| • |     | “neo-bank” is a financial technology firm that offers apps, software, or other technologies to streamline mobile and online banking, which may or may not possess a traditional banking license. |

| • |     | “onchain apps” are software applications that use digital assets and smart contracts and deliver services using blockchain networks. |

| • |     | “onchain transactions” are transactions that are carried out on the blockchain from start to finish. We measure onchain transactions by parsing and querying transaction data from blockchains that support USDC. |

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| • |     | “on-ramps” and “off-ramps” are channels between fiat currency and stablecoins. |

| • |     | “payment stablecoins” are stablecoins that (i) are designed to maintain a stable value relative to a reference fiat currency on a one-for-one basis