Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 147

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 147
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 breadth and is also used to calculate Circle’s share of reserve income under the Collaboration Agreement. See “Business—Collaboration with Coinbase.” USDC on platform relates solely to third parties using Circle’s platform to hold USDC (i.e., it includes USDC held within non-custodial wallets for all periods and does not include corporate-held USDC). Daily weighted-average percentage of USDC on platform is defined as the average of the percentage of USDC in circulation that is held on Circle’s platform at the end of each day, weighted based on the amount of USDC in circulation at the end of each day. Percentage of USDC on platform at the end of each day is used to calculate Circle’s share of reserve income under the Collaboration Agreement. See “Business—Collaboration with Coinbase.” USDC minted / USDC redeemed USDC minted / USDC redeemed measures USDC on-rampactivity (i.e., flow of U.S. dollar fiat converted to USDC) and off-rampactivity (i.e., flow of USDC converted to U.S. dollar fiat) initiated by Circle Mint customers. We 100

believe this demonstrates our operational capacity and resiliency to process minting and redemptions through our digital and banking infrastructure. USDC minted / USDC redeemed do not represent
the amount of USDC acquired or redeemed by end-users.

Stablecoin market share

Stablecoin market share is defined as the amount of Circle stablecoins in circulation as a percentage of the total fiat-backed stablecoins (i.e., digital assets pegged
to the value of a fiat currency) in circulation. Stablecoin market share reflects how much of the stablecoin market is composed of Circle stablecoins relative to the competitive landscape. Since 2021, Circle has been the second-largest issuer of
stablecoins as measured by the amount of stablecoins in circulation, and as of March 31, 2025, Circle holds a 29% stablecoin market share measured by stablecoins in circulation, according to CoinMarketCap.

Meaningful Wallets

MeWs are defined as the number of onchain digital
asset wallets with an amount of USDC above $10. As a single end-user may have multiple onchain digital asset wallets, MeWs do not represent, and we do not use MeWs as a measure of, the number of unique end-users with more than $10 of USDC.
Nonetheless, we believe that MeWs is an indicator of the breadth of US