Circle Internet Group, Inc. (NYSE:CRCL) has released its flagship report, ‘Beyond Stablecoins: The Rise of the Internet Financial System,’ detailing the emergence of a new global economic architecture driven by public blockchains, regulated stablecoins, and programmable infrastructure. The 2026 report describes how this transformation mirrors past technological advancements, from the rise of the web to cloud, mobile, and AI platforms, and is beginning to reshape global financial systems, with Circle’s full-stack platform playing a foundational role. The report outlines Circle’s framework for internet-native financial infrastructure, noting its increasing adoption across payments, capital markets, and humanitarian initiatives. This architecture is built on three pillars: widely adopted regulated stablecoins like USDC and EURC, along with the tokenized money market fund USYC; Arc, an enterprise-grade layer-1 blockchain developed by Circle as the Economic Operating System (OS) for the internet, supported by developer tools and interoperability infrastructure; and Circle applications, including the Circle Payments Network (CPN), an application coordination layer designed to orchestrate programmable, compliant, and auditable payments. These pillars collectively aim to facilitate open, programmable, and trusted value exchange from consumer wallets to institutional capital markets worldwide. The report incorporates insights and commentary from leading banks, fintech platforms, and humanitarian organizations, illustrating how this infrastructure is being applied in real-world scenarios. This reflects a broader industry movement towards internet-native financial infrastructure, with Circle’s systems supporting innovation for banks, fintechs, asset managers, aid organizations, and developers building onchain financial applications. This shift is enabling new models for treasury operations, capital markets, cross-border settlement, and aid distribution, moving towards a financial system that is programmable, interoperable, and always available. Key milestones from 2025 highlight the foundational infrastructure and use cases driving adoption of internet-native systems globally. USDC onchain volume reached $9.6 trillion in Q3 2025, marking a 680% year-over-year increase, as its adoption accelerated across institutional finance, payments, and markets. Circle processed nearly $217 billion in USDC redemptions in 2025, demonstrating its continuous liquidity and integration with the global banking system. EURC emerged as the leading euro stablecoin, achieving over 50% market share and circulation following its MiCA compliance. Circle’s tokenized U.

S. Treasury fund, USYC, reached $1 billion in circulation, providing real-time access to yield-bearing instruments onchain. The Circle Cross-Chain Transfer Protocol (CCTP) processed $31 billion in seamless USDC transfers in Q3, representing a 740% year-on-year growth, with USDC now natively accessible on 30 blockchain networks. The Circle Payments Network (CPN) has seen rapid expansion since its launch in May 2025, achieving an annualized transaction volume of $3.4 billion, and has opened new corridors in regions such as Brazil and Nigeria. Partnerships with Globally Systemically Important Banks (GSIBs) are accelerating the exploration and use of stablecoins for custody, treasury, collateral, and settlement. Additionally, humanitarian partnerships have facilitated stablecoin-based cash assistance for displaced communities, resulting in 40% cost savings and a reduction in settlement times from weeks to minutes. The Arc blockchain testnet was launched in October with over 100 participating companies from various regions and sectors. These developments, ranging from programmable capital markets to humanitarian aid distribution, demonstrate how Circle’s infrastructure addresses complex challenges across the global economy and contributes to the emerging internet financial system. Jeremy Allaire, Chairman, Co-Founder, and Chief Executive Officer of Circle, stated that the report captures the rise of an open, trusted, and programmable economic system for the internet where stablecoins like USDC and infrastructure like Arc support future commerce, capital markets, and social impact, emphasizing Circle’s role in this transition. Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle, added that 2025 was a significant turning point for the global financial system, with new regulatory clarity, including a landmark stablecoin law in the United States, ushering in an era of compliant, programmable, and interoperable finance. He noted Circle’s commitment to integrating this infrastructure into the global financial system with openness, transparency, and regulation as guiding principles. The full report, including data, use cases, and Circle’s vision for the internet financial system, is available at www.theifsreport.com. Circle (NYSE: CRCL) is an internet financial platform company that aims to build a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Its platform includes the USDC-anchored regulated stablecoin network, the Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain. Enterprises, financial institutions, and developers utilize Circle to power internet-scale financial innovation.