*We maintain a money transmission license (or the statutory equivalent) in various U.S. states and territories, as well as a virtual currency license in the State of New York, and are therefore subject to the requirements of such statutes. We are not a trust company nor do we maintain a trust company charter in any U.S. state or territory. Accordingly, any regulated services we provide to users located in the United States are characterized as money transmission and/or virtual currency business activity, and not as trust services. Additionally, for the avoidance of doubt, Circle is not a fiduciary, and Circle does not provide any trust or fiduciary services to any user in the course of such user visiting, accessing, or using the Circle website or services. Any reference to custody services in this [User Agreement] refers only to our custody of digital assets on a user’s behalf pursuant to the authority granted under our money transmission and/or virtual currency licenses. Circle is not (i) a Qualified Custodian pursuant to 17 C.F.R. § 275.206(4)-2 or (ii) a “digital custodian” as such term is defined by the Nevada Financial Institutions Division.

* Offering subject to business approval, geographical availability**, and regulatory authorization, and there is no guarantee that the product will become available in a specific timeframe or to a specific customer or geography. Circle Yield product offered through Circle International Bermuda Limited (“Circle Bermuda”). Circle Bermuda has entered into lending arrangements with one or more institutional borrowers.  These borrowers pledge and transfer Bitcoin into custody with a third party custodian as collateral for their USDC borrowings and Circle Yield investors benefit from a security interest in Circle Bermuda’s security interest in the pledged Bitcoin.

Circle Account and money transmission services are provided by Circle Internet Financial, LLC. Circle Internet Financial, LLC, NMLS # 1201441, is a licensed provider of money transmission services. Circle Bermuda is licensed by the Bermuda Monetary Authority and holds a Bermuda Digital Asset Business (DAB) License, No. 54786. A full list of Circle’s licenses can be found at https://www.circle.com/en/legal/licenses. 

Circle is not a bank; your Circle Account is not a bank account, and any funds are not insured or protected by government compensation and/or regulatory protection schemes by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation or by any US or foreign government agency, insurance fund, person or entity. For investors in the United States, investments described in this communication are offered by Circle Bermuda to “accredited investors” only in accordance with Regulation D, Rule 506(c) of the Securities Act of 1933, as amended. Neither the SEC nor any other regulatory body has approved or disapproved Circle Yield. While Circle Bermuda is regulated by the Bermuda Monetary Authority for digital asset business, Circle Bermuda is not engaged in banking and deposit taking activities and is not regulated for these purposes. You should carefully conduct your own investigations and analyses in connection with any participation in this product, including its objectives, risk factors, fees and expenses and the information set forth in these materials. All prospective participants in the products described herein are advised to consult with their legal, accounting and tax advisers regarding any potential participation. Tax may be payable on any return on and/or any increase in the value of your investment and you should seek independent advice on your taxation position. Please read the offering documents carefully before you invest. Additional information is available upon request. 

** Not currently available in the following U.S. states: Alaska, Minnesota, New York and Hawaii.

*** Rates are purely indicative and are subject to change pending availability, approval and market conditions. Withdrawal requests for fixed- term accounts could take up 72 hours in high withdrawal periods and will be subject to an early withdrawal penalty.

**** Customer-facing offering subject to regulatory requirements and business account approval. Please contact Circle to discuss eligibility.