Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 236

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 236
---
 1:1 backing with high-quality liquid assets 
 and requiring monthly public reporting of reserves;                                                                         |

| • |     | requiring prudential regulation and supervision for federal qualified nonbank payment stablecoin issuers, under the 
 oversight of the Office of the Comptroller of the Currency (“OCC”);                                                 |

| • |     | directing federal prudential regulators to establish capital, liquidity, and risk management standards tailored to the risk 
 profile of stablecoin issuers, ensuring financial stability and consumer protection;                                        |

| • |     | granting state regulators primary supervision, examination, and enforcement authority over state-licensed stablecoin  
 issuers, with the Federal Reserve Board and OCC retaining back-up enforcement authority in certain circumstances; and |

| • |     | clarifying the treatment of payment stablecoins under the federal securities laws, explicitly excluding them from the                             
 definition of “security” under the Securities Act, the Exchange Act, the Investment Advisers Act of 1940, and the Investment Company Act of 1940. |

Principal non-U.S.regulatory regimes Outside of the United States, the activities of our foreign affiliates are, or may be, supervised by various financial regulatory authorities in the jurisdictions in which they operate and under which they are licensed to provide services. Similar to the United States, the laws and regulations applicable to virtual currency and other digital assets are evolving and subject to interpretation and change. We are constantly evaluating opportunities to expand into jurisdictions in which we currently do not operate and, should we expand into such additional jurisdictions, we may be subject to additional regulation and incur additional costs. As of the date of this prospectus, we believe the following non-U.S. jurisdictions are material to our business. European Union MiCAR generally regulates the operation of a trading platform for crypto-assets, any exchange of crypto-assets for fiat or crypto-assets, the custody and administration of crypto-assets, and any execution or the transmission of orders for crypto-assets on behalf of third parties. MiCAR requires any company offering digital asset services in the European Union to be licensed by an EU member state and, among other things, establishes requirements related to governance, reserves, capital, asset safeguarding, segregation, and security. Under MiCAR, issuers of e-money tokens (such as USDC and EURC) must issue e-money tokens at par value upon receiving the equivalent funds. Holders of e-money tokens have a claim against the issuer of e-money tokens and, upon a redemption request by such holder, the issuer must redeem it at