Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 114

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 114
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 the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin reserves, may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests; |

| • |     | as a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due to surges in demand; |

| • |     | any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on consumer confidence; |

| • |     | the acceptance of Circle stablecoins could be negatively impacted by the disruptions in secondary marketplaces that facilitate the purchase and sale of Circle stablecoins; |

| • |     | the GENIUS Act will change the payment stablecoin ecosystem and may affect our business in ways that cannot yet be known; |

| • |     | the GENIUS Act amends the U.S. federal securities laws to explicitly exclude from the definition of “security” payment stablecoins issued by PPSIs, which will include USDC. However, until those amendments are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S. federal securities laws. |

| • |     | we hold a substantial amount of USDC reserves in the Circle Reserve Fund and thus are subject to risks associated with the issuer, the manager, and the custodian of the Circle Reserve Fund; |

| • |     | any significant disruption in our or our third-party service providers’ or partners’ technology could result in a loss of customers or funds and adversely impact our business, results of operations, financial condition, and prospects; |

| • |     | our customers’ funds and digital assets may fail to be adequately safeguarded by us or the third-party service providers upon whom we rely; |

| • |     | our inability to maintain existing relationships with financial institutions and similar firms or to enter into new such relationships could impact our ability to offer services to customers; |

| • |     | we are subject to credit risks in respect of counterparties, including banks and other financial institutions; |

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| • |     | if we are unable to maintain existing distribution arrangements or enter into additional distribution arrangements on less favorable financial terms, USDC and EURC in circulation and Circle’s financial results may be adversely affected; |

| • |     | our products and services may be exploited by our customers, employees, service providers, and other third parties to facilitate illegal activity such as fraud