<SEC-DOCUMENT>0000950103-24-005276.txt : 20250724
<SEC-HEADER>0000950103-24-005276.hdr.sgml : 20250724
<ACCEPTANCE-DATETIME>20240412171540
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-24-005276
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Circle Internet Financial Ltd
		CENTRAL INDEX KEY:			0001876042
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		(332) 334-0660

	MAIL ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Circle Internet Financial Ltd
		DATE OF NAME CHANGE:	20231025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Circle Internet Finance Public Ltd Co
		DATE OF NAME CHANGE:	20211101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CIrcle Acquisition Public Ltd Co
		DATE OF NAME CHANGE:	20210730
</SEC-HEADER>
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    <TD STYLE="width: 24%"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1 212 450 4000</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">davispolk.com</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 25%"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell
    <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR>
    New York, NY 10017</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase; width: 31%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 12, 2024</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 3%; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 97%; font-size: 10pt">Circle Internet Financial Limited<BR>
Draft Registration Statement on Form S-1<BR>
CIK No. 0001876042</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">Attention:</TD><TD>Sandra Hunter Berkheimer<BR>
David Lin<BR>
Mark Brunhofer<BR>
Michelle Miller</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of our client, Circle Internet Financial Limited (the &ldquo;<U>Company</U>&rdquo;
or &ldquo;<U>Circle</U>&rdquo;), this letter sets forth the Company&rsquo;s responses to the comments provided by the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) relating to the Company&rsquo;s Draft Registration
Statement on Form S-1 submitted on December 13, 2023 (the &ldquo;<U>Draft Registration Statement</U>&rdquo;) contained in the Staff&rsquo;s
letter, dated February 27, 2024 (the &ldquo;<U>Comment Letter</U>&rdquo;). In response to the comments set forth in the Comment Letter,
the Company has revised the Draft Registration Statement and is confidentially submitting a revised Draft Registration Statement on Form
S-1 (the &ldquo;<U>Amended Draft Registration Statement</U>&rdquo;) together with this response letter. The Amended Draft Registration
Statement also contains certain additional updates and revisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the convenience of the Staff, each comment from the Comment Letter
is restated in italics prior to the response to such comment. All references to page numbers and captions (other than those in the Staff&rsquo;s
comments) correspond to pages and captions in the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Draft Registration Statement on Form S-1<BR>
General</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">1.</FONT></TD><TD>Please provide us with your legal analysis as to whether either USDC or EURC is a &ldquo;security&rdquo; within the meaning of Section
2(a)(1) of the Securities Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Response<FONT STYLE="font-weight: normal">: The Company has set
forth below its legal analysis as to whether USDC or EURC is a &ldquo;security&rdquo; within the meaning of Section 2(a)(1) of the Securities
Act. For the Staff&rsquo;s convenience, the analysis below focuses on USDC; however, the analysis applies equally to EURC (which is substantially
identical to USDC except that it is a euro-denominated payment stablecoin rather than a U.S. dollar-denominated payment stablecoin).</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Overview</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">USDC is not a &ldquo;security&rdquo; because the features of USDC, the
structure of the reserves backing USDC (the &ldquo;<U>USDC Reserves</U>&rdquo;), and Circle&rsquo;s marketing of USDC to the public are
such that the ultimate legal owners of USDC from time to time (&ldquo;<U>USDC Holders</U>&rdquo;) have no reasonable expectation of profits
from USDC from Circle&rsquo;s efforts, and no reasonable expectation that USDC is a security. While it is possible that third parties
may use USDC as part of a third-party investment scheme that is not operated or controlled by</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle, these use cases just highlight USDC&rsquo;s function as a payment
stablecoin, and are no different than the use of a U.S. dollar or any other fiat currency in traditional investment schemes&mdash;which
do not render the fiat currency involved in such schemes &ldquo;securities.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Set forth immediately below is an overview of the features of USDC,
the structure of the USDC Reserves, and Circle&rsquo;s marketing of USDC to the public. The Company&rsquo;s legal analysis of USDC under
the <I>Howey</I> and <I>Reves</I> tests follows such overview.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Features of USDC</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">USDC is a type of &ldquo;payment stablecoin,&rdquo; which, as defined
in the Amended Draft Registration Statement, means a digital currency that is (i) issued by an entity in compliance with applicable regulatory
regime(s), (ii) fully backed by reserves consisting of highly liquid price stable cash and cash equivalents, with the issuing entity bearing
responsibility for any credit risks arising from such reserves, (iii) issued and may be redeemed by a customer on demand on a one-for-one
basis for the underlying fiat currency, and (iv) marketed to the public as a digital currency that is designed to be used for payments.
Specifically, USDC is issuable and redeemable by Circle Mint customers (as hereinafter used, &ldquo;customers&rdquo;) on a one-for-one
basis with the U.S. dollar and is designed to be a digital equivalent of the U.S. dollar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The features of USDC are designed to ensure that USDC has a stable value
(i.e., one USDC equaling one U.S. dollar) and to protect USDC Holders from risk of loss. For example, Circle is the sole issuer of USDC,
and offers USDC in unlimited supply, with each such issuance being on a one-for-one basis with the U.S. dollar. Customers are able to
redeem USDC from Circle at any time and in unlimited quantities on a one-for-one basis with the U.S. dollar.<SUP>1</SUP>
Because Circle has unilateral control over USDC&rsquo;s supply and commits to always mint and redeem USDC with customers on a one-for-one
basis with the U.S. dollar, market forces prevent the value of USDC on secondary markets from deviating from one U.S. dollar for sustained
periods of time. Moreover, Circle only mints and redeems USDC as part of the issuance and redemption process; Circle does not constrain
the supply of USDC or otherwise mint or redeem USDC or engage in any proprietary trading of USDC with the intent of artificially manipulating
the supply of USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Additionally, USDC ownership does not convey to USDC Holders the right
to receive any interest, rewards, or other returns in respect of their holding of USDC. In fact, Circle explicitly disclaims any interest
or return for USDC Holders for holding USDC. Furthermore, USDC does not reflect any investment or other ownership interest in Circle and
does not afford USDC Holders any governance rights with respect to Circle or USDC, and USDC Holders do not receive any financial benefit
or loss based on Circle&rsquo;s financial performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Structure of the USDC Reserves</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Similar to the features of USDC, the structure of the USDC Reserves
is designed to ensure that USDC has a stable value (i.e., one USDC equaling one U.S. dollar) and to protect USDC Holders from risk of
loss. The USDC Reserves are funded with the total amount of funds received by Circle in exchange for the minting of the USDC in circulation,
meaning that the total amount of USDC in circulation is fully backed by at least an equal amount of cash and cash equivalents held in
the USDC Reserves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle is subject to, and abides by, stringent regulation dictating
how the USDC Reserves must be maintained. Because USDC is generally considered an open loop stored value under state money transmission
statutes, the core business of Circle&mdash;the issuance of USDC by Circle and the holding of reserves in respect of USDC&mdash;is generally
regulated on a state-by-state and federal level as money transmission and stored value issuance activities. Circle holds licenses to conduct
money transmission</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP>
<FONT STYLE="font-size: 8pt">USDC Holders who are not customers are able to mint and redeem USDC with Circle only through a customer.
Redemptions by customers are on a one-for-one basis with the U.S. dollar. In some instances, fees may be charged to customers redeeming
large amounts of USDC for &ldquo;instant&rdquo; redemptions of USDC, but no such fees would be charged for redemptions done on a non-expedited
basis.</FONT></P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">activity in 46 states, as well as in the District of Columbia and Puerto
Rico, where such licenses are required. Licensed money transmitters must be fully reserved with respect to the relevant regulatory activity.
Further, most state money transmission statutes strictly limit investments that a licensee is permitted to make with the reserves to specific
categories of investments. In addition, Circle holds a BitLicense with the New York Department of Financial Services (&ldquo;<U>NYDFS</U>&rdquo;)
and a Virtual Currency License from the Louisiana Office of Financial Institutions, which may place additional requirements on the USDC
Reserves. For example, NYDFS guidance requires, among other things, that USDC Reserves must be (i) fully backed by the issuer, (ii) available
for timely redemptions, (iii) segregated from the proprietary assets of the issuer, (iv) limited to specified assets such as U.S. Treasury
obligations with maturities of three months or less, government money market funds, U.S. dollar deposit accounts, digital assets, and
other assets approved by NYDFS, and (v) attested to monthly and annually by a certified public accountant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The USDC Reserves consist entirely of highly liquid price stable cash
and cash equivalents, held at institutions with minimal credit risks. Specifically, as of December 31, 2023, Circle held approximately
90% of its USDC Reserves in the Circle Reserve Fund, which is an SEC-registered Rule 2a-7 government money market fund holding a portfolio
of short-dated U.S. Treasuries, overnight U.S. Treasury repurchase agreements, and cash, issued by BlackRock and available only to Circle.
The assets within the Circle Reserve Fund are held in the custody of BNY Mellon. The remaining portion of the USDC Reserves (typically
10-15%) are held as cash primarily with reserve banking partners designated by the Financial Stability Board as globally systemically
important banks (&ldquo;<U>GSIB</U>&rdquo;). A small fraction of the USDC Reserves typically are held as cash within several additional
regulated financial institutions. The USDC Reserves do not include assets that are not highly liquid or are not price stable, such as
speculative digital assets, secured loans, precious metals, corporate bonds, or commercial paper, or any vehicle holding such assets.
Moreover, customers are entitled to redeem USDC on a one-for-one basis with the U.S. dollar, such that Circle (and not customers or other
USDC Holders) bears responsibility for any credit risks, however unlikely, arising from the USDC Reserves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The USDC Reserves are used only for redemption of USDC in circulation
and not to fund Circle&rsquo;s (or any other entity&rsquo;s) operating expenses, product development, or for any other business purpose.
Accordingly, Circle does not loan or hypothecate the USDC Reserves to any party, including Circle&rsquo;s affiliates. Circle separately
earns interest and other returns on the USDC Reserves, which constitutes revenue to Circle that Circle uses to fund its operations. No
portion of this revenue flows to USDC Holders. The USDC Reserves are held in segregated accounts solely for the benefit of the USDC Holders.
Circle has no equitable interest in the USDC Reserves and cannot use the USDC Reserves for any corporate purpose whatsoever. In the unlikely
case of bankruptcy, the Company believes that the USDC Reserves would remain segregated for USDC Holders, although there is limited legal
precedent addressing the treatment of stablecoin reserves in the event of the bankruptcy of the issuer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, USDC Holders receive information regularly providing assurance
of the nature and amount of the USDC Reserves. For example, Circle publishes on its website on a weekly basis the amount of USDC in circulation,
the balance of the USDC Reserves, the composition of the USDC Reserves, and minting and redemption statistics; the balances in the Circle
Reserve Fund are also disclosed daily. In addition, each month, Circle provides on its website an independent, third-party assurance report
over the value and composition of these assets as of two dates within such month (including the last business day of such month) from
a leading certified public accounting firm (currently, a &ldquo;Big Four&rdquo; accounting firm). Furthermore, as a result of the consummation
of this offering, Circle will be required to file periodic reports, including annual financial statements audited by a nationally recognized
and independent certified public accounting firm registered with the Public Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;)
and in accordance with PCAOB standards, at such times as may be required by Section 12 or Section 15 of the Exchange Act. In these financial
statements, the USDC Reserves will represent a separate line item on the company&rsquo;s balance sheet, which will initially be titled
&ldquo;Cash and cash equivalents segregated for the benefit of stablecoin holders.&rdquo; As a result, the USDC Reserves and related financial
statement reporting will be subject to the auditing requirements applicable to U.S. publicly traded companies and overseen by the Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In short, the USDC Reserves have always been, and Circle expects will
always continue to be, adequately funded to meet Circle&rsquo;s redemption obligations (i.e., that there will always be at least one U.S.
dollar or equivalent in the USDC Reserves for every USDC in circulation).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Circle&rsquo;s Marketing of USDC to the Public</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle only markets USDC to the public for consumptive purposes, as
a payment stablecoin providing a stable, fast, reliable, and accessible means of payment&mdash;in other words, as the digital equivalent
of a U.S. dollar. Circle does not market USDC to the public as part of any Circle &ldquo;interest,&rdquo; &ldquo;rewards,&rdquo; or &ldquo;yield&rdquo;
program paying USDC Holders any interest, rewards, or other returns in respect of their holding of USDC. Circle also does not market to
the public any third-party &ldquo;interest,&rdquo; &ldquo;rewards,&rdquo; or &ldquo;yield&rdquo; program paying USDC Holders any interest,
rewards, or other returns in respect of their holding of USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In fact, Circle&rsquo;s disclosures are explicit that (i) USDC is designed
to have a stable value of one USDC to one U.S. dollar, (ii) USDC ownership does not convey to USDC Holders any interest, rewards, or other
returns in respect of their holding of USDC, (iii) USDC does not reflect any investment or other ownership interest in Circle and does
not afford USDC Holders any governance rights with respect to Circle or USDC, and (iv) USDC Holders do not receive any financial benefit,
or suffer any financial loss, based on Circle&rsquo;s financial performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Legal Analysis Frameworks</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Section 2(a)(1) of the Securities Act defines the term &ldquo;security&rdquo;
by providing a list of various financial instruments that are securities, including an &ldquo;investment contract&rdquo; and a &ldquo;note.&rdquo;
Because USDC does not constitute any of the financial instruments that are specifically listed in the definition of &ldquo;security,&rdquo;
the Company has analyzed whether USDC would be deemed a security under the <I>Howey </I>&ldquo;investment contract&rdquo; test and/or
the <I>Reves </I>&ldquo;note&rdquo; test.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>USDC under Howey</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Relevant Legal Framework</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under <I>SEC v. W.J. Howey Co.</I>, &ldquo;an investment contract for
purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is
led to expect profits solely from the efforts of the promoter or a third party.&rdquo;<SUP>2</SUP>
The Supreme Court has construed the promise of &ldquo;profits&rdquo; as requiring &ldquo;the sense of income or return, to include, for
example, dividends, other periodic payments, or the increased value of the investment.&rdquo;<SUP>3</SUP>
<I>Howey</I> requires not just &ldquo;a reasonable expectation of profits,&rdquo; but an expectation of profits &ldquo;derived from the
entrepreneurial or managerial efforts of others.&rdquo;<SUP>4</SUP>
That is, for an asset to be an investment contract, the person contributing money must be &ldquo;led to expect profits solely from the
efforts of the promoter or a third party.&rdquo;<SUP>5</SUP>
This means the scheme must be &ldquo;promoted primarily as an investment or as a means whereby participants could pool their own activities,
their money and the promoter&rsquo;s contribution in a meaningful way.&rdquo;<SUP>6</SUP>
Courts have expanded the understanding of the fourth prong of Howey to include instances where the expectation of profits is largely dependent
on the efforts or expertise of others (i.e., not literally &ldquo;solely&rdquo;).<SUP>7</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Analysis</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>2</SUP>
<FONT STYLE="font-size: 8pt">328 U.S. 293, 298&ndash;99 (1946).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>3</SUP>
<FONT STYLE="font-size: 8pt"><I>SEC v. Edwards</I>, 540 U.S. 389, 394 (2004); <I>see also United Hous. Found., Inc. v. Forman</I>, 421
U.S. 837, 852 (1975) (&ldquo;By profits, the Court has meant either capital appreciation resulting from the development of the initial
investment &hellip; or a participation in earnings resulting from the use of investors&rsquo; funds&hellip;&rdquo;).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>4</SUP>
<FONT STYLE="font-size: 8pt"><I>Forman</I>, 421 U.S. at 852.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>5</SUP>
<FONT STYLE="font-size: 8pt"><I>W.J. Howey Co.</I>, 328 U.S. at 298&ndash;99.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>6</SUP>
<FONT STYLE="font-size: 8pt"><I>United States v. Leonard</I>, 529 F.3d 83, 88 (2d Cir. 2008) (citing <I>SEC v. Aqua&ndash;Sonic Prods.
Corp</I>., 687 F.2d 577, 582 (2d Cir. 1982)).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>7</SUP>
<FONT STYLE="font-size: 8pt"><I>See, e.g.</I>, <I>SEC v. Glenn W. Turner Enters., Inc.</I>, 474 F.2d 476, 482&ndash;83 (9th Cir. 1973);
<I>SEC v. Koscot Interplanetary, Inc.</I>, 497 F.2d 473, 480&ndash;82 (5th Cir. 1974); <I>Leonard</I>, 529 F.3d at 88.</FONT></P>
<!-- Field: Page; Sequence: 4; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle&rsquo;s offers and sales of USDC to USDC Holders in the manner
and under the circumstances set forth in this response letter are not investment contracts under Howey, because, among other things, USDC
Holders do not have a reasonable expectation of profits from Circle&rsquo;s efforts in respect of their holding of USDC. In fact, Circle&rsquo;s
efforts in designing USDC and the USDC Reserves, and Circle&rsquo;s efforts in offering and selling USDC, are actually intended to affirmatively
avoid such an expectation of profits by USDC Holders. USDC Holders do not have a reasonable expectation of profit with USDC because there
is no profit to be had. Rather, USDC Holders use USDC for its utility as a frictionless form of payment, which depends on its stable value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>USDC does not offer any form of investment return</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">USDC Holders cannot reasonably expect income or return from Circle&rsquo;s
efforts in respect of their holding of USDC because (i) USDC is issuable by Circle and redeemable by customers only on a one-for-one basis
with the U.S. dollar, (ii) USDC and the USDC Reserves were designed by Circle to provide that USDC has a stable value (i.e., one USDC
equaling one U.S. dollar) and to not experience &ldquo;capital appreciation,&rdquo; (iii) USDC ownership does not convey to USDC Holders
any interest, rewards, or other returns in respect of their holding of USDC, and (iv) ownership of USDC does not reflect any investment
or other ownership interest in Circle and does not afford USDC Holders any governance rights with respect to Circle or USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As noted above, the features of USDC and the structure of the USDC Reserves
were designed by Circle to ensure that USDC has a stable value (i.e., one USDC equaling one U.S. dollar). For example, Circle is the sole
issuer of USDC, and offers USDC in unlimited supply, with each such issuance being on a one-for-one basis with the U.S. dollar. Customers
are able to redeem USDC from Circle at any time and in unlimited quantities on a one-for-one basis with the U.S. dollar. Circle only mints
and redeems USDC as part of the issuance or redemption process; Circle does not mint or redeem USDC or engage in any proprietary trading
of USDC to artificially manipulate the supply of USDC. Moreover, the USDC Reserves are held in highly liquid assets and are designed to
always be adequately funded to meet Circle&rsquo;s redemption obligations (i.e., to always have at least one U.S. dollar or highly liquid
equivalent in the USDC Reserves for every USDC in circulation). In addition, customers are entitled to redeem USDC on a one-for-one basis
with the U.S. dollar, such that Circle (and not customers or other USDC Holders) bears responsibility for any credit risks arising from
the USDC Reserves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><I>Circle does not market USDC to the public as an investment</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle only markets USDC for consumptive purposes, as a stable medium
of exchange providing a fast, reliable, and accessible means of payment&mdash;in other words, as the digital equivalent of a U.S. dollar;
Circle does not market USDC as part of any investment scheme paying USDC Holders any interest, rewards, or other returns in respect of
their holding of USDC. Importantly, (i) Circle does not promote USDC &ldquo;primarily as an investment or as a means whereby [USDC Holders]
could pool their own activities, their money and [Circle&rsquo;s] contribution in a meaningful way&rdquo;<SUP>8</SUP>
and (ii) USDC itself, and Circle&rsquo;s involvement with minting, redeeming, and marketing USDC, are not investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Moreover, Circle&rsquo;s disclosures are explicit that USDC is designed
to have a stable value of one USDC to one U.S. dollar and, in furtherance thereof, through the USDC terms of service, Circle explicitly
disclaims any interest or return for USDC Holders for holding USDC. Accordingly, Circle only markets that customers can redeem USDC &ldquo;&lsquo;at
the price &hellip; paid for it&rsquo;&rdquo;<SUP>9</SUP>
(i.e., one U.S. dollar). Circle does not &ldquo;seek to attract investors by the prospect of profits resulting from the efforts of [&hellip;]
promoters or third parties.&rdquo;<SUP>10</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle is staunchly committed to marketing to the public the stable
value of USDC (i.e., one USDC equaling one U.S. dollar) because stability of USDC (including the lack of any expectation of profits) is
a key feature of USDC&mdash;&ldquo;[u]nless [USDC] has a reliable value and stable price &hellip; [USDC Holders] will lose</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>8</SUP>
<FONT STYLE="font-size: 8pt"><I>Leonard</I>, 529 F.3d at 88.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>9</SUP>
<FONT STYLE="font-size: 8pt"><I>Forman</I>, 421 U.S. at 854.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>10</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I></FONT></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">confidence in [USDC].&rdquo;<SUP>11</SUP>
The very utility of USDC depends on USDC&rsquo;s stable value. Furthermore, Circle&rsquo;s initiatives are targeted at supporting USDC&rsquo;s
utility as a medium of exchange and means of payment, including through adding USDC on new blockchains, increasing its interoperability
across blockchains, and making it easier for customers to mint and redeem USDC for the U.S. dollar by adding global banking partners,
and by building software products for developers and enterprises that make it simple and affordable to use USDC as a payment utility.
