Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 231

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 231
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 expiration of their terms upon
the occurrence of certain specified events.

In July 2025, we announced a new collaboration with Binance to accelerate the growing demand for tokenized
real-world assets among Binance’s institutional clients. As part of this new collaboration, Binance institutional customers will be able to hold USYC and use it as off-exchange collateral for derivatives trades.

Partnership with BlackRock

In April 2022, we entered
into a memorandum of understanding with BlackRock (as amended and restated, the “MOU”). In the MOU, the parties expressed their intention to collaborate in a number of areas relating to stablecoins, including exploring, over the three-year
term of the MOU, capital market applications for USDC. In addition, we appointed BlackRock as the exclusive manager of USDC reserves during the term of the MOU, other than up to 20% of USDC cash reserves that we may keep in bank deposits. We granted
BlackRock a right of first refusal to be the preferred asset manager for similar arrangements for cash reserves of other stablecoins that we may issue, and we granted BlackRock the right to notice of certain material capital and strategic
transactions we may undertake. Further, subject to BlackRock’s internal approvals and SEC registration, BlackRock anticipated launching an SEC-registered money market fund that is specific to us and which would invest in high-quality assets in
compliance with government money market fund requirements pursuant to Rule 2a-7 under the 1940 Act; we anticipated subscribing to the fund after its registration with the SEC. Pursuant to this plan, BlackRock launched the Circle Reserve Fund in
2023, but such Reserve Fund is not governed by the terms of the MOU and is therefore not impacted by it. See “Management’s discussion and analysis of financial condition and results of operations—Liquidity and capital
resources—Composition of USDC reserves” for additional information regarding the Circle Reserve Fund. In connection with the activities contemplated by the MOU, in September 2023, we and BlackRock entered into a license agreement that
granted each party a revocable non-exclusive license to use the other party’s specified trademarks for permitted purposes.

Prior to the expiration
of the MOU, we entered into a new memorandum of understanding with BlackRock in March 2025 (as amended and restated, the “New MOU”), which substantially replaces the MOU. Under the terms of the New MOU, we agreed to