Circle

Company snapshot

Industry: Digital asset platform and payments infrastructure built on a full‑stack, internet‑native financial platform.
Mission: Raise global economic prosperity through frictionless exchange of value.
Employees: Approximately 1,100 as of December 31, 2025.
Business model: A platform anchored by a stablecoin network (USDC, EURC, and related liquidity and custody tools) with applications and developer infrastructure.
Public markets: Class A common stock traded on the NYSE; three classes of stock with differing voting rights (Class A, Class B, Class C).

Platform pillars

Circle’s platform is organized into three interconnected layers.

Arc blockchain and developer infrastructure

Open Layer‑1 blockchain network designed to bring real‑world economic activity on‑chain.
Arc is in public testnet.
Enterprise‑grade foundation for stablecoin payments, FX, and capital‑market transactions; interoperable within a multichain ecosystem.
Developer tools and interoperability services to build and deploy on Arc and across blockchains.

Circle Digital Assets and Services

Stablecoins and tokenized funds: USDC, EURC, and USYC.
Circle Liquidity Services: Circle Mint (minting, redeeming, custody, and fund flows) and xReserve (interoperability liquidity for stablecoins and tokenized assets).
USDC and EURC are issued by Circle and redeemable 1:1 for fiat (USDC for USD, EURC for EUR). End‑users can redeem via Circle Mint or via Circle Internet Financial Europe SAS for non‑Circle Mint customers.
USYC: tokenized money‑market fund (TMMF) issued since February 2025; designed as a yield‑bearing collateral alongside USDC/EURC with platform integration.
Interoperability and liquidity features include native cross‑chain transfer (CCTP), cross‑chain balance unification (Gateway), and assets moving across chains.

Circle Applications

Circle Payments Network (CPN): launched May 2025; enables banks, PSPs, and enterprises to originate, route, and settle payments on open blockchain networks using stablecoins with near‑instant, 24/7/365 settlement.
StableFX: institutional stablecoin FX engine (beta) enabling 24/7/365 on‑chain stablecoin FX with escrow‑based settlement and configurable settlement options; supports USDC, EURC, and select third‑party stablecoins through a partner program.

Core products and services

USDC and EURC: regulated, fully backed stablecoins redeemable 1:1 for USD and EUR.
- Interoperable with 30 public blockchains and integrated with traditional financial systems (banking integrations in 185+ countries).
- USDC in circulation: > $75 billion as of December 31, 2025; 2025 daily transaction volumes regularly above $10 billion.
USYC: on‑chain representation of a money market fund, issued in Bermuda under a DABA license, used as collateral/yield in digital‑asset markets.
Circle Mint: institutional on/off ramps for minting and redeeming USDC/EURC; custody for eligible institutional customers; redemption options include basic (2 business days) and standard (almost instant).
xReserve: launched November 2025; permissioned interoperability for stablecoin ecosystems; subscription model for blockchain teams.
Arc network tools: Circle Wallets and Circle Contracts to simplify on‑chain app development and cross‑chain USDC transfers.
CCTP (Cross‑Chain Transfer Protocol): on‑chain utility for USDC transfers across supported blockchains; V2 launched March 2025 with a fast transfer option subject to fee.
Gateway: cross‑chain unified USDC balance for immediate cross‑chain access and liquidity.

Reserves, liquidity, and transparency

Circle stablecoins are backed by liquid reserves; reserve assets are disclosed and audited.
Reserve management: Circle Reserve Fund (a BlackRock‑managed government money market fund under Rule 2a‑7) held about 88% of USDC reserves as of December 31, 2025; custody at BNY.
Remaining USDC reserves: typically 10–20% held as cash in accounts titled FBO holders of USDC with major banks (GSIBs); EURC reserves are held entirely in cash.
Reporting and assurance: daily reporting for the Circle Reserve Fund on BlackRock’s site and monthly assurance reports from a Big Four firm.
Circle National Trust: received OCC conditional approval as of December 2025; proposed national trust bank intended to oversee USDC reserve management and hold a first‑priority perfected security interest for USDC holders, subject to full OCC approval.

Key partnerships and strategic relationships

Coinbase (Centre Consortium)
- Updated Collaboration Agreement (Aug 2023): sole governance of Circle stablecoin network; Coinbase maintains a minority equity stake and license to use certain trademarks; payments tied to net reserve income from USDC after reserve‑management fees.
- Distributions between Circle and Coinbase based on stablecoin circulation and network activity; initial term three years with auto‑renewals.
Binance
- November 2024: marketing activities to promote USDC as a Stablecoin Ecosystem participant; upfront fee and ongoing incentive payments tied to USDC balances.
- August 2025: expanded agreement to promote USDC via Modular Smart Contract Wallet services; four‑year term with renewal/termination provisions.
BlackRock
- Memoranda of understanding designating BlackRock as preferred reserve manager and leading to the Circle Reserve Fund; collaboration includes potential SEC‑registered money market fund options for Circle reserves.

Intellectual property

Patents and trademarks: 27 issued US patents; 56 US provisional patent applications; 25 foreign patent applications; 393 registered trademarks; 25 US pending trademark applications; 174 foreign pending trademark applications.
Collaboration Agreement with Coinbase includes potential reassignment of certain trademark rights under specified events.

Customers and growth

Thousands of companies participate on Circle’s platform.
Circle Mint serves institutional customers; end‑users may redeem USDC/EURC through Circle Mint or Circle Internet Financial Europe SAS.
Growth strategy emphasizes network effects across wallets, on‑chain applications, exchanges, and financial institutions; Arc testnet and developer tools support adoption.

Revenue and income

Reserve income from Circle stablecoin reserves is the primary revenue source.
Reserve income represented 96.0% of total revenue from continuing operations in 2025, 99.1% in 2024, and 98.6% in 2023.

Regulatory and operational context

GENIUS Act (signed July 18, 2025) establishes a federal framework for payment stablecoins, defines PPSIs, and sets reserve, disclosure, and regulatory requirements; effective the earlier of January 18, 2027 or 120 days after implementing regulations.
Ongoing regulatory requirements include money transmitter licensing, MSB registration (FinCEN), state virtual currency licenses, and evolving non‑U.S. regimes.
Tax treatment of stablecoins under U.S. federal and foreign law remains subject to change and interpretation.

Concise summary

Circle operates a full‑stack internet financial platform anchored by USDC and EURC stablecoins, combining reserve management, on‑chain liquidity, and cross‑chain interoperability. The company develops Arc, an open Layer‑1 blockchain with developer tools, and offers applications such as CPN and StableFX for institutions. Circle runs Circle Mint and xReserve for minting, redemption, custody, and interoperability, and builds partnerships (Coinbase, Binance, BlackRock) to expand stablecoin usage and liquidity. The company pursues regulatory alignment, including the proposed Circle National Trust and compliance with emerging federal stablecoin rules, and maintains public disclosure and independent assurance around reserves.

Circle Internet Group, Inc.

10-K / March 9, 2026