The high utility of USDC as a frictionless means of exchanging value combined with its stable value make USDC a safe medium to provide
a reliable means of payment as the digital equivalent of a U.S. dollar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Moreover, the features of USDC described above validate Circle&rsquo;s
marketing of USDC as a payment stablecoin. No reasonable customer purchases USDC from Circle with the expectation of benefiting from any
change in the value of USDC or any return on USDC derived from Circle&rsquo;s efforts, because (i) the &ldquo;complementary characteristics
of unlimited supply and a fixed sales price&rdquo; means that secondary market &ldquo;price appreciation of [USDC] will be highly unlikely,
if not practically impossible,&rdquo;<SUP>12</SUP> (ii)
Circle is committed to redeem USDC in unlimited quantities and on a one-for-one basis with the U.S. dollar, so a customer (or another
USDC Holder through a customer) is only able to receive back from Circle the same amount as they put in,<SUP>13</SUP>
and (iii) USDC ownership does not convey to USDC Holders the right to receive any interest, rewards, or other returns in respect of their
holding of USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The only things a USDC Holder reasonably expects from Circle&rsquo;s
efforts are that (i) USDC will remain redeemable by customers on a one-for-one basis with the U.S. dollar, (ii) USDC will retain its stable
value of one USDC to one U.S. dollar, and (iii) USDC will be useful as a means of payment. Historical data supports the conclusion that
USDC Holders view USDC as the digital equivalent of a U.S. dollar. Specifically, rising interest rates have historically correlated with
less USDC in circulation because the opportunity cost of holding fiat currency increases as interest rates rise. USDC Holders are willing
to &ldquo;pay&rdquo; for this opportunity cost because of the utility USDC provides as a frictionless means of payment&mdash;similar to
the reason people are willing to hold fiat currency even in a rising or high interest rate environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">While statements made publicly by Circle relating to USDC may discuss
the ability to use USDC for other purposes, including as a digital medium of exchange that can be used to make investments on third-party
custodial platforms, and it is possible that customers or other USDC Holders may use USDC as part of a third-party investment scheme that
is not operated or controlled by Circle, these use cases just highlight USDC&rsquo;s function as a payment stablecoin, and are no different
than the use of the U.S. dollar or any other fiat currency in traditional investment schemes&mdash;which do not render the fiat currency
involved in such schemes &ldquo;securities.&rdquo; The compliance of any such third-party investment schemes with applicable law is outside
of the control of Circle, and in any case not relevant to an analysis of whether USDC is or is not a security. Just as a dollar is not
speculative even when it is used for speculative purposes, any such use of USDC would not make USDC itself speculative. Even if any such
speculative purposes could somehow make USDC itself speculative, speculative purposes that are &ldquo;&lsquo;incidental and appurtenant&rsquo;&rdquo;
to a primary consumptive use &ldquo;[are] not an &lsquo;expectation of profit&rsquo; in the sense found necessary in Howey,&rdquo;<SUP>14</SUP>
and the primary use of USDC is consumptive.<SUP>15</SUP>
Put differently, the use of the U.S. dollar or one or more other fiat currencies is typically inherent as part of the investment in any
given securities transaction, but&mdash;similar to USDC&mdash;the U.S. dollar and such other fiat currencies are used for consumptive
purposes and are not themselves securities, nor do they become securities merely as a result of their usage for speculative purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>USDC under Reves</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Relevant Legal Framework</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>11</SUP>
<FONT STYLE="font-size: 8pt">No Action Letter re: IMVU, Inc., 18 (Nov. 17, 2020), available at http://tinyurl.com/kd7rbus9.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>12</SUP>
<FONT STYLE="font-size: 8pt">No Action Letter re: Pocketful of Quarters, Inc., 7 (July 25, 2019), available at http://tinyurl.com/yystdakz.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>13</SUP>
<FONT STYLE="font-size: 8pt"><I>Forman</I>, 421 U.S. at 854.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>14</SUP>
<FONT STYLE="font-size: 8pt"><I>Id</I>. at 857.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>15</SUP>
<FONT STYLE="font-size: 8pt">Any such speculative purposes &ldquo;would be incidental to a critical consumptive feature of [USDC], namely,
the transferability&rdquo; of the asset. <I>See</I> No Action Letter re: IMVU, Inc., 18 (Nov. 17, 2020), available at http://tinyurl.com/kd7rbus9.</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under <I>Reves v. Ernst &amp; Young</I>, an instrument denominated as
a note is generally presumed to be a &ldquo;security,&rdquo; with such presumption subject to rebuttal.<SUP>16</SUP>
Such presumption can be rebutted in one of two ways. First, an issuer may rebut such presumption by demonstrating that the instrument
is one of the enumerated categories of commercial/consumer instruments that are not treated as securities under U.S. securities laws.<SUP>17</SUP>
Second, assuming that the instrument does not clearly fit into one of such enumerated categories, an issuer may rebut such presumption
if the balance of four factors indicates that the instrument bears a strong &ldquo;family resemblance&rdquo; to such enumerated categories
and is therefore not a security. The four factors considered under <I>Reves</I> to determine whether there is such a resemblance are:
(i) the motivations of a reasonable seller and buyer; (ii) the instrument&rsquo;s &ldquo;plan of distribution&rdquo;; (iii) the &ldquo;reasonable
expectations of the investing public&rdquo;; and (iv) whether other risk-reducing factors exist, making unnecessary the application of
the securities laws to protect the public.<SUP>18</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Analysis</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A note requires &ldquo;promise[s] to pay a specific payee a sum certain
on a date certain.&rdquo;<SUP>19</SUP> USDC has no maturity
date, and therefore cannot be characterized as a &ldquo;note&rdquo; at all.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Even if USDC could somehow be characterized as a &ldquo;note&rdquo;
despite not having a maturity date, it bears a &ldquo;family resemblance&rdquo; to commercial/consumer instruments traditionally excluded
from the definition of &ldquo;security&rdquo; under <I>Reves</I>.<SUP>20</SUP>
These instruments include: (i) notes delivered in consumer financings; (ii) notes secured by a mortgage on a home; (iii) notes relating
to a &ldquo;character&rdquo; loan to a bank customer; (iv) notes which formalize an open-account indebtedness incurred in the ordinary
course of business; (v) short-term notes secured by an assignment of accounts receivables; (vi) short-term notes secured by a lien on
a small business or some of its assets; and (vii) notes given in connection with loans by a commercial bank to a business for current
operations.<SUP>21</SUP> Even if an instrument is not
sufficiently similar to these enumerated commercial/consumer instruments, courts may decide whether another category should be added.<SUP>22</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under an analysis of the four factors described above, USDC does not
resemble an instrument that is a security and so it is not a note constituting a security under <I>Reves</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><I>USDC purchasers are not motivated by investment potential
in USDC</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An instrument is likely to be a security if it is &ldquo;expected to
generate&rdquo; a profit, and the money paid is &ldquo;for the general use of a business enterprise or to finance substantial investments.&rdquo;<SUP>23</SUP>
Neither of these circumstances exist for USDC. As discussed in greater detail in the <I>Howey</I> analysis above, USDC Holders have no
reasonable expectation of profits from USDC. USDC does not entitle USDC Holders to interest payments or other returns from Circle in respect
of their holding of USDC. USDC does not represent anything other than a right to redeem with Circle on a one-for-one basis with the U.S.
dollar, without any premium or discount and without any maturity. If anything, USDC Holders arguably stand to lose incremental value over
time due to ordinary inflation, just like holders of U.S. dollars or other inflationary fiat currencies. USDC Holders do not use USDC
for profit because there is no profit to be had. Rather, USDC Holders use USDC for its utility as a frictionless form of payment, which
depends on its stable value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Furthermore, not a single dollar paid for USDC has been used for Circle&rsquo;s
general use or to finance any investments that could potentially generate profit for USDC Holders in respect of their USDC holdings&mdash;the
U.S. dollars provided to Circle when minting USDC are kept in segregated accounts, separate from</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>16</SUP>
<FONT STYLE="font-size: 8pt">494 U.S. 56, 67 (1990).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>17</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I></FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>18</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 66&ndash;67.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>19</SUP>
<FONT STYLE="font-size: 8pt"><I>SEC v. Bennett</I>, 889 F. Supp. 804, 808 n.3 (E.D. Pa. 1995); <I>see</I> Black&rsquo;s Law Dictionary
(11th ed. 2019) (defining &ldquo;note&rdquo;)</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>20</SUP>
<FONT STYLE="font-size: 8pt"><I>Reves</I>, 494 U.S. at 67.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>21</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 65 (citing <I>Exch. Nat&rsquo;l Bank of Chi. v. Touche Ross &amp; Co.</I>, 544 F.2d 1126,
1138 (2d Cir. 1976)).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>22</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 65&ndash;66.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>23</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 66.</FONT></P>
<!-- Field: Page; Sequence: 7; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Circle&rsquo;s own corporate treasury. The funds constitute USDC Reserves
and are used only for redemption of USDC in circulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">While customers or other USDC Holders may use USDC in third-party schemes
providing investment potential, as discussed above, any investment motives of customers or other USDC Holders in such scenarios would
be investment potential in such scheme, not investment potential in USDC. USDC&rsquo;s key purpose and utility, and the motivation of
USDC Holders in obtaining USDC, is USDC&rsquo;s stable value and use as a frictionless form of payment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><I>The plan of distribution for USDC does not resemble plans
of distributions for securities</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As discussed in greater detail above, Circle does not market USDC to
the public as part of any investment scheme paying USDC Holders any interest, rewards, or other returns in respect of their holding of
USDC. In fact, Circle explicitly disclaims any interest or return for USDC Holders for holding USDC. An instrument can resemble a security
when its plan of distribution indicates that the instrument is used for &ldquo;common trading for speculation or investment,&rdquo;<SUP>24</SUP>
which means that the instrument is widely offered to the public as a profit-making opportunity.<SUP>25</SUP>
This is not the case for USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">While USDC is widely offered and may be purchased and sold on digital
asset exchanges, this broad availability is consistent with traditional fiat currencies which are also used to settle transactions on
digital asset exchanges. In other words, USDC is distributed in a manner to ensure that it is held, traded, and used for payments and
as the digital equivalent of a U.S. dollar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">However, as discussed in greater detail in the <I>Howey</I> analysis
above, Circle does not offer USDC to the public as a profit-making opportunity. Moreover, USDC is always issuable on a one-for-one basis
with the U.S. dollar (with no pricing or price discovery processes inherent in the plan of distribution for a security) and the marketing
efforts of Circle relating to USDC focus on the stable value and the use of USDC for the frictionless exchange of value (and not any potential
for income or other returns based on the terms of the instrument or the performance of the instrument&rsquo;s issuer, as would be the
case in a plan of distribution for a security). Similarly, there are no underwriters and no marketing by Circle to suggest USDC is a security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><I>The public does not have a reasonable expectation that
USDC is a security</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An instrument can resemble a security if a reasonable member of the
public expects it is a security, as characterized in public marketing.<SUP>26</SUP>
This expectation cannot reasonably exist for USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As discussed in greater detail in the <I>Howey</I> analysis above, any
reasonable purchaser of USDC would understand that USDC is the digital equivalent of a U.S. dollar that provides a stable store of value;
it does not function as an investment. Circle does not market USDC to the public as part of any investment scheme paying USDC Holders
any interest, rewards, or other returns in respect of their holding of USDC. In fact, Circle explicitly disclaims any interest or return
for USDC Holders for holding USDC. Because USDC does not function as an investment, and Circle&rsquo;s marketing to the public does not
characterize USDC as an investment, there can be no reasonable expectation on the part of USDC Holders that USDC is an investment, regardless
of what customers or other USDC Holders may use USDC for with respect to any third-party schemes providing for investment potential, as
discussed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><I>There are risk-reducing considerations that make the application
of U.S. securities laws unnecessary, such as the presence of other regulatory regimes</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>24</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 66; <I>see also SEC v. C.M. Joiner Leasing Corp.</I>, 320 U.S. 344, 351 (1943).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>25</SUP>
<FONT STYLE="font-size: 8pt"><I>See Reves</I>, 494 U.S. at 67&ndash;70 (finding that an instrument was a security where it was widely
offered as a profit-making opportunity).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>26</SUP>
<FONT STYLE="font-size: 8pt"><I>Reves</I>, 494 U.S. at 66&ndash;67, 69.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An instrument is less likely to resemble a security if there exists
&ldquo;another regulatory scheme&rdquo; that &ldquo;significantly reduces the risk of the instrument&rdquo; which may &ldquo;render[]
application of the Securities Acts&rdquo; unnecessary.<SUP>27</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The core business of Circle&mdash;the issuance of USDC by Circle and
the holding of reserves in respect of USDC&mdash;is regulated on a state-by-state and federal level as money transmission and stored value
issuance activities. Those regulations include licensing and registration requirements in the vast majority of U.S. states and at the
federal level. Circle holds licenses to conduct money transmission activity locally in 46 states, as well as in the District of Columbia
and Puerto Rico, where such licenses are required. In addition, Circle holds a BitLicense with the NYDFS and a Virtual Currency License
from the Louisiana Office of Financial Institutions. Circle is also registered nationally with the U.S. Department of the Treasury&rsquo;s
Financial Crimes Enforcement Network as a Money Services Business. These licenses and registrations subject Circle to, among other things,
reserve requirements, recordkeeping and reporting requirements; capital and bonding requirements; obligations to develop, implement, and
maintain risk-based AML and countering the financing of terrorism programs; customer due diligence requirements; limitations on the investment
of customer funds, including strict fiduciary obligations; and examination by state and federal regulatory agencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of December 31, 2023, Circle held approximately 90% of its USDC Reserves
in the Circle Reserve Fund, an SEC-registered Rule 2a-7 government money market fund that is directly subject to SEC oversight. The Circle
Reserve Fund is issued by BlackRock. The assets within the Circle Reserve Fund are held in the custody of BNY Mellon. The remaining portion
of the USDC Reserves (typically 10-15%) are held as cash primarily with reserve banking partners designated by the Financial Stability
Board as GSIBs. A small fraction of the USDC Reserves typically are held as cash within several additional regulated financial institutions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the Commodity Future Trading Commission (&ldquo;<U>CFTC</U>&rdquo;)
has asserted that USDC is a &ldquo;commodity&rdquo; and that swaps referencing USDC are derivatives,<SUP>28</SUP>
which would place USDC and derivatives referencing USDC within the CFTC&rsquo;s authority.<SUP>29</SUP>
Moreover, there are a number of proposals under consideration intended to clarify the regulatory status of payment stablecoins. Legislators
have increasingly coalesced around the Clarity for Payment Stablecoins Act, which, if passed, would not alter the current reach of U.S.
