Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 32

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 32
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 stablecoins and fiat currency). We

14

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

believe we have built a robust banking infrastructure, with onboarding at settlement banks that provide the primary market liquidity infrastructure to enable us to flow funds to and from Circle Mint customers to enable on- and off-ramping with Circle stablecoins. They provide multiple rails including 24/7/365 funds flow capabilities, wires, automated clearing house (“ACH”), SEPA, and similar regional domestic bank transfer networks as well as providing redundancy across rails. We continue to expand the network of banks that provide primary liquidity services to the Circle stablecoin ecosystem. Summary risk factors Our business and Class A common stock are subject to many risks, as more fully described in the “Risk factors” section immediately following this “Prospectus Summary” section. These risks include, among others:

| • |     | We face intense and increasing competition. |

| • |     | Competition from new and existing issuers offering competing products, combined with the rise of yield-bearing                                              
 digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins. |

| • |     | Stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for                                                                                                                                    
 rapid redemption requests (or runs). Extreme scenarios, such as market shocks that affect the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin 
 reserves, may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests.                                                                                                                                    |

| • |     | As a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, 
 including due to surges in demand.                                                                            |

| • |     | Any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative 
 effect on consumer confidence.                                                                                   |

| • |     | The acceptance of Circle stablecoins could be negatively impacted by the disruptions in secondary marketplaces 
 that facilitate the purchase and sale of Circle stablecoins.                                                   |

| • |     | The GENIUS Act will change the payment stablecoin ecosystem and may affect our business in ways that cannot yet 
 be known.                                                                                                       |

| • |     | While the GENIUS Act amends the U.S. federal securities