Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 20

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 20
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 our
platform invisible to the end-user, simplifying end-user experiences, and empowering developers to build applications using the Circle stablecoin network. This technical simplification and end-user-focused
approach is critical to internet-scale adoption of stablecoins broadly and the Circle stablecoin network specifically. Our core technology offerings, including our blockchain infrastructure products and our Web3 Services, are core to enabling an
intuitive interface for programmable money across a variety of applications, which will in turn drive further adoption of the Circle stablecoin network.

The monetization of the Circle stablecoin network is driven by its growth and our introduction of new products that expand its utility.As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well.
Today, we monetize the amount of money on the network (i.e., the amount of Circle stablecoins in circulation). We earn reserve income on USDC reserve assets, at rates close to the prevailing EFFR. We believe that our current revenue model has been
successful, with 2024 revenue, net income, and Adjusted EBITDA of $ billion, $ million, and $ million, respectively. See “Management’s discussion and analysis of financial
condition and results of operations—Non-GAAP financial measures” for reconciliation of net income to Adjusted EBITDA. As the Circle stablecoin network grows and as more applications and activity take place on the Circle stablecoin network,
the amount of Circle stablecoins in circulation will continue to grow. In addition to as described in “Business—Our platform, products, and ecosystem,” we may seek to monetize the activity on our network with products that earn fee-based revenues based on transactions and usage in the future, and we intend to evaluate and consider various products from time to time, considering such factors as complexity and development costs, market
opportunity, anticipated revenues, and the competitive landscape. For example, to capitalize on the growing trend of using yield-bearing digital assets as collateral in margin trading, we intend to issue TMMFs, including USYC, following our
acquisition of Hashnote. See “Business—Our

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CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

platform, products, and ecosystem—Our other product offerings” for more information on the Hashnote
acquisition. We believe the market opportunity in the internet financial system is vast and that, although we face a variety of