securities laws, but instead simply &ldquo;clarif[y] that payment stablecoins are not securities.&rdquo;<SUP>30</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The extensive regulatory regime to which Circle and USDC are subject,
combined with the fact that USDC is backed by full reserves at all times, makes the application of the U.S. securities laws unnecessary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Conclusion</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">USDC is not a security when offered and sold on the basis described
in this response letter because the features of USDC, the structure of the USDC Reserves, and Circle&rsquo;s marketing of USDC to the
public are such that USDC Holders have no reasonable expectation of profits from USDC from Circle&rsquo;s efforts and no reasonable expectation
that USDC is a security. In particular, (i) USDC is designed to promote a stable value (i.e., one USDC equaling one U.S. dollar) and to
protect USDC Holders from risk of loss, (ii) USDC ownership does not convey to USDC Holders any interest, rewards, or other returns to
USDC Holders in respect of their holding of USDC, (iii) USDC is fully backed by highly liquid price stable cash and cash equivalents,
held in segregated accounts at institutions with minimal credit risks, (iv) Circle (and not USDC Holders) bears responsibility for any
credit risks, however unlikely, arising from the USDC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>27</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 67.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>28</SUP>
<FONT STYLE="font-size: 8pt"><I>See</I> Complaint at 2, 9 CFTC v. Ehrlich, Civil Action No. 1:23-cv- 08962 (stating that USDC is a &ldquo;digital
asset commodit[y]&rdquo;); 7 U.S.C. &sect; 1a(9).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>29</SUP>
<FONT STYLE="font-size: 8pt"><I>See</I> 7 U.S.C. &sect; 9(1) (prohibiting fraud in sale of any commodity in interstate commerce); 17
C.F.R. &sect; 180.1 (adopting regulation to prohibit fraud in sale of commodities); 17 C.F.R. &sect; 180.2 (adopting regulation to prohibit
price manipulation of commodities); 7 U.S.C. &sect; 2(a) (establishing the jurisdiction of the CFTC).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>30</SUP>
<FONT STYLE="font-size: 8pt">Clarity for Payment Stablecoins Act &sect; 13.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Reserves, and (v) Circle does not market USDC to the public as part
of any &ldquo;interest,&rdquo; &ldquo;rewards,&rdquo; or &ldquo;yield&rdquo; program paying USDC Holders any interest, rewards, or other
returns in respect of their holding of USDC.<SUP>31</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">2.</FONT></TD><TD>Please provide a detailed legal analysis regarding whether the Company and its subsidiaries are or hold themselves out as being engaged
primarily in the business of investing or trading in securities, as described in Section 3(a)(1)(A) of the Investment Company Act of 1940
(&ldquo;<U>Investment Company Act</U>&rdquo;). In your response, please (i) discuss the Company&rsquo;s investments in securities as reflected
on the company&rsquo;s balance sheet, including any securities recorded as &ldquo;cash equivalents,&rdquo; (ii) discuss the Company&rsquo;s
business of holding and trading stablecoins, including an analysis of their status as investment securities, and (iii) address, in detail,
each of the factors outlined in Tonapah Mining Company of Nevada, 26 SEC 426 (1947).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has set forth below its legal analysis
regarding whether the Company and its subsidiaries are or hold themselves out as being engaged primarily in the business of investing
or trading in securities, as described in Section 3(a)(1)(A) of the Investment Company Act.<SUP>32</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company, together with its subsidiaries, is not and does not hold
itself out as being engaged primarily, and does not propose to engage primarily, in the business of investing, reinvesting, or trading
in securities within the meaning of Section 3(a)(1)(A) of the Investment Company Act. The Company holds itself out and operates as a company
primarily engaged in the business of developing and operating the market infrastructure for stablecoins, and blockchain applications more
generally, that enable end-users to store value and conduct financial transactions with respect to digital currency-related transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Investment Company Act does not define what it means to be &ldquo;primarily
engaged&rdquo; in the business of investing, reinvesting, or trading in securities, but over the years the Commission and the courts developed
a five-factor test to determine a company&rsquo;s primary engagement.<SUP>33</SUP>
Under <I>Tonopah Mining</I>, being &ldquo;primarily engaged&rdquo; in a business or businesses other than that of investing, reinvesting,
owning, holding, or trading in securities was interpreted under the Investment Company Act to depend on a facts and circumstances review,
including the following principal factors: (1) an issuer&rsquo;s historical development, (2) its public representations of policy, (3)
the activities of its officers and directors, (4) the nature of its present assets, and (5) the sources of its present income. Any one
factor is not determinative, and as interpreted by the courts, the overarching objective of the <I>Tonopah Mining</I> analysis is to determine
whether reasonable investors would view an issuer &ldquo;as an operating company rather than a competitor with a closed-end mutual fund.&rdquo;<SUP>34</SUP>
Although the Commission and its Staff have from time to time indicated that the nature of a company&rsquo;s assets and the sources of
its income are the two most important factors, in <I>National Presto</I> the court stated that the nature of a company&rsquo;s assets
is not the most important of these factors; rather, what is most important is whether the company&rsquo;s &ldquo;portfolio and activities
[will] lead investors to treat a firm as an investment vehicle or as an operating enterprise.&rdquo;<SUP>35</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Applying such factors to the Company and its subsidiaries, as discussed
below, it is clear that the Company, together with its subsidiaries, is primarily engaged in the business of developing and operating
the market infrastructure for stablecoins, and providing related services to facilitate customer transactions in stablecoins, and not
in the business of investing, reinvesting, or trading in securities:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><I>The Company&rsquo;s History</I>. The Company began its operations in 2013. Since beginning operations, the Company has been building
fundamental technology for payments and banking in the age of</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>31</SUP>
<FONT STYLE="font-size: 8pt">Should the Company in the future offer investment contracts involving USDC, the Company acknowledges its
responsibility to comply with U.S. federal and other relevant securities laws.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>32</SUP>
<FONT STYLE="font-size: 8pt">All figures provided in our response to the Staff&rsquo;s comment #2 are presented in thousands.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>33</SUP>
<FONT STYLE="font-size: 8pt"><I>See In re Tonopah Mining Co.</I>, 26 S.E.C. 426 (July 21, 1947); and <I>SEC v. National Presto Industries,
Inc.</I>, 486 F.3d 305 (7th Cir. May 15, 2007).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>34</SUP>
<FONT STYLE="font-size: 8pt"><I>National Presto</I>, 486 F.3d 305 at 315 (7th Cir. 2007).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>35</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">digital assets and the internet. In 2018, the Company launched
USDC, a U.S. dollar-denominated stablecoin. In 2022, the Company launched EURC, a euro-denominated stablecoin, utilizing the same underlying
infrastructure as USDC. Since its formation, the Company has continued to focus on building and promoting a suite of products that foster
the expansion of its stablecoin usage across blockchain networks and that streamline the end-user experience with stablecoin transactions.
Such products include, among other things, easy-to-use, cloud-based tools that simplify the underlying technology for developers (whether
at startups or within major institutions), and that make it easier for them to build, deploy, and operate innovative applications, with
strong out-of-the-box features for using the Company&rsquo;s stablecoin network. The Company operates the blockchain infrastructure for
stablecoins, including open-source software, deployed smart contract protocols, and related network services that are intended to simplify
the usage of stablecoins and help make using stablecoins safe, efficient, and reliable. For example, the Company builds, maintains, and
deploys a family of smart contracts that provide a protocol for applications to easily store and transfer stablecoins. The Company also
launched its Cross-Chain Transfer Protocol (&ldquo;<U>CCTP</U>&rdquo;) in April 2023, which allows end-users to safely and cost-efficiently
transfer USDC from one blockchain to another, and is a crucial building block for application developers to promote the usage of stablecoins
interoperably no matter with what blockchain an application or end-user is interacting. To foster and grow the stablecoin network, the
Company also focused on developing products and services aimed at helping developers and enterprises to build, deploy, and operate end-user
applications on blockchain networks. To this end, the Company offers a suite of products under its Web3 Services application platform,
which helps developers, internet-enabled businesses, and financial institutions to more easily integrate the usage of stablecoins as a
means of payment and settlement within consumer internet, e-commerce, and finance applications.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Historically, the Company and its subsidiaries maintained
significant amounts of cash and cash equivalents in segregated accounts for the exclusive benefit of stablecoin holders for the purpose
of backing the Company&rsquo;s issuance and redemption activity in respect of its stablecoins. The Company segregates such assets in order
to satisfy the Company&rsquo;s obligations under applicable regulatory requirements and commercial laws. Historically and currently, substantially
all of such segregated assets are held as cash in bank demand deposits, shares of the Circle Reserve Fund (a registered money market fund
subject to the requirements of Rule 2a-7 under the Investment Company Act), and/or U.S. government securities, except for a period of
several months during fiscal year 2021 when a significant amount of such assets were also held in other forms of cash equivalents such
as certificates of deposits and commercial paper. The Company has since disposed of such instruments and for all periods since September
30, 2021, such segregated assets have only been held as cash in bank demand deposits, shares of the Circle Reserve Fund, and/or U.S. government
securities, which the Company treats as Neutral Assets (as defined below) for purposes of the analysis under section 3(a)(1)(C) of the
Investment Company Act. <SUP>36</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company has also invested in private companies involved
in the digital asset ecosystem from time to time, which serves several strategic purposes, including supporting the digital asset ecosystem
for payments, commerce, and financial applications, thereby potentially expanding the markets for the Company&rsquo;s business, gaining
greater knowledge of early stage activity across the digital asset ecosystem, and also broadening the Company&rsquo;s access to potential
strategic acquisition or partnership opportunities. As further discussed below, the amount of the Company&rsquo;s strategic investments
is not significant enough to cause the Company to be deemed an investment company under Section 3(a)(1)(C). As of December 31, 2023, the
Company&rsquo;s total assets on a consolidated basis with its wholly-owned subsidiaries, exclusive of Neutral Assets,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>36</SUP>
<FONT STYLE="font-size: 8pt">Please see our response to the Staff&rsquo;s comment #3 below, which discusses in greater detail the Company&rsquo;s
&ldquo;cash equivalents,&rdquo; as requested in subparagraph (i) of the Staff&rsquo;s comment #2 above.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">amounted to approximately $657,599, of which the Company&rsquo;s
strategic investments amounted to approximately $75,874 or 12%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">In connection with its primary business of developing and
operating the market infrastructure for stablecoins, the Company regularly mints and redeems stablecoins as part of the issuance and redemption
process, safeguards on behalf of its customers stablecoins that are solely beneficially owned by such customers, and engages in a nominal
amount of lending and borrowing in stablecoins.<SUP>37</SUP>
As such, to address subparagraph (ii) of the Staff&rsquo;s comment #2 above, the Company may be considered to be holding and trading stablecoins
in the ordinary course of operating its primary business. However, as discussed in our response to the Staff&rsquo;s comment #1 above,
payment stablecoins are not &ldquo;securities&rdquo; for purposes of the U.S. securities laws (and therefore, are not &ldquo;investment
securities&rdquo; under the Investment Company Act)<SUP>38</SUP>
and thus, the Company&rsquo;s activities with respect to holding and trading in stablecoins does not constitute investing, reinvesting,
or trading in &ldquo;securities&rdquo; within the meaning of Section 3(a)(1)(A). Furthermore, the Company&rsquo;s activities with respect
to holding and trading in stablecoins are incidental to and in furtherance of the Company&rsquo;s primary operating business (i.e., not
for proprietary trading purposes) which, under the <I>Tonopah Mining</I> factors as discussed herein, is the business of operating the
market infrastructure for stablecoins and providing services to facilitate customer transactions in stablecoins, and not the business
of investing, reinvesting, or trading in securities within the meaning of Section 3(a)(1)(A).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">As demonstrated above, the Company&rsquo;s historical development
has been marked by significant development of its business of providing the market infrastructure for its stablecoins and related services,
and has not focused on investing, reinvesting, or trading in securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><I>The Way the Company Presents Itself to the Public.</I> The Company presents itself to the public solely as an operating company
engaged in the business of helping businesses and financial institutions use digital assets for payments, commerce, and finance applications.
That is how the Company&rsquo;s websites and other public facing materials universally depict its operations. The Company does not believe
that its disclosures in any way suggest that trading and investing in securities is a primary Company activity. For example, the Company&rsquo;s
website and press releases typically refer to the Company as &ldquo;a global financial technology firm&rdquo; whose &ldquo;transactional
services, business accounts, and open and programmable platform APIs are giving rise to a new generation of financial services and commerce
applications.&rdquo; The Company has consistently emphasized its operating results from its ongoing operations in the business of developing
and operating the market infrastructure for its stablecoins, and has never emphasized either its investment income or the possibility
of significant appreciation from its cash management activities or strategic investments, as a material factor in its business or future
growth. As such, prospective investors generally focus on the Company&rsquo;s ability to continue to develop and monetize usage of its
market infrastructure for stablecoins, and not its cash management activities or strategic investments, as the primary driver of the Company&rsquo;s
value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><I>The Activities of the Company&rsquo;s Officers and Directors.</I> As of March 31, 2024, the Company had 870 employees. None of
its employees is devoted full-time to managing the Company&rsquo;s investment securities. Only four employees spend part of their time
managing the Company&rsquo;s strategic investments as discussed above (which are primarily investments in technologies and services in
furtherance of the Company&rsquo;s primary operating business), and five employees spend part of their time managing the Company&rsquo;s
treasury activities, including managing Neutral Assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>37</SUP>
<FONT STYLE="font-size: 8pt">As noted in our response to the Staff&rsquo;s comment #3 below, stablecoin receivables attributable to loan
receivables on the Company&rsquo;s consolidated balance sheets as of December 31, 2023, amounted to approximately $22,559 or 3% of the
Company&rsquo;s total consolidated assets, exclusive of Neutral Assets (as defined below).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>38</SUP>
<FONT STYLE="font-size: 8pt">Under Section 3(a)(2) of the Investment Company Act, &ldquo;investment securities&rdquo; includes &ldquo;all
<I>securities</I> except (A) Government securities, (B) securities issued by employees&rsquo; securities companies, and (C) securities
issued by majority-owned subsidiaries of the owner which (i) are not investment companies, and (ii) are not relying on the exception from
the definition of investment company in paragraph (1) or (7) of subsection (c).&rdquo; (emphasis added) </FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">that back its stablecoins. As such, this factor demonstrates
that the Company is primarily engaged in the business of operating the market infrastructure for stablecoins and providing related services,
and not in the business of investing, reinvesting, or trading in securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><I>The Nature of the Company&rsquo;s Present Assets.</I> In terms of the assets factor, as discussed in greater detail in our response
to the Staff&rsquo;s comment #3 below, the Company is not an investment company under the assets and income tests under Rule 3a-1 under
the Investment Company Act. Thus, the composition of the Company&rsquo;s assets also demonstrates that it is not primarily engaged in
the business of investing, reinvesting, or trading in securities. On the Company&rsquo;s consolidated balance sheets dated as of December
31, 2023, the only &ldquo;securities&rdquo; for purposes of the Rule 3a-1 assets test (i.e., securities that are not excluded under Rule
3a-1(a)) (&ldquo;<U>Relevant Securities</U>&rdquo;) were: (a) approximately $22,559 of stablecoins receivables, which consists of loan
receivables in stablecoins, (b) approximately $75,874 of investments, which consists of the Company&rsquo;s strategic investments, and
(c) approximately $3,536 of digital assets, which consists of the Company&rsquo;s digital asset holdings other than Bitcoin and Ethereum.<SUP>39</SUP>
The value of such Relevant Securities as of December 31, 2023 amounted to approximately $101,969 or 16% of the Company&rsquo;s total assets
on a consolidated basis with its wholly-owned subsidiaries, exclusive of Neutral Assets, which amounted to approximately $657,599.<SUP>40</SUP>
The remaining assets on the Company&rsquo;s consolidated balance sheets, other than Neutral Assets, consist primarily of: accounts receivables
(e.g., for goods sold or services rendered), prepaid expenses, fixed assets, goodwill, and intangible assets that are not securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Regarding the assets the Company treats as Neutral Assets
for purposes of the Rule 3a-1 assets and income tests, as discussed in greater detail in our response to the Staff&rsquo;s comment #3
below, such Neutral Assets consist of: (a) cash in demand deposits with banks, (b) shares of the Circle Reserve Fund, a registered investment
company that holds itself out as a money market fund, seeks to maintain a stable NAV of $1.00 per share, and satisfies the requirements
of Rule 2a-7 under the Investment Company Act (a &ldquo;<U>Rule 2a-7 Fund</U>&rdquo;), (c) U.S. Treasury securities, and (d) the offsetting
asset recorded as &ldquo;assets related to safeguarding obligations&rdquo; on the Company&rsquo;s balance sheets in accordance with Staff
Accounting Bulletin No.&nbsp;121 (&ldquo;<U>SAB 121</U>&rdquo;). The majority of the Company&rsquo;s consolidated assets consists of cash
and shares of the Circle Reserve Fund, which constituted over 90% of the Company&rsquo;s total consolidated assets as of December 31,
2023. The Staff has clearly stated that shares of Rule 2a-7 Funds such as the Circle Reserve Fund are categorized as &ldquo;cash items&rdquo;
for purposes of Rule 3a-1 assets and income tests, and are not Relevant Securities.<SUP>41</SUP>
As such, the Company clearly satisfies the assets test under Rule 3a-1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">With respect to Section 3(a)(1)(A), we note that in the <I>Wilkie
Farr</I> no-action letter, the Staff also cautioned that an issuer with a very large percentage of its total assets in shares of Rule
2a-7 Funds, even if such issuer satisfies the Rule 3a-1 assets and income tests, &ldquo;nevertheless may be an investment company under
section 3(a)(1)(A) of the Investment Company Act if its <I>primary</I> business is investing, reinvesting, or trading in shares of money
market funds (or in shares of money market funds and other securities), or if it holds itself out as being primarily engaged in such a
business.&rdquo;<SUP>42</SUP> In the Company&rsquo;s case,
given the Company&rsquo;s public representations and how it is viewed by prospective investors as discussed above, the Company clearly
holds itself out as</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>39</SUP>
<FONT STYLE="font-size: 8pt">For purposes of the Investment Company Act analysis, the Company does not treat Bitcoin or Ethereum as investment
securities. See, e.g., William Hinman, Director, Division of Corporation Finance, SEC, Remarks at the Yahoo Finance All Markets Summit:
Digital Asset Transactions: When <I>Howey</I> Met <I>Gary</I> (Plastic) (Jun. 14, 2018), available at https://www.sec.gov/news/speech/speech-hinman-061418.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>40</SUP>
<FONT STYLE="font-size: 8pt">Please see our response to the Staff&rsquo;s comment #3 below, which discusses in greater detail the Company&rsquo;s
assets reflected on the Company&rsquo;s balance sheets, including those recorded as &ldquo;cash equivalents,&rdquo; as requested in subparagraph
(i) of the Staff&rsquo;s comment #2 above, and those treated as Neutral Assets for purposes of the Rule 3a-1 assets and income tests.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>41</SUP>
<FONT STYLE="font-size: 8pt">The Staff has taken the position that shares of registered investment companies that hold themselves out
as money market funds, seek to maintain a stable NAV of $1.00 per share and satisfy the requirements of Rule 2a-7 may be treated as cash
items for purposes of the Rule 3a-1 assets and income tests. <I>Willkie, Farr &amp; Gallagher</I>, SEC No-Action Letter (Oct. 23, 2000).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>42</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I></FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">being in the <I>primary</I> business of operating the market
infrastructure for stablecoins, and not in investing, reinvesting, or trading in shares of the Circle Reserve Fund or other money market
funds or securities. In addition, the Company holds shares of the Circle Reserve Fund and other cash items as liquid reserves to back
its stablecoins (e.g., to support redemptions) to the extent necessary to operate its primary business, and not for investment purposes.
As noted above, in determining an issuer&rsquo;s primary business under the <I>Tonopah Mining</I> analysis, any one factor is not determinative,
and as interpreted by the courts, the overarching objective of the <I>Tonopah Mining</I> analysis is to determine whether reasonable investors
would view an issuer &ldquo;as an operating company rather than a competitor with a closed-end mutual fund.&rdquo;<SUP>43</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">No reasonable investor would invest in the Company simply
to gain exposure to the Company&rsquo;s holdings in the Circle Reserve Fund when such investor could invest directly in a comparable Rule
2a-7 Fund. Indeed, as noted above, in interpreting the <I>Tonopah Mining</I> factors, the court in <I>National Presto</I> stated that
the nature of a company&rsquo;s assets is <U>not</U> the most important of the five factors.<SUP>44</SUP>
In that case, National Presto Industries was primarily engaged in the business of selling consumer products, but held significant amounts
of financial instruments that at times constituted as much as 92% of its total assets. Unlike the Company, National Presto Industries
did not appear to have heavy cash needs for its operating business, and invested in financial instruments that, unlike Rule 2a-7 Funds,
are clearly securities, such as municipal bonds and variable-rate demand notes that the court acknowledged involved the kind of risks
investors typically take when investing in stocks or bonds. Nonetheless, the court determined that based on the other <I>Tonopah Mining</I>
factors, such as investors&rsquo; perception of National Presto Industries as an operating enterprise, and its strong income from the
sale of its products, National Presto Industries was primarily engaged in an operating business and was not an investment company. Similarly,
in light of the Company&rsquo;s public representations and how it is viewed by prospective investors as well as the other <I>Tonopah Mining</I>
factors discussed above, the Company&rsquo;s holdings of Circle Reserve Fund shares for the purpose of backing its stablecoins would not
change a reasonable investor&rsquo;s perception of the Company as one primarily engaged in the business of operating the market infrastructure
for stablecoins.<SUP>45</SUP> Thus, although the Company
holds a large percentage of its assets in shares of the Circle Reserve Fund, it is not an investment company under Section 3(a)(1)(A)
because its <I>primary</I> business is not investing, reinvesting, or trading in shares of money market funds or other securities, and
it does not hold itself out as such, which is consistent with the Staff&rsquo;s view in the <I>Wilkie Farr</I> no-action letter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><I>The Source of the Company&rsquo;s Present Income.</I> In terms of the income factor, as discussed in greater detail in our response
to the Staff&rsquo;s comment #3 below, the Company is not an investment company under the assets and income tests under Rule 3a-1 under
the Investment Company Act. Thus, the sources of the Company&rsquo;s present income also demonstrates that it is not primarily engaged
in the business of investing, reinvesting, or trading in securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s total net income after taxes for the four
fiscal quarters ended December 31, 2023 amounted to approximately $267,562 on a consolidated basis with its wholly-owned subsidiaries.
