Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 198

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 198
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| money remittance services. Leading examples of payments companies in the Circle stablecoin ecosystem include Visa, MasterCard, Stripe, WorldPay, and MoneyGram. |

| • |     | Market makers and liquidity providers.  Stablecoins such as USDC are made widely available through                                                                                                                                                   
 hundreds of retail and institutional platforms around the world. As a wholesale market infrastructure, we do not directly provide stablecoin liquidity to all of these venues and distribution channels; instead, we depend upon a global network of 
 electronic market makers and over-the-counter liquidity providers to distribute and make markets in USDC. These institutional trading firms play an important role in ensuring that USDC is widely available, including in dozens of international   
 markets where they supply liquidity and trading using local currencies and banking infrastructure. Leading global market makers and liquidity providers include Cumberland, Galaxy Digital, Jump Trading, and Wintermute Trading. For example, in    
 December 2024, we entered into an agreement with Cumberland to expand liquidity and settlement capabilities in USYC and USDC over the course of a three-year term.                                                                                   |

Our other product offerings We are continually exploring opportunities to expand our product offerings to complement and increase the usage and utility of Circle stablecoins and the Circle stablecoin ecosystem. We believe that certain major trading firms have moved and will increasingly move away from using stablecoins as collateral in favor of TMMFs. However, TMMF issuers may be limited in their ability to onboard US investors for minting or redeeming due to the need to comply with US securities laws, and may also not be able to provide significant instantaneous redeemability for equivalent underlying assets. Additionally, TMMF issuers cannot provide unlimited instantaneous redeemability for equivalent underlying assets. We believe that the ability of a well-regulated stablecoin such as USDC to provide near-instantaneous redemption can offer a substantial advantage for this emerging trend of using TMMFs as collateral for margin trading on various digital asset trading platforms, maximizing capital efficiency in the flows between settlement assets and collateral and at the 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 instantaneously convert into Circle stablecoins, which can then be used to purchase other digital assets