Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 212

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 212
---
 violation. If the amendment or restructuring proves
ineffective or we do not resume payment to Coinbase with respect to such stablecoin under the Collaboration Agreement following the restructuring period, upon Coinbase’s written request, the Licensed Marks with respect to the relevant
stablecoin would “flip,” in which case we would assign such Licensed Marks to Coinbase, the License Agreement would terminate with respect to such Licensed Marks, and the parties would enter into a new license agreement for such Licensed
Marks. Coinbase would in turn grant us a worldwide, non-exclusive, non-transferable, and largely non-sublicensable right to use these flipped trademarks in connection with the advertising, promotion, marketing, commercialization, issuance, sale,
distribution, development, provision, and receipt of such stablecoin. In addition, if such a flipped trademark situation were to occur with respect to USDC, under certain circumstances, we would be prohibited from issuing other U.S.
dollar-denominated stablecoins. See “Risk factors—Risks related to intellectual property—Our Collaboration Agreement with Coinbase could cause us to lose ownership or use of our trademarks upon the occurrence of certain events.”

We and Coinbase may, from time to time, enter into arrangements with third parties approved by both us and Coinbase (such third parties, “approved
participants”) that provide incentives to such approved participants to increase the circulation of stablecoins subject to the Collaboration Agreement. In anticipation of such arrangements, in November 2024, we and Coinbase entered into a
supplement to the Collaboration Agreement (the “Stablecoin Ecosystem Agreement”), pursuant to which we and Coinbase agreed that, prior to a third party becoming an approved participant under the Stablecoin Ecosystem Agreement, we and
Coinbase will agree on (i) the portion of the residual payment base that such third party will be eligible to receive upon becoming an approved participant and (ii) the undertakings to be required of such third party upon becoming an approved
participant as a condition to receiving such portion of the residual payment base. Amounts payable to approved participants are deducted from the residual payment base prior to allocating the remaining residual payment base between us and Coinbase.

Select Distribution Partnerships

Arrangements with Binance

Binance is the first approved participant under the Stablecoin Ecosystem Agreement. In November 2024, we entered into arrangements with Binance (i) for
Binance to undertake certain marketing activities to promote USDC on its platform as an approved participant under the Stablecoin Ecosystem Agreement and (ii) for Binance to maintain