For the four fiscal quarters ended December 31, 2023, the Company&rsquo;s only income and expense</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>43</SUP>
<FONT STYLE="font-size: 8pt"><I>National Presto</I>, 486 F.3d 305 at 315 (7th Cir. 2007).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>44</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I> at 314 (rejecting the assertion that the composition of a company&rsquo;s assets is the &ldquo;most
important&rdquo; of these five considerations and observing that the <I>Tonopah Mining </I>analysis of a company&rsquo;s primary business
under Section 3(b)(1) &ldquo;has to be about considerations other than assets (or at least in addition to assets).&rdquo;)</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>45</SUP>
<FONT STYLE="font-size: 8pt">See also <I>Moses v. Black</I>, No. 78 Civ. 1913, 1981 U.S. Dist. LEXIS10870 (S.D.N.Y. Feb. 3, 1981), in
which the court found that since the issuer, Chock Full O&rsquo;Nuts Corporation (&ldquo;<U>Chock</U>&rdquo;), was not perceived as an
investment company-type entity but was well known as a restaurant chain with significant operations, it was not an investment company,
despite the fact that approximately 60% of its assets were investment securities. The <I>Moses</I> court noted: &ldquo;As the evidence
overwhelmingly indicates, Chock had, from its inception, followed a course of development in the retail food and restaurant business.
It is well-known as a fast food chain, certainly in those metropolitan areas where its restaurants are located, by virtue of its distinctive
and prominent restaurant facades, identical food selections in all locations and unique menu logo. There is no evidence before the court
which would indicate that historically or in the statements of policy appearing in annual reports and public filings, Chock either considered
itself or was known to the public as anything but primarily a fast food operation, with subsidiaries that have developed to sell certain
of the popular products in retail food stores.&rdquo; 1981 U.S. Dist. LEXIS 10870, at *16.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">items potentially attributable to Relevant Securities for
such period were: $11,966 of gains from digital assets other than Bitcoin or Ethereum and $20,159 of other income. Together, such income
and expense potentially derived from Relevant Securities amounted to approximately $32,125 or 12% of the Company&rsquo;s total net income
after taxes for that period, on a consolidated basis with its wholly-owned subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">A substantial majority of the Company&rsquo;s consolidated
net income for the four fiscal quarters ended December 31, 2023 consisted of &ldquo;reserve income&rdquo; derived from the Company&rsquo;s
Neutral Assets (i.e., dividend income attributable to the Company&rsquo;s holdings in shares of the Circle Reserve Fund, and interest
income from cash in bank demand deposits and U.S. government securities). As we noted above, the Staff has cautioned that an issuer with
a very large percentage of its total assets in Rule 2a-7 Fund shares, even if such issuer satisfies the Rule 3a-1 assets and income tests
because Rule 2a-7 Fund shares are treated as Neutral Assets, &ldquo;nevertheless may be an investment company under section 3(a)(1)(A)
of the Investment Company Act if its <I>primary</I> business is investing, reinvesting, or trading in shares of money market funds (or
in shares of money market funds and other securities), or if it holds itself out as being primarily engaged in such a business.&rdquo;<SUP>46</SUP>
In the Company&rsquo;s case, given the Company&rsquo;s public representations and how it is viewed by prospective investors as discussed
above, the Company clearly holds itself out as being in the <I>primary</I> business of operating the market infrastructure for stablecoins,
and not in investing, reinvesting, or trading in shares of the Circle Reserve Fund or other money market funds or securities. In addition,
the Company&rsquo;s reserve income is derived entirely from Neutral Assets that are necessary for the operation of the Company&rsquo;s
primary business, as the Company needs to hold such Neutral Assets as liquid reserves to back its stablecoins. As such the Company holds
such Neutral Assets (and resulting income) in furtherance of its primary operating business, and not for investment purposes. The Company
also had significant distribution and transaction costs related to stablecoin distribution and marketing, and other costs and expenses
related to conducting the Company&rsquo;s primary operating business, amounting to approximately $1,216,060 for such period. As such,
it is clear that the Company&rsquo;s day-to-day activities are dominated by its primary engagement in operating the marketing infrastructure
for stablecoin and providing related services, and not investing in shares of the Circle Reserve Fund or other money market funds or securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">In addition, unlike Tonopah Mining, whose only source of income
consisted of &ldquo;interest, dividends and profits on the sale of securities . . . [with] nothing to indicate that the situation will
be changed substantially in the foreseeable future,&rdquo;<SUP>47</SUP>
the Company continues to develop its suite of products and services to create additional ways for the Company to monetize the usage of
its infrastructure for stablecoins, including fees based on the number of active wallets, the number of API calls into the Company&rsquo;s
smart contract platform, and the amount of fees paid using the Company&rsquo;s Gas Station service. Such new fees are expected to provide
an important potential long-term source of revenue for the Company going forward. Thus, the fact that a large portion of the Company&rsquo;s
consolidated net income for the past four fiscal quarters combined was attributable to Neutral Assets would not change a reasonable investor&rsquo;s
perception of the Company as one primarily engaged in operating the market infrastructure for stablecoins and providing related services.
As such, the Company is not an investment company under Section 3(a)(1)(A) because its <I>primary</I> business is not investing, reinvesting,
or trading in shares of money market funds or other securities, and it does not hold itself out as such, which is consistent with the
Staff&rsquo;s view in the <I>Wilkie Farr</I> no-action letter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based on the foregoing, the <I>Tonopah Mining</I> analysis leads to
no conclusion other than that the Company, together with its subsidiaries, is primarily engaged in the business of operating the market
infrastructure for its stablecoins and providing related services, and not in the business of investing, reinvesting, or trading in securities.
The Company believes that its operating business is reasonably</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>46</SUP>
<FONT STYLE="font-size: 8pt"><I>Willkie, Farr &amp; Gallagher</I>, SEC No-Action Letter (Oct. 23, 2000).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>47</SUP>
<FONT STYLE="font-size: 8pt"><I>In re Tonopah Mining Co.</I>, 26 S.E.C. 426 (July 21, 1947).</FONT></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">viewed by investors as providing market infrastructure for its stablecoins
and related services, and that reasonable investors would base their decision to invest in the Company upon these commercial activities.
Indeed, the valuation of the Company&rsquo;s stock by an independent valuation firm engaged by the Company for IRC 409A purposes compared
the Company&rsquo;s multiples to other operating companies in the industry, such as fintech companies and payment services companies.
Thus, the Company does not believe that reasonable investors would purchase shares of the Company for indirect exposure to income generated
from the Company&rsquo;s holdings in cash, the Circle Reserve Fund and U.S. government securities. If a reasonable investor were primarily
seeking returns from such holdings, it could do so more directly and efficiently by purchasing such instruments directly or through a
money market fund or other investment vehicle expressly designed and marketed for this purpose. Thus, based on the foregoing, the Company
is not an investment company under Section 3(a)(1)(A) of the Investment Company Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">3.</FONT></TD><TD>Please provide a detailed legal analysis regarding whether the Company or any of its subsidiaries meet the definition of an &ldquo;investment
company&rdquo; under Section 3(a)(1)(C) of the Investment Company Act. In your response, please include all relevant calculations under
Section 3(a)(1)(C), identifying each constituent part of the numerators and denominators, with values as of your most recent fiscal quarter
ended. Please also (i) specifically describe the types of assets recorded as &ldquo;cash equivalents&rdquo; on your balance sheet, (ii)
specifically describe the assets included within &ldquo;assets related to safeguarding obligations&rdquo; on your balance sheet, if any,
and (iii) describe and discuss these assets&rsquo; proposed treatment for purposes of section 3(a)(1)(C), as well as any other substantive
determinations and/or characterizations of assets that are material to your calculations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Response<FONT STYLE="font-weight: normal">: The Company has set
forth below its legal analysis regarding whether the Company and its subsidiaries meet the definition of an &ldquo;investment company&rdquo;
under Section 3(a)(1)(C) of the Investment Company Act.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Section 3(a)(1)(C) Analysis -- The Company</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As demonstrated below,<SUP>48</SUP>
the Company satisfies the elements of Rule 3a-1 under the Investment Company Act and therefore is deemed not to be an investment company
under Section 3(a)(1)(C) of the Investment Company Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Rule 3a-1 under the Investment Company Act generally provides that an
entity will be deemed not to be an investment company notwithstanding Section 3(a)(1)(C) of the Investment Company Act if: (a) consolidating
the entity&rsquo;s wholly-owned subsidiaries, no more than 45% of the value of its assets (exclusive of cash items and U.S. government
securities) consists of, and no more than 45% of its net income after taxes (for the past four fiscal quarters combined) is derived from,
securities other than U.S. government securities, securities issued by employees&rsquo; securities companies, securities issued by qualifying
majority-owned subsidiaries of such entity and securities issued by qualifying companies that are controlled primarily by such entity,
(b) it is not and does not hold itself out as being engaged primarily, and does not propose to engage primarily, in the business of investing,
reinvesting, or trading securities, (c) it is not engaged and does not propose to engage in the business of issuing face-amount certificates
of the installment type, and has not engaged in such business or have any such certificate outstanding, and (d) it is not a special situation
investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>(a) Assets and Income Test.</I> As of December&nbsp;31,
2023, the Company&rsquo;s assets, consolidated with its wholly-owned subsidiaries, consisted of the assets listed below with the following
approximate values. Please see the discussion that follows for an explanation of the Company&rsquo;s treatment of &ldquo;cash equivalents&rdquo;
and &ldquo;assets related to safeguarding obligations&rdquo; as Neutral Assets for purposes of Rule 3a-1:</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>48</SUP>
<FONT STYLE="font-size: 8pt">All figures provided in our response to the Staff&rsquo;s comment #3 are presented in thousands.</FONT></P>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">o</FONT></TD><TD><U>Treated as Neutral Assets</U>:</TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%">Cash and cash equivalents (i.e., cash in bank demand deposits)</TD>
    <TD STYLE="width: 41%">$368,623</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Restricted cash (i.e., cash in bank demand deposits)</TD>
    <TD>$3,575</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cash and cash equivalents segregated for corporate held stablecoins (i.e., cash in bank demand deposits and shares of Circle Reserve Fund)</TD>
    <TD>$275,809</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cash and cash equivalents segregated for the benefit of stablecoin holders (i.e., cash in bank demand deposits and shares of Circle Reserve Fund)</TD>
    <TD>$24,346,152</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Available-for-sale debt securities, current (i.e., U.S. Treasury securities)</TD>
    <TD>$152,183</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Available-for-sale debt securities, non-current (i.e., U.S. Treasury securities)</TD>
    <TD>$87,940</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Receivables derived from Neutral Assets</TD>
    <TD>$104,715</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Assets related to safeguarding obligations</TD>
    <TD>$524,160</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">o</FONT></TD><TD><U>Treated as operating assets</U>:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%">Accounts receivables (i.e., trade receivables)</TD>
    <TD STYLE="width: 41%">$1,940</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Prepaid expenses and income tax receivables&#9;</TD>
    <TD>$41,930</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fixed assets</TD>
    <TD>$2,619</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD>
    <TD>$169,544</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Intangible assets that are not securities</TD>
    <TD>$327,381</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other noncurrent assets that are not securities</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Digital asset holdings in Bitcoin and Ethereum</P></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$4,400</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$7,803</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Deferred tax assets</TD>
    <TD>$13</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">o</FONT></TD><TD><U>Treated as Relevant Securities (as defined in our response to comment #2 above)</U>:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%">Stablecoins receivables (i.e., loan receivables)</TD>
    <TD STYLE="width: 41%">$22,559</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Investments (i.e., strategic investments)</TD>
    <TD>$75,874</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Digital assets that are not Bitcoin or Ethereum</TD>
    <TD>$3,536</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; font-size: 10pt"><B>Total Assets (exclusive of Neutral Assets)</B></TD>
    <TD STYLE="width: 41%; font-size: 10pt">$657,599</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">On a consolidated basis with its wholly owned subsidiaries,
as of December 31, 2023, the value of the Company&rsquo;s Relevant Securities listed above amounted to approximately $101,969 or 16% of
the value of the Company&rsquo;s total assets (exclusive of Neutral Assets). As such, less than 45% of the Company&rsquo;s total assets
(exclusive of Neutral Assets) was attributable to Relevant Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">For purposes of the Rule 3a-1 assets test, the Company excluded
certain assets (&ldquo;<U>Neutral Assets</U>&rdquo;) from the value of total consolidated assets used in the denominator of the calculation,
and the value of Relevant Securities used in the numerator of such calculation, as discussed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company treats as Neutral Assets all of the amounts recorded on its consolidated balance sheets as &ldquo;cash and cash equivalents,&rdquo;
&ldquo;cash and cash equivalents segregated for corporate held stablecoins,&rdquo; &ldquo;cash and cash equivalents segregated for the
benefit of stablecoin holders,&rdquo; and &ldquo;restricted cash&rdquo; because such items are held entirely in cash in demand deposits
with banks and shares of the Circle Reserve Fund, a Rule 2a-7 Fund.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">The Commission and/or Staff have stated that cash in bank demand
deposits<SUP>49</SUP> and shares of Rule 2a-7 Funds<SUP>50</SUP> are categorized as &ldquo;cash items&rdquo; for purposes of Rule 3a-1
assets and income tests, and thus are excluded from the total assets value used in the denominator of the assets test calculation in
accordance with Rule 3a-1(a). Although Rule 3a-1(a) does not expressly exclude &ldquo;cash items&rdquo; from the value of Relevant Securities
to be used in the numerator of such calculation, the Staff has stated that it was not necessary to include an explicit exclusion for
&ldquo;cash items&rdquo; in the language of Rule 3a-1(a) because at the time Rule 3a-1 was adopted, the Commission did not contemplate
securities as &ldquo;cash items.&rdquo;<SUP>51
</SUP>In the case of Rule 2a-7 Fund shares, which are securities, the Staff has explicitly stated that such shares may be excluded from
the value of Relevant Securities used in the numerator of the Rule 3a-1 assets test calculation.<SUP>52</SUP> Therefore, based on such
guidance, the Company has excluded cash in demand deposits with banks and shares of the Circle Reserve Fund from the numerator and denominator
of the Rule 3a-1 assets test calculation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company treats as Neutral Assets all of the amounts recorded on its consolidated balance sheets as &ldquo;available-for-sale debt
securities&rdquo; because such item consists entirely of instruments that are &ldquo;Government securities&rdquo; for purposes of Rule
3a-1, i.e., U.S. Treasury obligations. The Company treats such &ldquo;Government securities&rdquo; as Neutral Assets in accordance with
Rule 3a-1(a), which expressly excludes &ldquo;Government securities&rdquo; from the value of total consolidated assets used in the denominator
of the Rule 3a-1 assets test calculation, and from the value of Relevant Securities used in the numerator of such calculation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company also treats
                                            as Neutral Assets the entire amount of &ldquo;assets related to safeguarding obligations,&rdquo;
                                            which the Company is required to record as an asset on its balance sheets under SAB 121.
                                            Due to the unique risks and uncertainties involved in safeguarding digital assets, the Staff
                                            issued SAB 121 to require companies, like the Company, that have an obligation to safeguard
                                            digital assets held for platform users (including by maintaining the cryptographic key information
                                            necessary to access such digital assets) to record a liability on their balance sheets to
                                            reflect such safeguarding obligation, as well as a corresponding asset to offset such liability.
