Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 20

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 20
---
 January 21, 2025, we acquired Hashnote
Holdings LLC, a Delaware limited liability company (together with its subsidiaries, “Hashnote”) and its TMMF, USYC, which is a tokenized product offered in reliance upon an exemption to the registration requirements of the Securities Act.
USYC serves as an onchain representation of the shares in Hashnote International Short Duration Yield Fund Ltd. (“SDYF”) and is intended primarily for use as collateral on digital asset trading platforms. Unlike payment stablecoins that
offer no yield, TMMFs like USYC offer yield to the token holders that is generated from its invested assets consisting primarily of reverse repurchase agreements on U.S. government and government-backed securities and short-term U.S. Treasury
securities. We believe that leveraging Hashnote’s existing traction and momentum will enable us to enter the rapidly emerging TMMF space with a well-established tokenized stable yield product, enhancing our leading position within the overall
digital asset capital markets.

7

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

On February 13, 2025, we received approval to issue USYC and offer Circle Mint accounts out of Bermuda
under our existing Digital Assets Business Act (“DABA”) License granted by the Bermuda Monetary Authority (“BMA”). We have integrated USYC into the Circle stablecoin network, offering eligible customers the ability to move
between the non-yield bearing Circle payment stablecoins and USYC at the settlement speed of the blockchain.

Circle Liquidity Services

Circle Liquidity Services provide institutional minting, reserving, redemption, and foreign exchange services for Circle stablecoins.

Circle Mint is our service offering that provides institutional customers USDC- and EURC-related services, such as minting USDC and EURC, redeeming USDC and
EURC for the U.S. dollar and euro, respectively, directly from us, and sending and receiving USDC and EURC to and/or from Circle Mint accounts. Circle Mint supports international wires and domestic bank transfers in more than 185 countries. Circle
Mint provides customers with a powerful user interface, advanced security, and workflow and API capabilities. As of June 30, 2025, there were 1,740 Circle Mint customers with accounts. Circle Mint is currently available only to institutions, such as
exchanges, institutional traders, wallet providers, banks, and consumer apps companies.