Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 213

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 213
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 for a discussion of the NYDFS guidelines and MiCAR requirements.

In compliance with these regulatory requirements and supervisory guidance, our reserve management standard limits the types of assets that may be included in USDC
reserves to (i) U.S. Treasury securities (i.e., U.S. Treasury bills, U.S. Treasury notes, U.S. bonds) with remaining maturities of three months or less, (ii) cash deposits at global banks, (iii) tri-party reverse repurchase agreements on an
overnight basis fully collateralized by U.S. Treasury securities, in which the collateral is market-priced greater than the allocated cash amount at the time of purchase and custodied with a third-party custodian with a minimum credit rating of A,
A2, or equivalent as determined by rating agencies, (iv) government money market funds, and (v) other financial instruments including digital tokenized products, where the underlying asset composition of such financial instruments is limited solely
to eligible assets set forth in the preceding (i) through (iv). In addition, our reserve management standard limits the types of assets that may be included in EURC reserves to (i) cash deposits at global banks, (ii) tri-party reverse repurchase
agreements on an overnight basis, over-collateralized by eligible assets that constitute reserve assets under MiCAR, with appropriate margins determined based on then-current market conditions and volatility of the specific eligible assets used as
collateral, (iii) euro-denominated sovereign debt securities, (iv) qualifying government bond Undertakings for Collective Investment in Transferable Securities funds, and (v) other financial instruments including digital tokenized products, where
the underlying asset composition of such financial instruments is limited solely to eligible assets set forth in the preceding (i) through (iv).

We intend to
continue to maintain a reserve management standard that is substantially consistent with our current standard subject to applicable law.

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Our reserve management committee provides governance, oversight, and accountability around the management of
Circle stablecoin reserves. The committee is chaired by our Chief Financial Officer, and members include senior level executives across Risk, Legal, Finance, Product, and Policy. Currently, the voting members of the committee are our Chief Executive
Officer, Chief Financial Officer, President and Chief Legal Officer, Senior Vice President of Product, Chief Economist, and Head of Financial Risk. Committee members are designated by the committee’s charter based on the offices they hold in
our company. Changes in membership require approval by the committee.