                                            The Staff noted that the offsetting asset required to be recorded for accounting purposes
                                            under SAB 121 &ldquo;is separate and distinct from the crypto-asset itself that has been
                                            transferred to and then held for the platform user.&rdquo;<SUP>53</SUP> Thus, although the
                                            Company&rsquo;s &ldquo;assets related to safeguarding obligations&rdquo; under SAB 121 are
                                            in respect of digital assets being held for the Company&rsquo;s customers, they are &ldquo;separate
                                            and distinct&rdquo; from such underlying digital assets, and therefore their characterization
                                            for Rule 3a-1 purposes does not depend on the characterization of such underlying digital
                                            assets (e.g., as operating assets in the case of Bitcoin and Ethereum, or as Relevant Securities
                                            in the case of other digital assets). Indeed, such separate characterization for Rule 3a-1
                                            purposes is appropriate because the Company does not own the digital assets underlying its
                                            safeguarding obligation. The Company holds and safeguards such digital assets on behalf of
                                            its</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>49</SUP>
<FONT STYLE="font-size: 8pt">The Commission has stated that: &ldquo;For purposes of determining compliance with the proposed rule [3a-1],
cash, coins, paper currency, demand deposits with banks, timely checks of others (which are orders on banks to immediately supply funds),
cashier checks, certified checks, bank drafts, money orders, traveler&rsquo;s checks, and letters of credit generally would be considered
cash items. <I>Certain Prima Facie Investment Companies</I>, SEC Release No. 10937 (Nov. 13, 1979) (&ldquo;<U>Release 10937</U>&rdquo;),
at n.29.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>50</SUP>
<FONT STYLE="font-size: 8pt">The Staff has taken the position that shares of registered investment companies that hold themselves out
as money market funds, seek to maintain a stable NAV of $1.00 per share and satisfy the requirements of Rule 2a-7 may be treated as cash
items for purposes of the Rule 3a-1 assets and income tests. <I>Willkie, Farr &amp; Gallagher</I>, SEC No-Action Letter (Oct. 23, 2000).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>51</SUP>
<FONT STYLE="font-size: 8pt"><I>Willkie, Farr &amp; Gallagher</I>, SEC No-Action Letter (Oct. 23, 2000).</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>52</SUP>
<FONT STYLE="font-size: 8pt"><I>Id.</I></FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>53</SUP>
<FONT STYLE="font-size: 8pt">SAB 121, at n.8.</FONT></P>
<!-- Field: Page; Sequence: 18; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">customers, who are the sole beneficial owners and sole beneficiaries
of the increases and decreases in the fair value of such digital assets.<SUP>54</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">Thus, the balance sheet item for &ldquo;assets related to safeguarding
obligations&rdquo; is essentially an accounting construct to provide a means for the Company to record an asset, solely for accounting
purposes, to offset the liability that the Company is required to record under SAB 121 with respect to its safeguarding obligations. Such
balance sheet item is not commonly perceived to be a security and is not documented in the form of a note, loan, or other evidence of
indebtedness, and does not incur interest or other type of return. As such, the Company&rsquo;s &ldquo;assets related to safeguarding
obligations&rdquo; do not fall within the types of instruments that are listed in the definition of a &ldquo;security&rdquo; under Section
2(a)(36) of the Investment Company Act,<SUP>55</SUP> and
therefore is not a Relevant Security for Rule 3a-1 purposes. The Company thus excludes the amount of &ldquo;assets related to safeguarding
obligations&rdquo; recorded on its balance sheets from the value of Relevant Securities used in the numerator of the Rule 3a-1 assets
test calculation. In addition, since such balance sheet item does not represent an actual asset owned by the Company, the Company, in
order to be conservative, also excludes such amount from the value of total consolidated assets used in the denominator of such calculation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">In terms of net income, the Company&rsquo;s total net income
after taxes, consolidated with its wholly-owned subsidiaries, amounted to approximately $267,562 for the four fiscal quarters ended December
31, 2023.&nbsp;Contributing to that amount was:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">o</FONT></TD><TD>Treated as income/expense derived from the Company&rsquo;s operating business:<SUP>56</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%">Reserve income</TD>
    <TD STYLE="width: 31%">$1,430,606</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other revenues (i.e., fees for services)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Digital assets gains from Bitcoin and Ethereum</P></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$19,860&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$1,522&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Gain on sale of intangible assets that are not securities</TD>
    <TD>$21,634</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Interest income on corporate cash balances</TD>
    <TD>$29,262</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Distribution and transaction costs related to stablecoin distribution and marketing</TD>
    <TD>$719,806</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other costs related to stablecoin distribution and marketing</TD>
    <TD>$7,918</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Compensation expenses</TD>
    <TD>$296,055</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>General and administrative expenses</TD>
    <TD>$100,128</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Depreciation and amortization expense</TD>
    <TD>$34,887</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>IT infrastructure costs</TD>
    <TD>$20,722</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Marketing expenses</TD>
    <TD>$36,544</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Loss from discontinued operations</TD>
    <TD>$3,987</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Income tax expense</TD>
    <TD>$47,400</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>54</SUP>
<FONT STYLE="font-size: 8pt">The Company does not control the digital assets related to safeguarding obligations, and it does not have
the right to borrow, pledge, repledge, hypothecate, rehypothecate, loan, or invest any digital assets held on behalf of customers. The
customer has ownership and control over the use and transfer of assets related to safeguarding obligations and has the sole legal right
to transact with or transfer these digital assets except when prohibited by law or court order. </FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>55</SUP>
<FONT STYLE="font-size: 8pt">Under Section 2(a)(36) of the Investment Company Act, a &ldquo;security&rdquo; is defined as: &ldquo;any
note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any
profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract,
voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any
put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities
(including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national
securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a &ldquo;security,&rdquo;
or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right
to subscribe to or purchase, any of the foregoing.</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>56</SUP>
<FONT STYLE="font-size: 8pt">The Company allocated income items based on whether such income was derived from the Company&rsquo;s Relevant
Securities or its other assets, and allocated expense items based on whether such expenses are &ldquo;reasonably related&rdquo; to its
operating activity or investment activity. <I>DRX Inc.</I>, SEC No-Action letter (Jan. 28, 1988).</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD>Treated as income/expense from Relevant Securities:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%">Digital assets gains not from Bitcoin or Ethereum</TD>
    <TD STYLE="width: 31%">$11,966</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other income</TD>
    <TD>$20,159</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%"><B>Total Net Income</B></TD>
    <TD STYLE="width: 31%">$267,562</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s total net income after taxes for the four
fiscal quarters ended December 31, 2023 amounted to approximately $267,562 on a consolidated basis with its wholly-owned subsidiaries.
The only income and expense items potentially attributable to the Company&rsquo;s Relevant Securities for such period were: $11,966 of
gains from digital assets other than Bitcoin or Ethereum and $20,159 of other income. Together, such income and expense potentially derived
from Relevant Securities amounted to approximately $32,125, or 12% of the Company&rsquo;s total net income after taxes for that period,
on a consolidated basis with its wholly-owned subsidiaries. As such, the Company satisfies the income test under Rule 3a-1.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">For purposes of the Rule 3a-1 income test, the Company does
not treat its &ldquo;reserve income&rdquo; as income derived from Relevant Securities because such income consisted entirely of interest
income and dividend income attributable to the Company&rsquo;s Neutral Assets, i.e., cash in demand deposits, U.S. government securities,
and shares of the Circle Reserve Fund. For the reasons described in our discussion of the assets factor above, the Company&rsquo;s Neutral
Assets (i.e., cash in demand deposits, U.S. government securities, and shares of the Circle Reserve Fund) are not Relevant Securities
for purposes of the Rule 3a-1 assets and income tests,<SUP>57</SUP>
and therefore, income derived from such Neutral Assets does not constitute income derived from Relevant Securities. As such, the Company&rsquo;s
&ldquo;reserve income&rdquo; is not included in the numerator of the Rule 3a-1 income test.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>(b) Not Primarily Engaged, and Not Holding Itself Out as
Primarily Engaged, in the Business of an Investment Company.</I> As discussed in our Section 3(a)(1)(A) analysis above, the Company is
primarily engaged in the business of developing and operating the market infrastructure for stablecoins, and holds itself out as such,
and does not propose to engage primarily in the business of investing, reinvesting, or trading in securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>(c) Not in the Business of Issuing Face-Amount Certificates.</I>
The Company has not issued, and does not propose to issue, any face-amount certificates of the installment type.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>(d) Not a Special Situation Investment Company.</I> A special
situation investment company is a company which secures control of other companies primarily for the purpose of making a profit in the
sale of the controlled company&rsquo;s securities.<SUP>58</SUP>
The Company operates its business through several wholly-owned subsidiaries, and not with a view to sell such businesses. As discussed
in our Section 3(a)(1)(A) analysis above, the Company has also made strategic investments in private companies involved in the digital
asset ecosystem from time to time. The Company made such investments for strategic purposes, such as supporting the digital asset ecosystem
for payments, commerce, and financial applications, thereby potentially expanding the markets for the Company&rsquo;s business, gaining
greater knowledge of early stage activity across the digital asset ecosystem, and also broadening the Company&rsquo;s access to potential
strategic acquisition or partnership opportunities. As noted in our Section 3(a)(1)(A) discussion above, as of December 31, 2023, the
Company&rsquo;s strategic investments amounted to a small portion (i.e., approximately 12%) of the Company&rsquo;s total assets on a consolidated
basis with its wholly-owned subsidiaries,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>57</SUP>
<FONT STYLE="font-size: 8pt">See notes 49 and 50 above.</FONT></P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>58</SUP>
<FONT STYLE="font-size: 8pt">Release 10937.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">exclusive of Neutral Assets. Thus, the Company is not engaged,
and does not propose to engage, in acquiring control of any other company primarily for the purpose of making a profit on the future sale
of that company, and therefore is not a special situation investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based on these facts, it is clear that the Company satisfies the elements
of Rule 3a-1 and therefore is not an investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Section 3(a)(1)(C) Analysis -- Subsidiaries</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Regarding the Section 3(a)(1)(C) analysis of the Company&rsquo;s subsidiaries,
all of the Company&rsquo;s subsidiaries (other than Circle Ventures Cayman and SI Securities, LLC, which are discussed below) are not
investment companies under Section 3(a)(1)(C) of the Investment Company Act (the &ldquo;<U>40% Test Subsidiaries</U>&rdquo;) because less
than 40% of the value of their respective total unconsolidated assets (exclusive of Neutral Assets) consists of investment securities
(the &ldquo;<U>40% Test</U>&rdquo;). Each 40% Test Subsidiary&rsquo;s unconsolidated assets consist primarily of accounts receivables
from affiliates or third parties (e.g., for goods sold or services rendered), prepaid expenses, fixed assets, goodwill, intangible assets
that are not securities, and equity interests in majority-owned subsidiaries that pass the 40% Test and are not investment companies.
Each 40% Test Subsidiary did not hold any potential &ldquo;investment securities&rdquo; for purposes of Section 3(a)(1)(C) on its unconsolidated
balance sheet as of December 31, 2023, except for: (a) nominal amounts of digital assets (other than Bitcoin and Ethereum) held by Circle
Internet Singapore Pte. Ltd. and Cybavo Inc., which in each case amounted to approximately 5% or less of their respective total unconsolidated
assets (exclusive of Neutral Assets), (b) digital assets (other than Bitcoin and Ethereum), stablecoin receivables representing loan receivables
and strategic investments held by Circle Internet Financial, LLC which together amounted to approximately 36% of Circle Internet Financial,
LLC&rsquo;s total unconsolidated assets (exclusive of Neutral Assets), and (c) digital assets (other than Bitcoin and Ethereum) held by
Circle Technology Services, LLC and Cybavo Pte. Ltd, which in each case amounted to approximately 21% or less of their respective total
unconsolidated assets (exclusive of Neutral Assets). Therefore, the Company&rsquo;s 40% Test Subsidiaries are not investment companies
under Section 3(a)(1)(C) of the Investment Company Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Of the Company&rsquo;s 30 subsidiaries, only two did not pass the 40%
Test as of December 31, 2023: Circle Ventures Cayman (&ldquo;<U>Circle Ventures</U>&rdquo;) and SI Securities, LLC (&ldquo;<U>SI Securities</U>&rdquo;).
Circle Ventures was formed primarily for the purpose of holding the Company&rsquo;s strategic investments, and SI Securities is currently
dormant but was formerly operated as a licensed broker-dealer that received fees in the form of equity which SI Securities continues to
hold. Each of Circle Ventures and SI Securities does not pass the 40% Test because such investments constitute over 95% of their respective
total unconsolidated assets (exclusive of Neutral Assets) as of December 31, 2023. Although Circle Ventures and SI Securities each do
not pass the 40% Test, their total combined assets (exclusive of Neutral Assets) together amounted to a very small portion, approximately
only 6%, of the total consolidated assets (exclusive of Neutral Assets) of the Company. Thus, these subsidiaries are not material enough
to impact the Rule 3a-1 analysis of the Company, or the determination of the Company&rsquo;s primary business under Section 3(a)(1)(A),
discussed above.<SUP>59</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Alternative Section 3(b)(1) Analysis -- The Company</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As set forth in the numerical calculations above, the Company is not
an investment company under Rule 3a-1 and therefore is not an investment company under Section 3(a)(1)(C). Furthermore, even if the Company
did not satisfy the Rule 3a-1 assets and income tests described above, the Company is also not an investment company under Section 3(b)(1).
Section 3(b)(1) of the Investment Company Act exempts from the definition of an investment company any issuer &ldquo;primarily engaged,
directly or through a wholly-owned subsidiary or subsidiaries, in a business or businesses other than that of investing,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>59</SUP>
<FONT STYLE="font-size: 8pt">Although not material for the Rule 3a-1 and Section 3(a)(1)(A) analysis of the Company, we note that with
respect to the Investment Company Act status of Circle Ventures and SI Securities, such subsidiaries may be able to rely on the exemptions
provided in Section 3(b)(3) and/or Section 3(c)(1) or 3(c)(7), as they do not have any outstanding securities (including loans) held by
third parties. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">reinvesting, owning, holding, or trading in securities&rdquo; notwithstanding
the quantitative test contained in Section 3(a)(1)(C). The Section 3(b)(1) test is qualitative in nature and requires an analysis of a
company&rsquo;s primary business activities to determine whether a company is an investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As discussed in our response to the Staff&rsquo;s comment #2 above,
the Investment Company Act does not define what it means to be &ldquo;primarily engaged&rdquo; in the business of trading and investing
in securities, but over the years the Commission and the courts developed a five-factor test to determine a company&rsquo;s primary engagement.<SUP>60</SUP>
Any one factor is not determinative, and as interpreted by the courts, the overarching objective of the <I>Tonopah Mining</I> analysis
is to determine whether reasonable investors would view an issuer &ldquo;as an operating company rather than a competitor with a closed-end
mutual fund.&rdquo;<SUP>61</SUP> Applying such factors
to the Company, as outlined in our response to the Staff&rsquo;s comment #2 above, it is clear that the Section 3(b)(1) exemption applies
to it (and irrespective of whether Section 3(b)(1) is available, it is neither a Section 3(a)(1)(A) or Section 3(a)(1)(C) investment company
for the reasons discussed above), because the Company is primarily engaged in the business of providing the market infrastructure for
Circle stablecoins and related services, and not in the business of investing, reinvesting, owning, holding, or trading in securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">4.</FONT></TD><TD>Please provide the source for any market and industry data included in your disclosure. As examples only, we note the following disclosures:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Your statements on page 12 that &ldquo;[a]s of August 2022, the market capitalization of all tracked digital assets was $1.1 trillion&rdquo;
and your &ldquo;market opportunity encompass[es] more than $2.2 trillion in global consumer payments revenue forecasted by 2027.&rdquo;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Your statement on page 109 that &ldquo;[i]n 2020, financial services contributed approximately $1.4 trillion to the gross domestic
product of the United States, representing approximately 8% of U.S. GDP.&rdquo;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Response<FONT STYLE="font-weight: normal">: The Company has revised
the disclosure throughout the Amended Draft Registration Statement to disclose the source of market and industry data included in the
Amended Draft Registration Statement.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">5.</FONT></TD><TD>Please define at the place of first usage all acronyms, abbreviations or industry terms, such as &ldquo;EFFR&rdquo; on page 78 and
&ldquo;SMTP&rdquo; and &ldquo;SSL&rdquo; on page 123, and clearly explain their meanings so that a reader without specialized industry
knowledge can understand them.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Response<FONT STYLE="font-weight: normal">: The Company has revised
the disclosure throughout the Amended Draft Registration Statement to define at the place of first usage acronyms, abbreviations, and
industry terms, and explain their meanings, and has added a &ldquo;Glossary&rdquo; section to aid readers&rsquo; understanding of certain
industry and other technical terms.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">6.</FONT></TD><TD>We note your disclosure on page 33 that you depend on third-party partners and payment systems. Under an appropriately captioned heading,
please identify the third-party partners and payment systems on which you are materially dependent upon, and specify the purpose of your
relationship with each party identified. Please also file your material agreements with third-party partners and payment systems as exhibits
or tell us why you are not required to do so. Please refer to Item 601(b)(10) of Regulation S-K.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 37 of
the Amended Draft Registration Statement to identify BlackRock as the issuer of the Circle Reserve Fund and BNY Mellon as the custodian
of the assets within the Circle Reserve Fund, identify the nature of the financial institutions where the majority of the remaining reserve
assets are held, and add a cross-reference to the section of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>60</SUP> See <I>Tonopah Mining</I>,
26 S.E.C. 426 (1947); and <I>National Presto</I>, 486 F.3d 305 (2007).&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>61</SUP> <I>National Presto</I>, 486
F.3d 305 at 315 (7th Cir. 2007).</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">the prospectus in which the names of third-party payment systems and
other partners as well as the general purpose of the Company&rsquo;s relationships with such third parties are disclosed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company respectfully advises the Staff that, as disclosed in the
Amended Draft Registration Statement, typically 10-15% of reserves are held as cash deposited with reserve banking partners, primarily
with GSIBs. Given the relatively small proportion of reserve assets represented by these cash deposits, the Company does not believe that
additional disclosure regarding the identity of these banking partners would be material to investors, nor does the Company consider its
relationships with these banking partners as material to the Company&rsquo;s business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company respectfully advises the Staff that it does not believe
that it is required to file the agreements with such third-party partners and payment systems as exhibits under Item 601(b)(10) of Regulation
S-K. Item 601(b)(10) of Regulation S-K requires the filing of, among others, (i) any contract not made in the ordinary course of business
that is material to the registrant and is either (a) to be performed in whole or in part at or after the filing of the registration statement
or (b) entered into not more than two years before the date of the filing of the registration statement and (ii) any contract upon which
the registrant&rsquo;s business is substantially dependent. The Company respectfully advises the Staff that the Company&rsquo;s contracts
with third-party partners and payment systems are made in the ordinary course of business, as such contracts ordinarily accompany the
Company&rsquo;s business of building and operating a stablecoin network. Specifically, as the issuer of USDC and EURC and the operator
of one of the largest and most widely used stablecoin networks, the Company has entered and expects to continue to enter into a variety
of contracts with third parties relating to aspects of its stablecoin network, including those related to reserve management, settlement
infrastructure, digital wallet providers, and payment systems. Such contracts should be contrasted with activities such as significant
mergers, acquisitions, or dispositions that may fall outside the ordinary course of the Company&rsquo;s business. Furthermore, the Company
respectfully advises the Staff that the Company&rsquo;s business is not substantially dependent on any such contract. Specifically, the
Company believes that, in the event of a termination or other loss of any such relationship, it would be able to replace the services
provided by the applicable third-party partner with other existing or new partners and to continue to operate its business, in each case,
without substantial delay or interruption, and without a material impact on its financial position or results of operations. Accordingly,
the Company believes that it is not required to file its agreements with such third-party partners and payment systems as exhibits under
Item 601(b)(10) of Regulation S-K.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">7.</FONT></TD><TD>Please revise your disclosure to describe any material arrangements or agreements, including any distribution or revenue sharing agreements,
between the Company and any crypto asset exchanges or other parties. In this regard, please describe any revenue sharing agreements the
Company currently has or previously has had. With respect to any current or prior revenue sharing agreement, please revise your disclosure
to clarify the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>provide the details of those arrangements, including identification of the other party(ies), key terms and conditions;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>revise to disclose the material rights and obligations of the parties to any such agreements, including the goods and services
promised by the parties to the agreement; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>with respect to the calculation of the revenue sharing allocation, specifying the percentage allocated during each period presented.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 130-131
of the Amended Draft Registration Statement to provide a description of the material provisions of its 2018 revenue sharing agreement
with Coinbase as well as a description of the material terms of the Centre Consortium. The Company has also revised the disclosure on
page 90 of the Amended Draft Registration Statement to disclose the amounts paid to Coinbase pursuant to the Company&rsquo;s agreements
with Coinbase for the years presented. The Company respectfully advises the Staff that the Company considers its agreements with Coinbase&mdash;including
the 2018 revenue sharing agreement and the Collaboration Agreement, the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">material provisions of each such agreement are described under the &ldquo;Business&mdash;Collaboration
with Coinbase&rdquo; section of the Amended Draft Registration Statement&mdash;to be the only material current or prior revenue sharing
agreements to which the Company is or has been a party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">8.</FONT></TD><TD>Please tell us, and revise your disclosure to discuss, how you expect your reserve assets would be treated in the event of bankruptcy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 139
of the Amended Draft Registration Statement to discuss the treatment of reserve assets in the event of bankruptcy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">9.</FONT></TD><TD>Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that
you, or anyone authorized to do so on your behalf, present to potential investors in reliance on Section 5(d) of the Securities Act, whether
or not they retain copies of the communications. Please contact the staff member associated with the review of this submission to discuss
how to submit the materials, if any, to us for our review.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company undertakes to supplementally provide to
the Staff copies of all written communications, as defined in Rule 405 under the Securities Act, that the Company, or anyone authorized
to do so on its behalf, presents to potential investors in reliance on Section 5(d) or Rule 163B of the Securities Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Founder&rsquo;s letter, page 1</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">10.</FONT></TD><TD>We refer to the letter from your founder. Please revise the letter and your Summary section to ensure that it is a balanced presentation
of your business and offering. In this regard, we note that the letter includes performance claims concerning your growth rate but it
does not equally address the risks or challenges you face. In addition, please substantiate the following statements in the letter or
remove them from your disclosure:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>your &ldquo;open, honest and transparent approach has been essential in helping governments understand new and complex technologies&rdquo;;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>your investment in compliance has been &ldquo;pivotal in building trust with banks and regulators&rdquo;;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>regarding your statement that &ldquo;partnering with governments will be essential to building an internet financial system,&rdquo;
please disclose what you mean by &ldquo;partnering with governments&rdquo; and specify any governments with which you have entered into
partnerships;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>you have &ldquo;supported approximately $12.4 trillion in on-chain transactions&rdquo; as of September 30, 2023; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>you are building a &ldquo;highly regulated&rdquo; set of financial market infrastructures and holding yourself to &ldquo;the same
enterprise risk and compliance standards of leading international banks.&rdquo;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure contained in
the &ldquo;Founder&rsquo;s Letter&rdquo; section of the Amended Draft Registration Statement. The Company respectfully advises the Staff
that the Company calculates the amount of on-chain transactions using USDC by parsing and querying transaction data from blockchains that
support USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Prospectus summary, page 6</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">11.</FONT></TD><TD>Please revise your summary to provide a brief overview of the key aspects of the offering, using clear and plain language. In that
regard, please revise to provide the reader with a clear and concise understanding of the current state of your business and industry.
