{"entity":{"id":29187,"slug":"circle-internet-financial","name":"Circle Internet Financial","type":"company","role":"Issuer of USDC stablecoin; NYSE-listed (CRCL) as of June 2025","description":"Circle issues USDC, the second-largest dollar stablecoin. Reserves are largely managed by BlackRock via the Circle Reserve Fund. Completed its IPO on the NYSE in June 2025 under ticker CRCL.","imageUrl":null,"createdAt":"2026-05-03T02:04:32.382Z","updatedAt":"2026-06-18T09:05:47.569Z"},"electedOffice":null,"significance":{"score":9.4,"components":{"totalFindings":0,"connectionDegree":4.4,"recentFindings90d":0,"activeResearchJobs":0,"goblinAttributions":4,"recentSyntheses90d":0,"moneyFlowChainsTotal":1,"closedLoopMemberships":0,"moneyFlowHopsRecent90d":0},"computedAt":"2026-10-15T01:32:54.708Z"},"facts":[{"id":45861,"text":"The Circle Reserve Fund (USDXX) reported a 7-day SEC yield of 3.59% as of May 1, 2026, reflecting a 0.17% net expense ratio after contractual fee waivers by BlackRock.","confidence":"primary","dateOccurred":"2026-05-01","source":null},{"id":45860,"text":"Senators Thom Tillis and Angela Alsobrooks finalized a 'stablecoin yield' compromise for the CLARITY Act on May 1, 2026, which prohibits rewards that are 'economically or functionally equivalent' to bank interest.","confidence":"primary","dateOccurred":"2026-05-01","source":null},{"id":45859,"text":"On May 1, 2026, BlackRock submitted a formal comment letter to the OCC opposing a 20% cap on tokenized reserve assets and requesting that Treasury ETFs be designated as 'eligible reserves' under the GENIUS Act.","confidence":"primary","dateOccurred":"2026-05-01","source":null},{"id":43709,"text":"Circle reported a total net loss of $70 million for FY 2025 despite generating $2.75 billion in total revenue, primarily due to a 74% year-over-year surge in distribution and compensation expenses following its IPO.","confidence":"primary","dateOccurred":"2026-02-26","source":null},{"id":43710,"text":"The OCC's proposed 'Part 15' regulations (Feb 2026) create a 'rebuttable presumption' that yield paid by an exchange affiliate to a stablecoin holder is an evasion of the GENIUS Act's interest prohibition.","confidence":"primary","dateOccurred":"2026-02-25","source":null},{"id":42387,"text":"Circle reported total revenue and reserve income of $2.7 billion for fiscal year 2025, with distribution costs reaching $461 million, significantly driven by revenue-sharing agreements enabled by the GENIUS Act's yield structure.","confidence":"primary","dateOccurred":"2026-02-25","source":null},{"id":43708,"text":"Coinbase captured approximately 80% ($1.35B) of Circle's total distribution payments (estimated $1.68B) in FY 2025, leaving only ~$330M for all other global distribution partners and transaction costs.","confidence":"primary","dateOccurred":"2026-02-24","source":null},{"id":49050,"text":"Circle Internet Financial filed filing with the SEC on 2025-08-12. Accession number: N/A.","confidence":"inferential","dateOccurred":"2025-08-12","source":{"title":"SEC EDGAR: filing — Circle Internet Financial (2025-08-12)","url":"https://efts.sec.gov/LATEST/search-index?q=%22Circle%20Internet%20Financial%22&dateRange=custom&forms=4,SC%2013D,SC%2013G,DEF%2014A,10-K,10-Q","publication":"SEC EDGAR"}},{"id":42386,"text":"The GENIUS Act (S. 1582) became Public Law 119-27 on July 18, 2025, establishing the first federal regulatory framework for payment stablecoins.","confidence":"primary","dateOccurred":"2025-07-18","source":null},{"id":39157,"text":"Circle Internet Financial began trading on the NYSE under the ticker CRCL on 5 June 2025, in one of the largest financial-services IPOs of the year.","confidence":"primary","dateOccurred":"2025-06-05","source":null},{"id":39387,"text":"USDC outstanding supply has fluctuated between roughly $25B and $60B during 2023-2025, generating reserve-investment yield that funds the bulk of Circle's revenue.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":39389,"text":"Circle publicly campaigned for the repeal of SAB 121 and for passage of the GENIUS Act stablecoin framework, both of which materially expand its addressable market.","confidence":"secondary","dateOccurred":"2024-06-15","source":{"title":"Circle lobbying — OpenSecrets","url":"https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2024&id=D000078498","publication":null}},{"id":39388,"text":"Circle's S-1 filing disclosed that interest income on reserves accounted for the substantial majority of total revenue, making the company's economics directly geared to short-term U.S. interest rates.","confidence":"primary","dateOccurred":"2024-06-15","source":{"title":"Circle Internet Group, Inc. — Registration Statement on Form S-1","url":"https://www.sec.gov/Archives/edgar/data/1876042/000119312525000000/","publication":"U.S. Securities and Exchange Commission"}},{"id":39386,"text":"BlackRock manages the Circle Reserve Fund, a registered government money market fund holding the bulk of USDC's dollar reserves; the relationship was formalised in 2022.","confidence":"primary","dateOccurred":"2022-11-03","source":{"title":"Circle and BlackRock Launch New Investment Management Relationship","url":"https://www.circle.com/en/press/circle-and-blackrock-launch-new-investment-management-relationship","publication":"Circle"}},{"id":39158,"text":"BlackRock manages the Circle Reserve Fund, which holds the bulk of USDC's dollar reserves and earns BlackRock management fees scaled to USDC outstanding supply.","confidence":"secondary","dateOccurred":"2022-06-15","source":null},{"id":39391,"text":"Evidence gap: The split of