Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 213

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 213
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 case of the Circle Reserve Fund, on a daily basis (on BlackRock’s
website). Furthermore, since USDC’s launch, we have provided the public with independent, third-party monthly assurance over the value and composition of these assets from a leading public accounting firm (currently, a Big Four firm), whose
reports are available for both USDC and EURC on our website.

147

Our Liquidity Services are integrated with the existing financial system

Additionally, core to Circle Liquidity Services is our integration with the existing financial system in order to provide robust primary liquidity (i.e., facilitating
conversions between Circle stablecoins and fiat currency). We believe we have built a robust banking infrastructure, with onboarding at settlement banks that provide the primary market liquidity infrastructure to enable us to flow funds to and from
Circle Mint customers to enable on- and off-ramping with Circle stablecoins. They provide multiple rails including 24/7/365 funds flow capabilities, wires, ACH, SEPA, and similar regional domestic bank transfer networks as well as providing
redundancy across rails. We continue to expand the network of banks that provide primary liquidity services to the Circle stablecoin ecosystem.

Reserve management standard

Our reserve management standard complies with applicable regulatory requirements and supervisory guidance for stablecoin reserves. Under New
York State Department of Financial Services (“NYDFS”) guidelines regarding the issuance of stablecoins by holders of a New York virtual currency license (a “BitLicense”), stablecoin reserves must be limited to specified assets,
which include U.S. Treasury bills with maturities of three months or less, reverse repurchase agreements fully collateralized by U.S. Treasury obligations, government money market funds, deposit accounts at U.S. state or federally chartered
depository institutions and other assets acceptable to NYDFS. Under MiCAR, as an issuer of e-money tokens, among other things, we must keep at least 30% of the reserves backing stablecoins issued by Circle Internet Financial Europe SAS in separate
accounts in credit institutions and the remaining portions must only be invested in highly liquid financial instruments with minimal market risk, credit risk, and concentration risk such as cash, assets representing claims on or guaranteed by
central banks, central or regional governments, local authorities or public sector entities of the United States or an EU member state, assets issued by eligible credit institutions, and exposures in the form of extremely high quality covered bonds
that comply with MiCAR’s size, transparency, and liquidity requirements. See “—Regulatory policy