Please avoid using</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">unnecessary jargon or marketing language.
Please also ensure that your presentation is balanced and does not overly emphasize your plans for growth or expansion or expectations
regarding future industry developments.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure contained in
the &ldquo;Prospectus Summary&rdquo; and &ldquo;Business&rdquo; sections of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Circle&rsquo;s stablecoin network in the new internet financial system,
page 7</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">12.</FONT></TD><TD>You define payment stablecoins as &ldquo;digital bearer instruments issued by regulated entities that represent and entitle a holder
to redeem a unit of fiat currency at par.&rdquo; Please explain the applicability of this definition to your payment stablecoins in light
of the fact that not all holders of your stablecoins are able to redeem in exchange for reserve assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the definition of payment stablecoins
on page 7 of the Amended Draft Registration Statement and provided additional disclosure on page 8 of the Amended Draft Registration Statement
and revised the disclosure throughout the Amended Draft Registration Statement to distinguish between Circle Mint customers and end-users
of Circle stablecoins.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">13.</FONT></TD><TD>We note your disclosure on page 8 that you &ldquo;ensure readily available access to [y]our stablecoins around the globe with deep
traditional banking on- and off-ramp relationships (i.e., channels between fiat currency and stablecoins), as well as through distribution
contracts with leading consumer financial applications and payments enterprises.&rdquo; Please expand to disclose the &ldquo;deep traditional
banking on- and off-ramp relationships&rdquo; you refer to, as well as the &ldquo;distribution contracts with leading consumer financial
applications and payments enterprises&rdquo; to which you refer. Please also revise to clarify what you mean by your statement that &ldquo;[m]oney
is fundamentally a network&rdquo; and identify the &ldquo;leading institutions&rdquo; with which you have entered into partnerships, as
your disclosure references.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 11
and 112 of the Amended Draft Registration Statement to add a cross-reference to the section of the Amended Draft Registration Statement
in which certain partners in the Circle stablecoin network are named, and on pages 11 and 111-112 of the Amended Draft Registration Statement
to clarify the network effect of money. The Company respectfully refers the Staff to pages 12 and 112 of the Amended Draft Registration
Statement, where it has provided Grab, Mercado Libre, Nubank, and Coins.ph as recent examples of institutions that the Company has partnered
with to bring the benefits of the internet financial system to such institutions&rsquo; customers by building upon Circle&rsquo;s products.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">14.</FONT></TD><TD>We note your disclosure that &quot;over time, [you] intend to monetize the activity on [y]our network with products that can earn
fee-based revenues based on transactions and usage.&quot; Please expand your disclosure to describe your plans regarding products that
can earn fee-based revenues in greater detail.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 12
and 113 of the Amended Draft Registration Statement to state that, other than as described in the Amended Draft Registration Statement,
although it may monetize the activity on its network with products that earn fee-based revenues based on transactions and usage in the
future, and intends to evaluate and consider various products from time to time, the Company does not have any plans to launch additional
products that are expected to generate material amounts of fee-based revenues at this time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Circle&rsquo;s role in driving stablecoin adoption, page 10</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">15.</FONT></TD><TD>We note your disclosure on page 7 that &ldquo;Circle has built one of the largest and most widely used stablecoin networks in the
world.&rdquo; Please disclose the basis for this statement and any quantitative criteria you are using in support thereof, and please
balance your statement by disclosing that Circle holds a 22% stablecoin market share, as disclosed on page 85. In addition,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">we note your disclosure throughout
referring to Circle as the &ldquo;largest regulated stablecoin issuer in the world,&rdquo; as well as your disclosure on page 8 that &ldquo;[t]he
USDC &lsquo;digital dollar&rsquo; issued by Circle is a leading regulated payment stablecoin.&rdquo; While it appears that certain aspects
of your activities may be subject to regulation or regulatory license, it is not clear the extent to which the material aspects of your
business and operations are actually subject to regulation or regulatory license. Please balance your characterizations throughout by
disclosing the extent to which the material aspects of your business and operations are not &ldquo;regulated&rdquo; like banks and fiat
currency.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company&rsquo;s statement that it &ldquo;has built one of the largest and most widely used stablecoin networks&rdquo; is based on USDC
being the second largest stablecoin as measured by the amount of stablecoins in circulation. The Company has revised the disclosure on
pages 13 and 117 of the Amended Draft Registration Statement to clarify that USDC is the second largest stablecoin as measured by the
amount of stablecoins in circulation, to provide USDC&rsquo;s market share, and to state that USDT (issued by Tether) is the largest stablecoin
as measured by the amount of stablecoins in circulation. In addition, the Company has revised the disclosure on pages 11, 13, 112, and
117 of the Amended Draft Registration Statement to clarify that the Company uses the term &ldquo;regulated&rdquo; with respect to its
stablecoins to mean that such stablecoins are regulated as stored value instruments under state money transmission laws, and the disclosure
on page 134 of the Amended Draft Registration Statement to distinguish the regulations applicable to the Company from prudential regulation
and supervision applicable to regulated banks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Risk factors, page 19</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">16.</FONT></TD><TD>We note that you are not authorized or permitted to offer your products and services to customers outside of the jurisdictions where
you have obtained the required governmental licenses and authorizations. Describe any material risks you face from unauthorized or impermissible
customer access to your products and services outside of those jurisdictions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 53 of
the Amended Draft Registration Statement to discuss the potential for unauthorized or impermissible customer access to the Company&rsquo;s
products and services outside of jurisdictions in which it is authorized or permitted to offer such products and services. The Company
respectfully advises the Staff that a similar risk is faced by substantially all businesses subject to licensing requirements that provide
products and services over the internet and that the Company does not believe that such risk is material to the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">17.</FONT></TD><TD>To the extent material, describe any gaps your board or management have identified with respect to risk management processes and policies
in light of market conditions (e.g., the March 2023 regional banking crisis in the United States, including the Silicon Valley Bank failure
disclosed on pages 82 - 83, and other crypto asset market developments) as well as any changes they have made to address those gaps.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 85 of
the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Stablecoin platforms and competition may limit the viability of Circle
stablecoins, page 20</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">18.</FONT></TD><TD>Please revise this risk factor to include a cross-reference to your discussion under the subheading &ldquo;Competitive landscape&rdquo;
on page 124.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the risk factor on page 26
of the Amended Draft Registration Statement to include a cross-reference to the &ldquo;Competitive landscape&rdquo; section.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>The future development and growth of Circle stablecoins is subject
to a variety of factors..., page 22</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">19.</FONT></TD><TD>We note that this risk factor appears to include a number of risks. Please break this risk factor into multiple risk factors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 28-29
of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>There is regulatory uncertainty regarding the classification of Circle
stablecoins..., page 25</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">20.</FONT></TD><TD>We note your disclosure at the bottom of page 27 that in addition to Circle stablecoins, you may &ldquo;introduce and/or commercially
support other digital assets.&rdquo; Please specifically identify any such other crypto assets that you have plans to introduce and/or
commercially support.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 32 of
the Amended Draft Registration Statement to specifically identify the digital assets that the Company currently plans to introduce and/or
commercially support. The Company respectfully advises the Staff that the Company may in the future introduce and/or commercially support
other fiat-currency-denominated payment stablecoins that have substantially the same features as existing Circle stablecoins (USDC and
EURC), have underlying reserves that are composed in substantially the same manner as existing Circle stablecoins, and are marketed to
the public in substantially the same manner as existing Circle stablecoins. As noted in this risk factor, the Company acknowledges its
responsibility to analyze whether each additional digital asset that it introduces and/or commercially supports constitutes a &ldquo;security&rdquo;
under U.S. federal and other relevant securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Our customers&rsquo; funds and digital assets may fail to be adequately
safeguarded by us..., page 31</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">21.</FONT></TD><TD>Please revise the second paragraph of this risk factor to briefly describe the types of losses that your fidelity insurance covers,
including quantitative disclosure regarding the amount of coverage for your crypto assets and your customers&rsquo; crypto assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 36 of
the Amended Draft Registration Statement to provide additional information regarding its fidelity insurance. The Company respectfully
advises the Staff that it does not believe that quantitative disclosure regarding insurance coverage limits is material to an investor
in its common stock or appropriate to be included in its registration statement, as such disclosure may increase the likelihood that the
Company becomes a target of malicious acts by third-party actors or could otherwise be competitively harmful if publicly disclosed. The
Company undertakes to supplementally provide this information to the Staff upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Establishing connectivity with decentralized finance protocols...,
page 37</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">22.</FONT></TD><TD>To the extent material to understanding the risks described in this risk factor, please identify the protocols to which you provide
connectivity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the Amended Draft Registration
Statement to remove this risk factor as the Company does not currently intend to provide decentralized finance connectivity as part of
its business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>We obtain and process a large amount of customer data, including
sensitive customer data..., page 55</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">23.</FONT></TD><TD>In an appropriate section, please describe in greater detail your data collection practices or those of your third-party service providers.
Briefly discuss whether you use any optimization functions (e.g., to increase platform revenues, data collection and customer engagement).
To the extent your use of any optimization functions may lead to potential conflicts between your platform and customers, please add related
risk factor disclosure.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 59 of
the Amended Draft Registration Statement to provide additional information regarding its data collection practices. The Company respectfully
advises the Staff that the Company does not use any optimization functions to increase platform revenues, data collection, and customer
engagement or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Management&rsquo;s discussion and analysis of financial condition
and results of operations</U><BR>
<U>Our business model, page 76</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">24.</FONT></TD><TD>We note from your USDC Terms available on your website, the identification of &ldquo;User Type A - a Circle Mint account holder, currently
only available to institutions located in supported jurisdictions&rdquo; and &ldquo;User Type B - which for the avoidance of doubt, are
not customers of Circle, as Users Type B do not have a Circle Mint account,&rdquo; and that only &ldquo;Users Type A can redeem USDC directly
with Circle.&rdquo; We note throughout your disclosures the use of the term customer as it relates to USDC. Please enhance your discussion
to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Clarify that a customer&rsquo;s initial step required to participate in your stablecoin network is the establishment of a Circle
Mint account, which is currently only available to institutions in supported jurisdictions; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Differentiate between your customers and end users of USDC that are not your customers.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure throughout the
Amended Draft Registration Statement to distinguish between Circle Mint customers and end-users of Circle stablecoins.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Circle stablecoins, page 77</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">25.</FONT></TD><TD>Please enhance your disclosures to clarify the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Describe the relationship between the receipt of fiat to fund reserves and minting of new USDC and EURC, including the timing of
fiat receipt and that your stablecoins are redeemable upon demand 1:1;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose, consistent with Section 15 of your USDC Terms, that you charge no transaction fees for the minting and issuance of Circle
stablecoins or for their redemption; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>That you earn revenue from your stablecoin business by investing the fiat received upon minting and that such revenue is comprised
of interest on the cash and cash equivalents and debt securities underlying the Circle stablecoin reserves.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 16
and 121 of the Amended Draft Registration Statement to provide additional information regarding Circle Mint.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">26.</FONT></TD><TD>We note your disclosure that since January 2023, Circle stablecoin reserves have been limited to balances held at banks and the Circle
Reserve Fund, and your disclosure that currently all EURC reserve assets are held only in cash. We also note your disclosure on page 32
that &ldquo;[y]our USDC reserve is managed in accordance with guidelines set forth in [y]our USDC Investment Policy.&rdquo; Under an appropriate
heading, please provide more detailed disclosure regarding your USDC Investment Policy, as well as your investment policy for EURC, including
information on how these policies may be changed. In addition, with respect to the Circle Reserve Fund, please revise as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain the Company&rsquo;s contractual rights, responsibilities and decision-making authority over the investing decisions of
the Circle Reserve Fund.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain and disclose if BlackRock has the ability to make investment decisions, without your approval, that are inconsistent with
the Company&rsquo;s reserve management policy and what actions, if any, the Company could take if that were to occur.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Further, to the extent accurate, please explicitly disclose the Company&rsquo;s
plans and intentions to maintain a reserve management policy in the future that is consistent with your current reserve management </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>policy. Please also identify the committee(s) or individuals responsible
for overseeing USDC and EURC and their investment policies. Please also disclose who is currently managing the cash reserves.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 15
and 120 of the Amended Draft Registration Statement to provide additional information regarding its Reserve Management Standard and the
disclosure on pages 101-102 of the Amended Draft Registration Statement to provide additional information regarding the Circle Reserve
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">27.</FONT></TD><TD>We note your disclosure that Circle holds approximately 90% of its reserves in the Circle Reserve Fund, an SEC-registered 2a-7 government
money market fund issued by BlackRock, and available only to Circle. Please revise to disclose the material terms of any agreement that
you have with BlackRock and disclose the ownership structure for the Circle Reserve Fund (e.g., clarify if Circle is the sole shareholder
of the fund, if true).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 101-102
of the Amended Draft Registration Statement to provide additional information regarding the Circle Reserve Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Web3 Services, page 79</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">28.</FONT></TD><TD>Please revise your disclosure under &ldquo;Web3 Services&rdquo; on page 79 to include a cross-reference to your related disclosure
under &ldquo;Web3 Services application platform&rdquo; on page 118.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 82 of
the Amended Draft Registration Statement to include a cross-reference to the related disclosure under &ldquo;Web3 Services application
platform&rdquo; of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Key factors affecting operating results</U><BR>
<U>Strategic partnerships fostering our stablecoin network, page 81</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">29.</FONT></TD><TD>We note your disclosure that you have &ldquo;partnered with dozens of digital asset platforms that provide seamless access to convert
between fiat currency and USDC.&rdquo; Please revise to disclose the digital asset platforms with which you have entered into partnerships.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 84 of
the Amended Draft Registration Statement to name Coinbase as the digital asset platform that provides customers with access to convert
between fiat currency and USDC. The Company respectfully advises the Staff that Coinbase is the only digital asset platform that provides
customers with access to convert between fiat currency and USDC that the Company believes is material to its business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Growth in new products and services, page 81</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">30.</FONT></TD><TD>We note your disclosure that in early 2023 you launched your Cross-Chain Transfer Protocol offering and have &ldquo;already seen its
significant growth.&rdquo; Please revise to provide quantified disclosure regarding such growth, including any related metrics.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 84 of
the Amended Draft Registration Statement to provide the metrics underlying the identified statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Distribution costs, page 83</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">31.</FONT></TD><TD>Please address the following with respect to your Collaboration Agreement with Coinbase:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose the nature of Circle expenses incurred for USDC issuance and management, including how such amounts are accounted for
and recognized in the financial statements.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 90-91
of the Amended Draft Registration Statement to reflect that the deductions are pursuant to the Collaboration Agreement and not direct
expenses incurred by the Company related to USDC issuance and management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Enhance your disclosure to clarify how the amount of USDC in circulation held outside Circle and Coinbase platforms will be utilized
in the determination of the amount to be paid to Coinbase.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 86 of
the Amended Draft Registration Statement to clarify how the amount of USDC in circulation held outside Circle and Coinbase platforms would
be utilized in the determination of the amount to be paid to Coinbase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose the percentage of USDC in circulation held outside Circle and Coinbase platforms as it appears this will be a key factor
in the amount of distribution costs, which you disclose on page 86, that you expect to increase due to volume and rising fees on certain
popular blockchain networks.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 86 of
the Amended Draft Registration Statement to disclose the percentage of USDC in circulation held outside of Circle and Coinbase platforms
as of the end of the periods presented.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">32.</FONT></TD><TD>We note your disclosure on page 86 that you incur distribution costs to incentivize distributors to use and distribute Circle stablecoins.
We also note your disclosure that you expect to continue adding distributors in the future. Please revise to disclose whether you have
any distributors besides Coinbase, disclose any plans you have to add distributors, including any timeline for adding distributors, and
whether you have entered into any related negotiations or agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company&rsquo;s agreement with Coinbase is the only material agreement for distribution of Circle stablecoins and that the Company cannot
provide any definite timeline for adding distributors. To the extent any agreement or arrangement with a distributor is material, the
Company will amend the registration statement to provide appropriate disclosure of such agreement or arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Significant transactions</U><BR>
<U>Collaboration Agreement with Coinbase and the Centre Acquisition, page 83</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">33.</FONT></TD><TD>Please tell us more about your relationship with Coinbase and whether it is acting as your agent under your original distribution
agreement and/or your August 2023 Collaboration Agreement. In this regard, it appears from your disclosure on page 86 that the purpose
of these agreements is to incentivize Coinbase to use and distribute Circle stablecoins. Your response should include a discussion of
whether Coinbase customers who acquire USDC are made aware of your relationship with Coinbase and whether they know whether the USDC is
freshly minted or believe they are acquiring USDC from Coinbase&rsquo;s own inventory of digital assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: In response to the Staff&rsquo;s comment #7, the Company
has revised the disclosure on pages 130-131 of the Amended Draft Registration Statement to provide a description of the material provisions
of its 2018 revenue sharing agreement with Coinbase. The Company respectfully advises the Staff that Coinbase does not act as the Company&rsquo;s
agent under the 2018 agreement or the 2023 agreement. The Company further respectfully advises the Staff that it does not control or oversee
Coinbase&rsquo;s distribution of USDC and thus is unable to confirm the disclosures that Coinbase makes to its customers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Key operating and financial indicators, page 84</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">34.</FONT></TD><TD>Please enhance your key operating data to include weighted average USDC in circulation for the periods presented.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 87-88
of the Amended Draft Registration Statement to include average USDC in circulation for the periods presented.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>USDC in circulation, page 84</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">35.</FONT></TD><TD>We note your disclosed definition of USDC in circulation. We also note your definition of USDC in circulation, in the same amount,
included in your monthly USDC Reserve Reports on your website. Please revise your disclosure that &ldquo;USDC in circulation is the total
amount of USDC minted and outstanding&rdquo; to further clarify that it is comprised of total USDC supply on approved blockchains less
the two components as identified in your monthly USDC Reserve Reports. Also disclose the relevant amounts reconciling to the USDC in circulation
that you currently present.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 88 of
the Amended Draft Registration Statement to clarify that USDC in circulation does not include &ldquo;tokens allowed but not issued&rdquo;
and &ldquo;access denied tokens&rdquo; and to provide the amounts of &ldquo;access denied tokens&rdquo; as of the end of the periods presented.
