Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 207

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 207
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, converting accrued USDC back into native tokens. Paymaster has launched on Arbitrum, Base, Ethereum, OP Mainnet, and Polygon PoS, with more blockchains expected in the future. The service aligns closely with Circle’s existing blockchain infrastructure solutions, such as CCTP and Circle Gas Station.

| • |     | Circle CCTP.  As blockchain applications grow and blockchain networks compete for developers and end-users, it                                                                                                                                          
 has become important for end-users to be able to easily and safely transfer stablecoins across different blockchain networks. For most end-users, the process of making a transfer across blockchain networks is cumbersome, expensive, slow, and       
 introduces significant security and financial integrity risks. Blockchains have generally not been interoperable with each other, contributing to difficulties bridging from one chain to another. The only way for most end-users to move value across 
 blockchains has been to use a “wrapped token,” or a tokenized representation of a particular digital asset that enables it to be operable on another blockchain. Such protocols introduce undue risk and hacking opportunities into a process           
 that should otherwise be simple and hassle-free.                                                                                                                                                                                                        |

To address these issues, we launched CCTP. With CCTP, end-users can safely and cost-efficiently transfer USDC from one supported blockchain to another. CCTP is a crucial building block for application developers and ensures that digital dollars can be used interoperably no matter what blockchain an application or end-user is interacting with. In March 2025, we launched CCTP V2, a fast version of CCTP that monetizes and accrues revenue on each transaction. CCTP V2 is currently available on Arbitrum, Avalanche, Base, Ethereum, Linea, and Sonic, with more blockchains expected to be announced throughout 2025. CCTP works by first redeeming USDC on the source chain and then issuing USDC on the destination chain, relying on a cryptographic attestation, or receipt, to prove that the USDC has been properly redeemed before the corresponding USDC can be reissued on another blockchain. From its launch in April 2023 to March 31, 2025, CCTP has handled approximately $41.0 billion in transfers, with $16.3 billion of transfers occurring in the first quarter of 2025 alone, representing a 321% increase from the first quarter of 2024. CCTP is available as a public protocol through a series of smart contracts that work alongside the core USDC stablecoin protocol. While nas