Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 35

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 35
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 digital assets ecosystem grows, these companies are building products that are “future proof” and enabled for increasing        
 integration with the financial system. This includes payment processors, credit card networks, and money remittance services. We are working with leading payments companies like Visa, Mastercard, Stripe, Worldpay, and MoneyGram to facilitate 
 stablecoin settlement on the Circle stablecoin network.                                                                                                                                                                                           |

| • |     | 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 |

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| not directly provide stablecoin liquidity to all of these venues and distribution channels; instead, we depend upon a global network of market makers and over-the-counter liquidity providers to                                                       
 supply USDC. These institutional trading firms play an important role in ensuring that USDC is widely accessible, including in dozens of international markets where they facilitate trading using local currencies and banking infrastructure. Leading 
 global market makers and liquidity providers include Cumberland, Galaxy Digital, Wintermute Trading, and B2C2. 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.                                                                                                                                                                                                              |

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. Circle Reserve Management Sound reserve management (ensuring liquidity and preservation of reserve assets) is central to our operations. The Circle stablecoin network benefits from the strength, operating resiliency, and risk management capabilities of the leading financial institutions that are part of our reserve management infrastructure. We hold reserves in a manner designed to ensure liquidity and preservation of reserve assets. See “Business—Reserve management standard” for information regarding our standards for managing Circle stablecoin reserves. In compliance with applicable laws and regulatory guidance, we (i) limit Circle stablecoin reserves to highly liquid financial instruments, (ii) hold reserves in accounts that are titled FBO holders of USDC and EURC, respectively, and (iii) do not lend, borrow against, or encumber the reserves. See “Business—Regulatory policy landscape—Principal U.S. federal and state regulatory regimes—Money transmitter and money services laws” for a discussion of the regulations governing our U.S. state licenses. As of December 31, 2024, we held approximately 85% of USDC reserves in the Circle