Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 222

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 222
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 make working with and using stablecoins a safe and secure endeavor. We believe that end-user safety and the soundness of the
Circle stablecoin network are critical to our success and provide a competitive advantage within the stablecoin and broader digital assets ecosystems. Circle stablecoins are regulated as a form of stored value under laws governing money transmission
in the United States and many other countries. Circle stablecoin reserves are also regulated. We limit Circle stablecoin reserves to highly liquid financial instruments. See “—Reserve management standard.” Reserve assets are primarily
held in custody at BNY. Lastly, we have robust operational risk processes and controls, including comprehensive KYC and AML programs. As a result of our proven track record and our ongoing leadership in driving regulatory frameworks related to
stablecoins, we believe we are best positioned to be the digital currency platform of choice for individuals, enterprises, and developers alike.

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CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 Transparency and trust We believe transparency into the Circle stablecoin network is both necessary and foundational to mass adoption of our platform. We operate a highly transparent, consistently marked-to-market business for the benefit of our customers, end-users, and the industry as a whole. Our attestation reports, currently attested to by a Big Four accounting firm, are published publicly on a monthly basis and have been since 2018. The attestations independently assert that the fair value of the assets we hold in reserve are greater than or equal to the amount of USDC in circulation. In accordance with NYDFS guidance, each attestation includes two report dates, including as of the last business day of each month. The attestations provide detail of the reserves, including the amount of cash held at banks as well as the CUSIP, maturity date, and fair value of every Treasury obligation held in the Circle Reserve Fund, the fair value of the U.S. Treasury reverse repurchase agreements held in the Circle Reserve Fund, and the amount of cash held in the Circle Reserve Fund. Additionally, we publish the amount of Circle stablecoins held in circulation, our balance of reserves, the composition of the entire reserve base, and minting and redemption statistics on a weekly basis, and the balances in the Circle Reserve Fund are disclosed daily. We believe our focus on transparency is a key differentiator that will enable us to build the most trusted stablecoin network in the world. The aggregate effect of these strengths solid