The Company respectfully advises the Staff that the Company does not believe that the amount of &ldquo;tokens allowed but not issued&rdquo;
is material to investors in its common stock, given the Company does not receive funds (and thus does not receive reserve income) for
such tokens, such tokens are not redeemable, and such tokens exist solely due to the technical implementation of certain blockchains.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">36.</FONT></TD><TD>Regarding your definition of Tokens Allowed But Not Issued to be included in the reconciliation requested in the preceding comment
and excluded from total USDC in circulation, please tell us and revise your disclosures to provide clarity on the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain what it means to be allowed but not issued;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain why they should be excluded from the definition of total USDC in circulation;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain who holds these tokens and whether you received any funds for them;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>If you did not receive any funds for these tokens, explain when you expect to receive the funds;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain who controls these tokens and how control is established;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain what rights they have. For example, explain if they can be redeemed and why or why not;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>To the extent they cannot be redeemed, explain what controls are in place to monitor and track them to ensure they are not commingled
with USDC in circulation that can be redeemed; </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain when and how they are issued; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 88 of
the Amended Draft Registration Statement to provide further information on &ldquo;tokens allowed but not issued.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain how you account for these tokens in your financial statements and why, separately referencing for us the authoritative
literature you rely upon to support your accounting.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company accounts for the obligation to redeem USDC as a financial liability when issued to a third party, which generally occurs when
cash is received from a Circle Mint customer. Therefore, no accounting entry is recorded for the creation of &ldquo;tokens allowed but
not issued.&rdquo; The liability is recorded when cash is received and tokens are transferred</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">from the &ldquo;tokens allowed but not issued&rdquo; segregated blockchain
addresses to the relevant minting addresses. At this point, the tokens would constitute a financial liability in accordance with the ASC
Master Glossary definition as it then represents an obligation to deliver cash upon redemption. The Company also does not record any safeguarding
asset or liability for &ldquo;tokens allowed but not issued&rdquo; with respect to Staff Accounting Bulletin No. 121 as these tokens are
not issued to third parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">37.</FONT></TD><TD>Regarding your definition of Access Denied Tokens to be included in the reconciliation requested in the second preceding comment and
excluded from total USDC in circulation, please tell us and revise your disclosures to provide clarity on the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Confirm that funds were received for these tokens when they were originally issued; </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Clarify what you do with those segregated reserve funds when they are placed on access denial; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 88 of
the Amended Draft Registration Statement to provide further information on &ldquo;access denied tokens.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain how you account for Access Denied Tokens, including whether you maintain a liability on your balance sheet and explain
why or why not. Separately reference the authoritative literature you rely upon to support your accounting.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company accounts for the tokens when originally issued as a financial liability and continues to account for them as a financial liability
in Deposits from stablecoin holders once subject to access denial. The Company views the counterparty of the liability for the &ldquo;access
denied tokens&rdquo; as the relevant law enforcement or government body that made the access denial request as opposed to the stablecoin
holder once the tokens have been subject to access denial. There is no accounting impact as a result of the transfer of the obligation
to the law enforcement or government body in accordance with ASC 470-50-40-7 and 55-6. The liability is extinguished in accordance with
ASC 405-20-40-1(a) when segregated reserve funds are transferred to a law enforcement or government body or if the access denial request
is reversed and a subsequent redemption request is made by the stablecoin holder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Reserve return rate, page 84</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">38.</FONT></TD><TD>Please revise your disclosure to clarify how you calculate the average period balance for deriving your reserve return rate. In this
regard, for example, it is unclear whether the average is a simple average of beginning and ending period reserve balances, daily balances,
weekly balances, monthly balances, etc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 88 of
the Amended Draft Registration Statement to clarify the calculation for reserve return rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">39.</FONT></TD><TD>Given the significance of your reserve income to your operating results, please tell us your consideration for separately providing
average balances and reserve return rates for each significant type of asset (e.g., bank deposits versus U.S. Treasury Securities) within
each class of reserve asset (as disclosed on page 98) backing your USDC redemption obligation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that, after
careful consideration of the Staff&rsquo;s comment, the Company believes that separate disclosure of the average balance and reserve return
rates for each type of asset within each class of reserve asset backing USDC redemption obligations would not be material to investors.
As of December 31, 2023, the only two classes of reserve assets are (i) balances held at banks and (ii) the Circle Reserve Fund. On page
101 of the Amended Draft Registration Statement, the Company has provided the fair value of each class of reserve asset as of the end
of the periods presented as well as the average yield per class of reserve asset during the periods presented. In addition, the Company
has revised the disclosure on pages 101-102 of the Amended Draft</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Registration Statement to provide additional information regarding the
Circle Reserve Fund, including that certain information regarding the Circle Reserve Fund (such as the fund&rsquo;s net asset value, assets
held within the fund, the fund&rsquo;s yield, and the yields of specific assets held within the fund) are available through BlackRock&rsquo;s
website, and to clarify that the composition of assets within the fund will vary from time to time and that the assets within the fund
could provide different yields. While the Company does not believe the additional information available through BlackRock&rsquo;s website
to be material to investors, the Company has disclosed the availability of such information to enable interested parties to view such
information on a daily basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>USDC on platform, page 85</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">40.</FONT></TD><TD>Please enhance your disclosure to clarify the distinction between USDC on platform of approximately $534 million and USDC for which
the Company maintains the cryptographic key information necessary to access the digital assets and thus recognizes a related safeguarding
obligation of approximately $554 million disclosed on page F-27.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 88 of
the Amended Draft Registration Statement to clarify the calculation of USDC on platform and its relationship to obligations related to
safeguarding digital assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>USDC minted/USDC redeemed, page 85</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">41.</FONT></TD><TD>Please expand your disclosures to highlight that individuals and institutions without Circle Mint accounts cannot present their USDC
to you for redemption and summarize how those holders obtain and dispose of their USDC holdings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 8,
13, 15, 16, 117, 120, and 121 of the Amended Draft Registration Statement to distinguish between Circle Mint customers and end-users of
Circle stablecoins. The Company respectfully advises the Staff that the Company does not control or oversee Circle Mint customers&rsquo;
interactions with or agreements governing the relationships they have with their customers and thus, except as disclosed in the Amended
Draft Registration Statement, is unable to provide additional disclosure on this matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Meaningful Wallets, page 85</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">42.</FONT></TD><TD>Please discuss any limitations on the usefulness of your Meaningful Wallets metric to the extent that a material number of the Meaningful
Wallets are owned or controlled by the same person or entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 89 of
the Amended Draft Registration Statement to clarify that MeWs do not represent the number of unique end-users of USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Key components of revenue and expenses, page 85</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">43.</FONT></TD><TD>You describe your business as originating with the launch of USDC which is now the largest regulated issuer of stablecoins and for
which you provide key operating and financial indicators. Please enhance your discussion of revenue and expenses to clarify how the issuance
and minting of redeemable USDC and EURC generates related reserve income and if you incur distinct costs to mint and/or redeem stablecoins
aside from distribution costs and transaction costs related to the subsequent utilization of your stablecoins.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 89-90
of the Amended Draft Registration Statement to clarify how the minting and redemption of stablecoins relate to reserve income and the
disclosure on page 91 of the Amended Draft Registration Statement to disclose that the Company does not incur distinct costs to mint and/or
redeem stablecoins aside from distribution, transaction, and other costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Results of operations</U><BR>
<U>Revenue, page 90</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">44.</FONT></TD><TD>We note your disclosure that distribution and transaction costs were partially offset by rebate costs. Please revise your disclosure
to clarify what you mean by &ldquo;USDC rebate costs.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 94 of
the Amended Draft Registration Statement to reflect that these represent other market making and distribution incentive costs, not rebates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Liquidity and capital resources</U><BR>
<U>Composition of stablecoin reserves, page 98</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">45.</FONT></TD><TD>Please revise to include a more robust discussion of the Company&rsquo;s available liquidity and capital resources under the BlackRock
Fund structure going forward. For example, consider the need to clarify the availability of the Company&rsquo;s cash and ability to readily
convert cash equivalents into known amounts of cash. In addition, consider the need to explain any controls, thresholds or processes that
may be in place in the event of a significant increase in redemptions during a short period of time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 101-102
of the Amended Draft Registration Statement to provide additional information regarding the Circle Reserve Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">46.</FONT></TD><TD>You disclose that you manage your stablecoin reserves in accordance with all applicable regulatory requirements and commercial laws
and that all stablecoin tokens minted and outstanding are backed by an equivalent amount of fiat currency-denominated assets held in segregated
accounts. Please revise your disclosure, if true, to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Clarify that although you manage your stablecoin reserves in accordance with all applicable regulatory requirements and commercial
laws, the existence of your stablecoin reserves is the result of an arrangement with your Circle Mint account holders; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised its disclosure on page 101
of the Amended Draft Registration Statement to include a reference to the terms of Company&rsquo;s arrangement with Circle Mint customers.
The Company respectfully advises the Staff that the existence of stablecoin reserves is also due to regulatory requirements. For example,
NYDFS guidance requires, among other things, that USDC Reserves must be (i) fully backed by the issuer, (ii) available for timely redemptions,
(iii) segregated from the proprietary assets of the issuer, (iv) limited to specified assets such as U.S. Treasury obligations with maturities
of three months or less, government money market funds, U.S. dollar deposit accounts, digital assets, and other assets approved by NYDFS,
and (v) attested to monthly and annually by a certified public accountant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Explain why you have more reserve assets segregated for the benefit of customers and stablecoin holders of $44,737 million compared
to deposits from customers and stablecoin holders of $44,582 million as of December 31, 2022 and clarify whether you have access to this
excess. To the extent that you are required by law or internal policy to maintain a level of this excess, disclose the relevant threshold.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 97 of
the Amended Draft Registration Statement to explain this difference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">47.</FONT></TD><TD>We note your disclosure that stablecoin balances significantly exceeded the Federal Deposit Insurance Corporation (FDIC) insurance
limit of $250,000 at each financial institution. Please revise your disclosure to specifically quantify the balance that exceeded the
FDIC limit at the end of each reporting period or disclose how you calculate the aggregate amount of FDIC deposit insurance related to
financial institutions where USDC reserves are held. In this regard, it is</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">unclear from your disclosure whether
the entire cash balance depicted in your tables is held at financial institutions.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 101
of the Amended Draft Registration Statement to disclose the amount of FDIC insurance available to the Company at the end of the periods
presented.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">48.</FONT></TD><TD>Please consider expanding your disclosure in the table on page 98 to provide additional information regarding the composition of the
assets in the Circle Reserve Fund for the periods indicated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully refers the Staff to the Company&rsquo;s
response to the Staff&rsquo;s comment #39 above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Warrants, page 99</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">49.</FONT></TD><TD>Please identify the commercial counterparty and the digital asset exchange with which you entered into agreements to grant warrants
to purchase common shares of a consolidated subsidiary that will be automatically converted one-for-one with common shares of Circle.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that it
does not believe that the identities of the commercial counterparty and the digital asset exchange that were granted warrants are material
to an investor&rsquo;s understanding of such warrants and the potential dilutive impact of such warrants. The Company believes that it
has disclosed all material terms of such warrants. In addition, the Company respectfully advises the Staff that it has confidentiality
obligations under such warrants that would prohibit the disclosure of the identities of the counterparties, except in limited circumstances
such as if required to do so by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Cash flows, page 100</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">50.</FONT></TD><TD>Your disclosure of net cash provided by/used in operating, investing and financing activities appears to repeat information already
provided in the statement of cash flows. Please enhance your disclosure to provide a quantitative and qualitative analysis of the drivers
of the change in cash flows between periods and impact to future trends to provide a sufficient basis to understand changes in cash between
periods. Refer to Item 303(b)(1) of Regulation S-K and sections 1.B. and IV.B. of Release No. 33-8350 and Release No. 33-10890 for guidance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 104-105
of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Quantitative and qualitative disclosures about market risk, page
105</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">51.</FONT></TD><TD>You identify interest rate risk and foreign currency risk as market risks that could impact future financial operating results. Please
tell us how you have considered the guidance in Instruction 3(A) under paragraph 305(a)(1)(ii) of Regulation S-K in preparing your intended
disclosure and address the following in your response:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us how your hypothetical 100 basis point increase or decrease in interest rates at December 31, 2023 aligns with the average
yields and changes thereof to be disclosed on page 98.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us how your disclosure expresses the potential loss (or gain) in future earnings, fair values or cash flows as stipulated
in paragraph (A) of the guidance referenced above.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us your consideration for providing average, high, and low sensitivity analysis amounts over multiple periods as indicated
in Instructions 1A and 1B to Item 305(a) of Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us whether you believe the 100 basis point increase or decrease in interest rates is reasonably possible in the near-term
as stipulated in Instruction 3A to Item 305(a) of Regulation S-K, specifically explaining whether you believe an increase or decrease
in interest rates is reasonably possible given actions taken by the Federal Reserve Board.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 108-109
of the Amended Draft Registration Statement. The Company respectfully advises the Staff that it believes that a 100 basis point increase
or decrease is reasonably possible and has included a sensitivity analysis of the impact of a 100 and 200 basis point change in interest
rates in the Amended Draft Registration Statement. In addition, the Company respectfully advises the Staff that it provided the sensitivity
analysis of the impact of changes in interest rates on reserve income and distribution and transaction costs, which are the two line items
in the consolidated statements of operations that are most directly impacted by changes in interest rates. Other line items impacted by
changes in interest rates, such as the flowthrough effects on net income and cash provided by operating activities, are derivable or estimable
from changes in reserve income and distribution and transaction costs, and such changes are generally proportional. Therefore, the Company
believes that by disclosing the sensitivity analysis for these two line items, investors have sufficient information to understand the
impact of changes in interest rates on the Company&rsquo;s results of operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Business, page 106</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">52.</FONT></TD><TD>To the extent material, please discuss how the bankruptcies of companies in crypto asset-related businesses and the downstream effects
of those bankruptcies have impacted or may impact your business, financial condition, customers, and counterparties, either directly or
indirectly. Clarify whether the company has material assets that may not be recovered due to the bankruptcies or may otherwise be lost
or misappropriated. In addition, and also to the extent material, please describe any direct or indirect exposures to other counterparties,
customers, custodians, or other participants in crypto asset markets known to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Have filed for bankruptcy, been decreed insolvent or bankrupt, made any assignment for the benefit of creditors, or have had a
receiver appointed for them.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Have experienced excessive redemptions or suspended redemptions or withdrawals of crypto assets.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Have the crypto assets of their customers unaccounted for.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Have experienced material corporate compliance failures.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 27-28
of the Amended Draft Registration Statement to address the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">53.</FONT></TD><TD>If material to an understanding of your business, discuss any steps you take to safeguard your customers&rsquo; crypto assets and
describe any policies and procedures that are in place to prevent self-dealing and other potential conflicts of interest. Describe any
policies and procedures you have regarding the commingling of assets, including customer assets, your assets, and those of affiliates
or others.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 16,
37, and 121 of the Amended Draft Registration Statement to clarify that it holds the cash portion of stablecoin reserves in FBO accounts
and the disclosure on page 36 of the Amended Draft Registration Statement to disclose the Company&rsquo;s segregation of its proprietary
assets and the reserve assets in respect of its customers&rsquo; stablecoins. In</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">addition, the Company respectfully refers the Staff to the disclosure
on page 134 of the Amended Draft Registration Statement regarding the NYDFS requirement that stablecoin reserves must be segregated from
the Company&rsquo;s proprietary assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Our platform, products, and ecosystem</U><BR>
<U>The Circle stablecoin network</U><BR>
<U>Reserve management infrastructure, page 115</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">54.</FONT></TD><TD>We note your discussion of your reserve management infrastructure, including the Circle Reserve Fund issued by BlackRock. Please address
the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose the legal form of the Company&rsquo;s investment in the Fund (e.g., whether it is a variable or voting interest);</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 101-102
of the Amended Draft Registration Statement to provide additional information regarding the Circle Reserve Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose a more fulsome understanding of your stablecoin reserve strategy, including total reserve asset allocations and specifically
with regard to the Circle Reserve Fund, entities involved, contractual rights of each party, including responsibilities and decision-making
authority over the investing decisions of both your and the Circle reserve fund and redemption limits and/or restrictions;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 101
of the Amended Draft Registration Statement to provide additional information regarding reserve asset allocation decisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose if BlackRock has the ability to make investments, without your approval, that are inconsistent with the Company&rsquo;s
reserve management policy and what actions, if any, you could take if that were to occur;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 101-102
of the Amended Draft Registration Statement to provide additional information regarding the Circle Reserve Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Disclose your plans and intentions to maintain a reserve management policy in the future that is consistent with your current reserve
management policy;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 15
and 120 of the Amended Draft Registration Statement to disclose its intention to continue to maintain such a Reserve Management Standard.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Provide us with an accounting analysis, citing authoritative literature, of your investment in the Fund (e.g., whether it is consolidated,
etc.); and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company accounts for its investment in the Circle Reserve Fund as an equity security in accordance with ASC 321-10. Pursuant to the consolidation
guidance in ASC 810-10-15-12(f), consolidation does not apply to the Circle Reserve Fund which complies with Rule 2a-7 of the Investment
Company Act (&ldquo;<U>Rule 2a-7</U>&rdquo;). As such, the Circle Reserve Fund is neither a variable interest entity or a voting interest
entity. Additionally, the Company assessed whether it has the ability to exercise significant influence over the Circle Reserve Fund in
accordance with ASC 323-10 and concluded that it does not have the ability to exercise significant influence as (i) the shares do not
have any substantive voting rights, (ii) the Company does not control, nor have the ability to gain representation on, the BlackRock Funds&rsquo;
board of trustees, (iii) the Circle Reserve Fund and its operations are managed by BlackRock Advisors, LLC as investment manager, subject
to oversight of BlackRock Funds&rsquo; board of trustees, and (iv) the mandate and operations of the Circle Reserve Fund are</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">subject to the requirements under Rule 2a-7 and its decision making
is limited and ultimately subject to the discretion of the investment advisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Provide us with an accounting analysis, citing authoritative literature, supporting your determination to classify the shares of
the Fund as cash equivalents and the measurement basis using the Fund&rsquo;s net asset value, including how it meets the definition and
satisfies both of the conditions to be cash equivalents in ASC 230-10-20.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
ASC Master Glossary definition of cash equivalents does not preclude equity securities from being cash equivalents and specifically includes
money market funds as an example of items that are commonly considered cash equivalents. The Company considered the definition of cash
equivalents in the ASC Master Glossary (and ASC 230-10-20) as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The shares of the Circle Reserve Fund are short-term because, while they do not have a stated maturity, they are redeemable on demand.
