Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 221

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 221
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 prior to allocating the remaining residual payment base between us and Coinbase.

#### Select distribution partnerships

#### Arrangements with Binance
Binance was 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 a portion of its treasury in USDC. We paid Binance an aggregate upfront, one-time fee of $60.25

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million and agreed to pay Binance a monthly incentive fee representing a percentage of the amount of USDC held on its platform and in its treasury, which percentage ranges from an annualized mid-double-digit to high double-digit percentage of a fixed rate, reset quarterly based on a discount to the three-month SOFR, based on balances held. With respect to the treasury arrangement, such incentive fees are payable only if Binance continues to hold at least 1.5 billion of USDC in treasury, and Binance agreed, subject to certain exceptions, to keep 3 billion of USDC in its treasury. The treasury arrangement has a two-year term. In August 2025, we entered into an expanded arrangement with Binance to undertake certain activities to promote USDC held through our Modular Smart Contract Wallet infrastructure services (the “August Binance Agreement”). Under the August Binance Agreement we agreed to pay Binance a monthly incentive fee representing a percentage of the amount of USDC held through our Modular Smart Contract Wallet infrastructure services, which percentage equates to an annualized high double-digit percentage of a fixed rate, reset quarterly based on a discount to the three-month SOFR, based on balances held. The August Binance Agreement has a four-year term, although if the parties cannot reach an agreement to extend the arrangement at the end of the term there is a one-year tail during which payments and promotional obligations continue. The August Binance Agreement supersedes the non-treasury portion of the November 2024 arrangements and is outside of the Stablecoin Ecosystem Agreement framework. We and Binance may unilaterally terminate the arrangements prior to the expiration of their terms upon the occurrence of certain specified events.

#### Partnership with BlackRock
In April 2022, we entered into a memorandum of understanding with BlackRock (as amended and restated, the “MOU”). In the MOU, the parties expressed their