Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 206

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 206
---
 same time, reducing counterparty execution risk. Moreover, TMMF issuers typically operate on a single blockchain or have limited
interoperability across different blockchain platforms. By integrating TMMFs with Circle’s existing infrastructure, we expect to enhance interoperability and enable investors to quickly transition between TMMFs and stablecoins, allowing traders
to hold their assets in TMMFs while accruing yield and then be able to near-instantaneously convert into Circle stablecoins, which can then be used to purchase other digital assets on third party platforms.

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. 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 have integrated 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 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 June 30, 2025,