Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 169

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 169
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.9 billion, $24.3 billion, and
$36.0 billion as of December 31, 2024, 2023, and 2022, respectively, and $60.1 billion as of March 31, 2025. This represents cash and cash equivalents maintained in segregated reserve accounts. We segregate the use of the assets underlying
the customer funds to meet regulatory requirements and classify the assets as current based on their purpose and availability to fulfill our direct obligation under custodial funds due to stablecoin holders.

Off-balancesheet arrangements

As of March 31, 2025 and December 31, 2024, 2023, and 2022, we did not have any relationships with unconsolidated organizations or financial partnerships, such as
structured finance or special purpose entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Composition of USDC reserves

Circle manages its USDC reserves in
accordance with the terms of its agreement with Circle Mint customers and applicable regulatory requirements and commercial laws. All USDC minted and outstanding are backed by an equivalent amount of U.S. dollar-denominated assets held in accounts
that are titled FBO holders of USDC, and are held in omnibus structures, agnostic to individual customer and customer jurisdiction. During the periods presented, prior to January 2023, USDC reserves were limited to cash balances held at banks, U.S.
Treasury securities with maturities of 100 days or less, and the Circle Reserve Fund. Since January 2023, USDC reserves have been limited to cash balances held at banks and the Circle Reserve Fund.

As of March 31, 2025 and December 31, 2024, 2023, and 2022, USDC reserves held as cash balances at banks (labeled as “Cash” in the table below)
significantly exceeded the FDIC insurance limit of $250,000 per financial institution. As of March 31, 2025 and December 31, 2024, 2023, and 2022, FDIC deposit insurance related to financial institutions where USDC reserves were held was
limited to an aggregate amount of $1,250,000 (representing five FDIC-insured financial institutions), $1,250,000 (representing five FDIC-insured financial institutions), $750,000 (representing three FDIC-insured financial institutions