Company: CRCL
Filing Date: 2025-04-18
Form Type: CORRESP
Source: 0001193125-25-084837
Chunk: 2

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: CORRESP
Chunk 2
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 mechanics of the payments underlying your Coinbase Collaboration Agreement disclosed on page 101, and that it appears that there is a trend of Coinbase holding more USDC on its platform at an        
 increasing rate than you do on your platform, it appears that Coinbase will be allocated a larger portion of your reserve income in the form of distribution costs than you retain. Please tell us your consideration for disclosing the impact of this   
 apparent trend in your historical results of operations discussion as well as the anticipated future impact. In this regard, it appears that the rate of increase in distribution and transaction costs will exceed the rate of any increase in reserve   
 income. Refer to Items 303(a) and 303(b)(2)(ii) of Regulation S-K.                                                                                                                                                                                        |

Response: The Company has revised the disclosures on pages 96-97 of the Amended Registration Statement to provide additional information regarding the trends in the amounts of USDC held on Coinbase’s platform, as well as the portion of reserve income allocated to Coinbase under the Collaboration Agreement. Additionally, the Company has revised the disclosures on page 48 of the Amended Registration Statement to provide further detail regarding the risk associated with increasing distribution costs paid to the Company’s distribution partners. 2

| Division of Corporation Finance U.S. Securities 
 and Exchange Commission                         |

Liquidity and capital resources, page 113

| 5. | We note your response to prior comment 1 and your revised disclosures on pages 99 and 114. Given the breadth                                                                                                                                    
 of your policy notes, please enhance the reference to Note 2 on page 114 to specify the “Deposits from Stablecoin Holders” policy note. In addition, consistent with your disclosure on page F-16, revise your disclosure here to indicate that 
 corporate-held stablecoins are utilized and presented in the consolidated statements of cash flows in the same manner as if such payments were settled in cash.                                                                                 |

Response: The Company has revised the disclosures on page 114 of the Amended Registration Statement to enhance the reference to the “Deposits from Stablecoin Holders” policy note and to clarify its impact on the consolidated statements of cash flows. Circle Internet Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements Note 2. Summary of significant accounting policies Deposits from Stablecoin Holders, page F-16

Response: The Company acknowledges and appreciates the Staff’s comment. The Company believes that its current disclosures describe the underlying economic substance of the Company’s accounting for payments in the form of corporate