yield income retained by Circle versus passed through to USDC redemption infrastructure (e.g. partner exchanges) is not separately disclosed.","confidence":"inferential","dateOccurred":null,"source":null},{"id":39392,"text":"Evidence gap: Circle's lobbying expenditure attributable specifically to GENIUS Act and SAB 121 advocacy is bundled with general financial-services lobbying in disclosure filings.","confidence":"inferential","dateOccurred":null,"source":null},{"id":39159,"text":"Evidence gap: The exact fee schedule BlackRock charges Circle for managing the reserve fund has not been disclosed in either company's public filings beyond general expense-ratio language.","confidence":"inferential","dateOccurred":null,"source":null}],"connections":[{"id":19194,"relationshipType":"competitor","description":"Tether's USDT ($110B+ outstanding) is the largest dollar-pegged stablecoin, directly competing with Circle's USDC in the stablecoin market.","confidence":"inferential","firstDocumented":"2024","lastDocumented":null,"other":{"id":9879,"name":"Tether","slug":"tether","type":"company"}},{"id":18815,"relationshipType":"industry_regulatory_context","description":"Gillibrand's stablecoin legislation (GENIUS Act) directly impacts stablecoin issuers including Circle.","confidence":"inferential","firstDocumented":"2025","lastDocumented":null,"other":{"id":1127,"name":"Kirsten Gillibrand","slug":"kirsten-gillibrand","type":"elected_official"}},{"id":17745,"relationshipType":"donor","description":"Circle (USDC issuer) is a crypto company that has contributed to Fairshake PAC according to public reports, though not documented in the provided facts specifically.","confidence":"inferential","firstDocumented":"2024","lastDocumented":null,"other":{"id":32304,"name":"Fairshake PAC","slug":"fairshake","type":"organization"}},{"id":16595,"relationshipType":"Legislative Relationship","description":"Senator Angela Alsobrooks helped finalize a 'stablecoin yield' compromise for the CLARITY Act on May 1, 2026, which is part of the regulatory framework affecting Circle's business.","confidence":"inferential","firstDocumented":"2026","lastDocumented":null,"other":{"id":9250,"name":"Angela Alsobrooks","slug":"angela-alsobrooks","type":"elected_official"}},{"id":16594,"relationshipType":"oversight","description":"Circle publicly campaigned for the repeal of SAB 121, which materially expands its addressable market.","confidence":"inferential","firstDocumented":"2025","lastDocumented":null,"other":{"id":29218,"name":"SEC Staff Accounting Bulletin No. 121","slug":"sab-121","type":"instrument"}},{"id":13009,"relationshipType":"potential regulatory connection","description":"Downing serves on the Digital Assets/FinTech/AI Subcommittee of House Financial Services, which oversees stablecoin issuers like Circle. No direct documented interaction.","confidence":"inferential","firstDocumented":"2025","lastDocumented":null,"other":{"id":10854,"name":"Troy Downing","slug":"congress-d000634","type":"person"}},{"id":16610,"relationshipType":"post-enactment briefing coordination","description":"In March 2026, the Senate Banking Committee's new GOP Staff Director (appointed under Scott's chairmanship) initiated non-public implementation briefings with Circle to coordinate the rollout of the CLARITY Act yield-rewards compromise.","confidence":"primary","firstDocumented":"2026","lastDocumented":null,"other":{"id":9281,"name":"Tim Scott","slug":"tim-scott","type":"elected_official"}},{"id":16593,"relationshipType":"Legislative Impact","description":"The GENIUS Act (S. 1582) became Public Law 119-27 on July 18, 2025, establishing the first federal regulatory framework for payment stablecoins, which materially expanded Circle's addressable market and enabled its revenue-sharing agreements.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":2305,"name":"GENIUS Act","slug":"genius-act","type":"instrument"}},{"id":16592,"relationshipType":"Revenue/Distribution Partner","description":"Coinbase captured approximately 80% ($1.35B) of Circle's total distribution payments (estimated $1.68B) in FY 2025.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":29188,"name":"Coinbase","slug":"coinbase","type":"company"}},{"id":11477,"relationshipType":"reserve-management","description":"BlackRock manages the Circle Reserve Fund, which holds the bulk of USDC reserve assets.","confidence":"primary","firstDocumented":"2022","lastDocumented":null,"other":{"id":25,"name":"BlackRock","slug":"blackrock","type":"company"}},{"id":16770,"relationshipType":"potential_consultation","description":"Evidence gap exists regarding internal communications between Lummis's office and Circle counsel during the GENIUS Act and SAB 121 processes.","confidence":"secondary","firstDocumented":"2025","lastDocumented":null,"other":{"id":9296,"name":"Cynthia Lummis","slug":"cynthia-lummis","type":"elected_official"}}],"contradictions":[{"id":60,"gainCategory":"regulatory_win","stated":{"text":"Circle publicly campaigned for the repeal of SAB 121 and for passage of the GENIUS Act stablecoin framework, both of which materially expand its addressable market.","date":"2024-06-15"},"contradicting":{"text":"Circle's S-1 filing disclosed that interest income on reserves accounted for the substantial majority of total revenue, making the company's economics directly geared to short-term U.S. interest rates.","date":"2024-06-15"},"detectedAt":"2026-05-03T03:17:23.208Z"}],"permalink":"https://www.goblinhouse.net/entity/circle-internet-financial","timelineUrl":"https://www.goblinhouse.net/entity/circle-internet-financial/timeline"}