Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 26

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 26
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 by first redeeming USDC on the source chain and then issuing USDC on the destination chain, relying on a cryptographic attestation, or receipt, to prove that the USDC has been properly redeemed before the corresponding USDC can be reissued on another blockchain. From its launch in April 2023 to June 30, 2025, CCTP has handled approximately $57.6 billion in transfers, with $32.9 billion of transfers occurring in the first six months of 2025 alone, representing a 316% increase from the first six months of 2024. CCTP is available as a public protocol through a series of smart contracts that work alongside the core USDC stablecoin protocol. While nascent, we view CCTP as an important capability and a unique differentiator that will act as a key driver of our future growth.

| • |     | Circle Gateway. In July 2025, we announced Circle Gateway, a crosschain primitive that enables a unified USDC balance for instant crosschain liquidity. With Circle Gateway, users deposit USDC into a non-custodial smart contract to create a unified balance that can be accessed in real-time across supported chains. For end users, this means frictionless, crosschain experiences without needing to switch networks or move assets manually. For businesses, this enables just-in-time liquidity on any supported chain, streamlining operations and improving capital efficiency. In July 2025, Circle Gateway launched on Avalanche, Base, and Ethereum testnets, with more blockchains to follow. |

Together, this suite enables existing Web2 developers, internet-enabled businesses, and financial institutions to more easily offer Web3 capabilities, including using USDC as a means of payment and settlement within consumer internet, e-commerce, and finance applications. We believe several of these fee models have the potential to generate high gross margins and scale revenue therefrom rapidly with network usage. The Circle stablecoin network is built on blockchain infrastructure We build, maintain, and deploy a family of smart contracts that provide the core functionality of the Circle stablecoin network. These smart contracts provide a protocol for applications to easily store and transfer Circle stablecoins. Our stablecoin smart contracts are all available as open-source software, both through public open-source libraries, and as visible source code deployed on blockchain networks. While USDC was initially only natively supported for the Ethereum blockchain (one of the most widely adopted blockchain-based applications), today USDC is natively supported for 24 blockchains, with more expected in the future. Today, there