Circle Internet Group

• A blockchain token designed to track the price of Circle Internet Group, Inc. (NYSE: CRCL).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account. For the full process, see our guide on how to buy Circle stock in India.

• For US-company exposure beyond stablecoins and digital payments, explore and invest in US stocks on Mudrex from India.

• Founded: 2013

• Headquarters: New York, United States

• CEO: Jeremy Allaire (co-founder)

• Listed on: NYSE (CRCL), since June 2025

• Sector: Stablecoins and digital payments

• Circle issues USDC, one of the largest dollar-denominated stablecoins.

• Its revenue comes mainly from interest earned on the reserves backing USDC, making it sensitive to interest rate policy.

• It listed publicly in 2025.

• Reserve income, the interest earned on cash and Treasuries backing USDC, provides most revenue.

• A large share of that income is paid out to distribution partners, chiefly Coinbase.

• Subscription, services and transaction revenue is a small but growing share.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• USDC is one of the largest dollar stablecoins.

• The US GENIUS Act created a federal framework that favours regulated issuers.

• Growth in USDC circulation directly grows the reserve base.

Cons:

• Falling interest rates reduce reserve income.

• Distribution payments to partners take a large share of revenue.

• It competes with Tether and with stablecoins from banks and payment firms.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.