They are highly liquid as the Company is entitled to redeem them at any time, meaning that the Circle Reserve Fund provides the liquidity
of an active market.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The shares are readily convertible to known amounts of cash because the Circle Reserve Fund invests in low-risk, highly liquid securities
such as U.S. Treasury securities with maturities of three months or less, overnight U.S. Treasury security repurchase agreements, and
cash in order to maintain a net asset value (&ldquo;<U>NAV</U>&rdquo;) of $1 per unit. While the Circle Reserve Fund&rsquo;s NAV is floating,
the shares are redeemable on demand and present an insignificant risk of changes in value due to interest rates because the investments
held in the Circle Reserve Fund are not susceptible to significant changes in value as a result of interest rate moves.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The Circle Reserve Fund shares are measured at their fair value. The Company determined that the Fund has a readily determinable fair
value because the Circle Reserve Fund&rsquo;s NAV is determined and published daily, and represents the basis for current transactions
in the form of purchases and redemptions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Circle Mint, page 116</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">55.</FONT></TD><TD>We note your disclosure that USDC and EURC are fully backed one-for-one by at least an equivalent value of fiat currency-denominated
assets, and are always redeemable one-for-one through a Circle Mint account. We also note your disclosure that Circle Mint is currently
available to institutional and enterprise customers. Please revise your disclosure to clarify what you mean by &ldquo;enterprise customers.&rdquo;
Please also revise your disclosure to clarify that not all holders, including all of the individual holders that are not eligible for
a Circle Mint account, are able to redeem your stablecoins on a one-for-one basis with you, and they may have to incur transaction fees
or other expenses to convert their stablecoins to fiat currency.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 8,
13, 15, 16, 117, 120, and 121 of the Amended Draft Registration Statement to clarify that Circle Mint is available only to institutions
and not to individuals and on pages 13, 15, 117, and 120 of the Amended Draft Registration Statement to clarify that not all holders are
able to redeem Circle stablecoins directly from Circle and that holders may incur transaction fees and other expenses to redeem Circle
stablecoins through a Circle Mint customer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Partner with leading at-scale consumer-facing businesses and applications...,
page 123</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">56.</FONT></TD><TD>We note your disclosure that you partner with consumer-facing businesses and applications to achieve widespread distribution and that
you manage such partnerships through the Circle Alliance Program. Please expand your disclosure to briefly discuss how the Circle Alliance
Program works, including how any related agreements are structured and the parties involved, and provide specific illustrative examples,
as appropriate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page 128
of the Amended Draft Registration Statement to provide additional information regarding the Circle Alliance Program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Principal non-U.S. regulatory regimes, page 129</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">57.</FONT></TD><TD>We note your disclosure that you are planning to expand into markets where you currently do not operate. Please expand your disclosure
to identify any such markets and the businesses you intend to engage therein. Please also revise to disclose the expected timeline and
associated costs and risks, to the extent such information is material and reasonably available. In addition, please make related revisions
to your disclosure on page 123 regarding your growth strategy (e.g., in the second and fifth bullets).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages 135-136
of the Amended Draft Registration Statement to clarify that the Company constantly evaluates opportunities for expanding into additional
jurisdictions. The Company respectfully advises the Staff that the jurisdictions discussed in &ldquo;Business&mdash;Regulatory policy
landscape&mdash;Principal non-U.S. regulatory regimes&rdquo; represent the non-U.S. jurisdictions material to the Company&rsquo;s business
and operations and that the Company cannot provide any definite timeline and costs of expanding into any particular additional jurisdiction,
as such matters depend on a variety of factors which cannot be reasonably predicted. To the extent the Company expands into any additional
jurisdiction that is material, the Company will amend the registration statement to provide appropriate disclosure of the regulations
to which the Company is subject in such jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Material agreements, page 133</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">58.</FONT></TD><TD>Please tell us how you considered filing the License Agreement with Coinbase as an exhibit to the registration statement. Refer to
Item 601(b)(10) of Regulation S-K.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that it
does not believe that it is required to file the License Agreement with Coinbase as an exhibit under Item 601(b)(10) of Regulation S-K.
Item 601(b)(10) of Regulation S-K requires the filing of, among others, (i) any contract not made in the ordinary course of business that
is material to the registrant and is either (a) to be performed in whole or in part at or after the filing of the registration statement
or (b) entered into not more than two years before the date of the filing of the registration statement and (ii) any contract upon which
the registrant&rsquo;s business is substantially dependent. The Company respectfully advises the Staff that the License Agreement was
made in the ordinary course of business, as the License Agreement ordinarily accompanies the Company&rsquo;s relationships with third-party
distributors. Specifically, as disclosed in the Amended Draft Registration Statement, the Company intends to continue adding distributors
of its stablecoins in the future, and, as part of such distribution partnerships, the Company may enter into agreements similar to the
License Agreement. Such contracts should be contrasted with activities such as significant mergers, acquisitions, or dispositions that
may fall outside the ordinary course of the Company&rsquo;s business. Furthermore, the Company respectfully advises the Staff that the
Company&rsquo;s business is not substantially dependent on the License Agreement. Specifically, under the License Agreement, the Company
granted to Coinbase a worldwide, non-exclusive, non-transferable, non-sublicensable (other than to certain software and service providers),
royalty-free right to use certain trademarks related to current and potential future Circle stablecoins, including USDC and EURC, in connection
with the advertising, promotion, marketing, commercialization, sale, distribution, provision, and receipt of such stablecoins. The License
Agreement does not provide for any royalty payments to the Company for Coinbase&rsquo;s use of the licensed trademarks, nor would the
termination of the License Agreement automatically result in the termination of the Collaboration Agreement. Accordingly, the Company
believes that it is not required to file the License Agreement as an exhibit under Item 601(b)(10) of Regulation S-K.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Consolidated statement of cash flows, page F-8</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">59.</FONT></TD><TD>Please reconcile for us why the aggregate of the three line items listed below does not agree with the digital assets (gains) losses
and impairment, net line item on your statement of operations:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Digital assets impairment loss;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Gain on sale of digital assets; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Gain related to digital assets collateral.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
digital assets (gains) losses and impairment line item on the consolidated statements of operations also includes the changes in fair
value of the embedded derivatives related to obligations to return digital assets collateral. During the year ended December 31, 2022,
Digital assets (gains) losses and impairment of $57.4 million, consisted primarily of digital assets impairment losses of $427.5 million,
offset by gains on embedded derivatives related to digital asset collateral of $212.0 million (included in the net $209.0 million of Change
in fair value of derivatives and embedded derivatives on the consolidated statements of cash flows), gains related to digital assets collateral
of $158.0 million, and gains on the sale of digital assets of $0.2 million (variance in reconciliation due to rounding).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">60.</FONT></TD><TD>It appears that your deposits held for customers and stablecoin holders financing activity cash inflow is actually presented net of
cash outflows for redemptions. If this is true, please address the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us why it is appropriate to present netted cash flows. Reference for us the authoritative literature you rely upon to support
your presentation.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Reconcile the $2,176.8 million amount presented here to the $2,138 million net increase in USDC in circulation as presented on
page 77.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company believes net presentation of deposits held for stablecoin holders on the consolidated statements of cash flows is appropriate
due to the fact that the Company&rsquo;s stablecoins are due on demand and turnover is quick, coupled with the high frequency and amounts
of minting and redemptions of Circle stablecoins pursuant to ASC 230-10-45-8: <I>&ldquo;&hellip;</I>For certain items, the turnover is
quick, the amounts are large, and the maturities are short. For certain other items, such as demand deposits of a bank and customer accounts
payable of a broker-dealer, the entity is substantively holding or disbursing cash on behalf of its customers. Only the net changes during
the period in assets and liabilities with those characteristics need to be reported because knowledge of the gross cash receipts and payments
related to them may not be necessary to understand the entity&rsquo;s operating, investing, and financing activities...&rdquo; In addition,
the deposits from customers and stablecoin holders are due on demand and are, therefore, considered to have maturities of three months
or less in accordance with ASC 230-10-45-9. The Company believes that deposits held for stablecoin holders meet the criteria for net presentation
in ASC 230-10-45-8 and gross cash receipts and payments related to this financial statement line item would not be necessary to understand
the Company&rsquo;s financing activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The deposits held for stablecoin holders primarily represent liabilities
for redemption obligations related to Circle stablecoins issued (USDC and EURC). Changes in this financial statement line item do not
reflect the Company&rsquo;s activity with respect to corporate-held stablecoins, while the USDC in circulation amounts do include corporate-held
stablecoin transaction activity. Corporate-held stablecoins do not represent a financial liability to the Company as it does not obligate
the Company to deliver cash to a third party upon redemption. However, the transfer of corporate-held stablecoins to a third party does
result in the recognition of a financial liability. When the Company receives stablecoins from third parties, the financial liability
is derecognized in accordance with ASC 405-20-40-1 as the Company has been legally relieved of its obligation to redeem the stablecoin
from a third party. The $2,176.8 million change in the deposits held for stablecoin holders primarily consists of a $2,138.0 million net
increase in USDC in circulation, $26.6 million net increase in EURC in circulation, and $10.1 million net changes in corporate USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes to consolidated financial statements</U><BR>
<U>Note 1. Description of business</U><BR>
<U>Liquidity, page F-10</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">61.</FONT></TD><TD>Please address the following about the Circle stablecoins you hold:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Confirm for us whether these stablecoins are classified as cash and cash equivalents segregated for corporate held stablecoins
on your balance sheet. If not, tell us where these stablecoins are presented on your balance sheet and the amount at each balance sheet
date you present.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that the Company does not report stablecoins on its balance sheet, but the cash reserves associated with </FONT>Circle
<FONT STYLE="background-color: white">stablecoins held by the Company are recognized on the consolidated balance sheets as Cash and cash
equivalents segregated for corporate-held stablecoins. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us whether these stablecoins are also reflected in your deposits from customers and stablecoin holders on your balance sheet.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that corporate-held
stablecoins are not reflected in its deposits from stablecoin holders on the Company&rsquo;s consolidated balance sheets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>If these stablecoins are reflected in your deposits from customers and stablecoin holders account, tell us why it is appropriate
to effectively present an obligation to yourself on your balance sheet.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that corporate-held
stablecoins are not reflected in deposits from stablecoin holders on the Company&rsquo;s consolidated balance sheets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>If these stablecoins are not reflected in your deposits from customers and stablecoin holders account, tell us why it is appropriate
to reflect the cash as being segregated if you apparently can freely use that cash as implied by your disclosure.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that <FONT STYLE="background-color: white">as
noted in the response to the Staff&rsquo;s comment #46 above, </FONT>in accordance with applicable regulatory requirements and commercial
law, for Circle stablecoins issued and outstanding, the Company is generally required to hold at least an equivalent amount of fiat-currency-denominated
assets, held in segregated accounts. These requirements also apply to stablecoins held by the Company, which can be redeemed almost instantly
for fiat currency at the Company&rsquo;s discretion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 2. Summary of significant accounting policies</U><BR>
<U>Assets segregated for the benefit of customers and stablecoin holders, page F-11</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">62.</FONT></TD><TD>Please tell us why you characterize cash and equivalents as being segregated for both customers and stablecoin holders while you characterize
available-for-sale securities as being segregated only for stablecoin holders. In your response, tell us:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>What customers have assets segregated for their benefit; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>To the extent assets are segregated only for stablecoin holders, why you characterize them as customers given that you do not charge
for the minting of USDC and you disclose on page F-18 and elsewhere that your reserve income is outside the scope of ASC 606.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that as
of December 31, 2023 and 2022, approximately $1.7 million and $1.0 million, respectively, of cash and cash equivalents were segregated</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">for customers related to the Company&rsquo;s legacy products, Circle
Invest, Circle Pay, and Poloniex, in accordance with applicable money transmitter requirements. These legacy products are in the process
of winding down. There is limited activity in these accounts, with customers only being able to withdraw balances and not able to otherwise
actively use these platforms. Remaining balances are in the process of being returned to these customers and/or escheated when the applicable
requirements of escheatment are met. As of December 31, 2022, all of the Company&rsquo;s available-for-sale securities were segregated
for the benefit of stablecoin holders. Given the immaterial amount of cash and cash equivalents segregated for the benefit of customers,
the Company has revised the financial statement line item to remove the reference to customers. As indicated in the Company&rsquo;s disclosures,
reserve income solely relates to interest and dividend income generated on stablecoin related reserve accounts and is outside the scope
of ASC 606, and are accounted under ASC 310, ASC 320, and ASC 321, as applicable. There was no reserve income or revenue associated with
legacy products in the years ended December 31, 2023 or 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Digital assets, net, page F-13</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">63.</FONT></TD><TD>Please tell us why you characterize this asset as being presented net. In your response tell us what you net against these assets.
To the extent you only net impairment losses, tell us why characterizing the balance as net is appropriate when ASC 350-30-35-19 stipulates
that the adjusted carrying amount after an impairment loss becomes the new accounting basis.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised Digital assets, net, to be
reflected as <I>Digital assets</I> on the consolidated balance sheets and all related references, where applicable, in the Company&rsquo;s
consolidated financial statements. The Company respectfully advises the Staff that Digital assets, net, reflects digital assets, net of
impairment charges. Additional disclosures are provided on pages F-13-F-14 in footnote 2, Summary of Significant Accounting Policies,
and page F-31 in footnote 8, Digital Assets, in the Company&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">64.</FONT></TD><TD>Please revise your disclosure to state, if true, that you recognize impairment losses whenever carrying value exceeds quoted market
prices of the respective digital asset during the period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on page F-13-F-14
of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Deposits from customers and stablecoin holders, page F-16</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">65.</FONT></TD><TD>Please address the following with respect to your deposits from customers and stablecoin holders:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us what amounts are due to your customers as opposed to stablecoin holders and explain whether any portion of this balance
relates to anything other than USDC and, in 2023, EURC.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that amounts due to customers</FONT>, other than deposits related to USDC or EURC, <FONT STYLE="background-color: white">as
of December 31, 2023 and 2022 are approximately $1.7 million and $1.0 million, respectively. These amounts are related to the Company&rsquo;s
legacy products, Circle Invest, Circle Pay, and Poloniex, which will decrease in the future as the Company continues to wind down these
legacy products. Given the immaterial amount of cash and cash equivalents segregated for the benefit of customers, the Company has revised
the financial statement line item to remove the reference to customers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>You state that you are obligated to redeem all Circle stablecoins presented by Circle Mint customers on a 1:1 basis for U.S. dollars
or Euros, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. Revise
your disclosure to clarify, if true, that you do not have an unconditional right to deny Circle stablecoin redemption requests from Circle
Mint customers.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company </FONT>has
revised the disclosure on page F-11 of the Amended Draft Registration Statement <FONT STYLE="background-color: white">to provide additional
disclosure related to its obligations to redeem Circle stablecoins, including that the Company does not have an unconditional right to
deny Circle stablecoin redemption requests from Circle Mint customers. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>In that regard, we note reports that Coinbase paused conversions of USDC to U.S. dollars around the time of Silicon Valley Bank&rsquo;s
failure to honor your request to withdraw $3.3 billion in reserve deposits. Please tell us whether and to what extent those events impacted
how you processed Circle stablecoin redemption requests at that time.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that, on March 13, 2023 (the Monday after Silicon Valley Bank&rsquo;s failure), when the banking system reopened, the
Company began processing the weekend&rsquo;s queued redemptions. Due to the backlog, and the failure of some of the Company&rsquo;s transaction
banking partners, redemptions for some Circle Mint customers were slowed. The pausing of conversions of USDC to U.S. dollars by Coinbase
did not impact the processing of Circle stablecoin redemption requests by Circle Mint customers through this period. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Provide us your analysis explaining why amounts collected from Circle Mint account holders for the minting of EURC are liabilities.
Reference for us the authoritative literature you rely upon to support your accounting.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that the issuance of EURC to Circle Mint customers meets the definition of a financial liability based on the ASC Master
Glossary as the terms of EURC impose upon the Company an obligation to deliver &euro;1 for each EURC redeemed. </FONT>This accounting
treatment is consistent with USDC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Given that the vast majority of USDC outstanding is not held by Circle Mint account holders on your platform, tell us and enhance
your disclosures to clarify why you record an obligation to redeem Circle USDC stablecoins for those held by non-Circle Mint account holders.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that while a vast majority of USDC and EURC outstanding are not held by Circle Mint customers, the USDC and EURC issued
continue to represent an obligation for the Company to redeem each USDC and EURC issued, for 1 U.S. dollar or 1 euro, respectively. Furthermore,
as USDC and EURC are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers,
remittance providers, superapps, and commerce companies, USDC and EURC can easily move from non-Circle Mint customers to Circle Mint customers
to be presented for redemption. Please refer to the response to the Staff&rsquo;s comment #46 for additional information.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>General and administrative expenses, page F-18</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">66.</FONT></TD><TD>Please tell us whether any of these expenses or any others (e.g., compensation expenses or IT infrastructure costs) represent research
and development costs. If so, tell us the amounts for each period to be presented in your filing and your consideration for disclosing
those amounts as required by ASC 730-10-50-1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that it
has not incurred significant costs that meet the definition of research and development costs in accordance with ASC 730 or ASC 350-40-15-7
in the years ended December 31, 2023 and 2022. For the periods presented, the Company has not incurred significant costs associated with
the search or critical investigation aimed at discovery of new knowledge or the development of such knowledge into a plan or design for
a new product or process. Certain compensation expenses and IT infrastructure costs for the Company&rsquo;s engineering teams relate to
the development of internal-use software, a portion of which is capitalized as disclosed on page F-18 of the Amended Draft Registration
Statement. However, these costs do not meet the definition of research and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">development costs. As such, the Company believes that disclosures in
accordance with ASC 730-10-50-1 are not required.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Stock-based compensation, page F-20</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">67.</FONT></TD><TD>Please tell us why the measurement of stock-based compensation related to your non-employee grants is subject to periodic adjustment
as the underlying equity instruments vest. Reference for us the authoritative literature you rely upon to support your policy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that for the periods presented, the Company did not issue non-employee grants subject to periodic adjustment as the
underlying equity instrument vests and </FONT>has revised the disclosure on page F-21 of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 4. Available-for-sale debt securities segregated for the benefit
of stablecoin holders, page F-26</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">68.</FONT></TD><TD>Please tell us why the fair value of U.S. Treasury securities at December 31, 2022 is reported as $8,749.1 million when the independent,
third-party assurance report for that date available on your website depicts two separate U.S. Treasury securities in your &ldquo;other
USDC Reserve Assets&rdquo;; one with an indicated market value of $8,011.2 million and the other of $2,512.5 million. We also note from
your disclosure in the table at the bottom of page 98 that it does not appear that any of the U.S. Treasury securities in the Circle Reserve
Fund are included in your available-for-sale debt securities account as the aggregate balance for the Circle Reserve Fund depicted in
that table appears to equal that in the independent, third-party assurance report. Please explain why U.S. Treasury securities held in
the Circle Reserve Fund are apparently not classified as available for sale debt securities and revise your disclosure as necessary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
third-party assurance report aggregates individual lots of securities held, regardless of the individual lot&rsquo;s time to maturity
on the date of purchase and its corresponding balance sheet classification. The two securities included in &ldquo;other USDC Reserve Assets&rdquo;
in the December 31, 2022 third-party assurance report include $8,749.1 million of securities with a maturity date of greater than 90 days
at the time of purchase, which are classified as available-for-sale securities, and $1,774.6 million of securities with a maturity date
of 90 days or less at the time of purchase, which are classified as cash equivalents. The Company also respectfully advises the Staff
that the Company does not consolidate the Circle Reserve Fund. As such, the investments held by the Circle Reserve Fund are not directly
recognized on the consolidated balance sheets. It accounts for its investment in the Circle Reserve Fund as an equity security under ASC
321-10, and classifies the investment as a cash equivalent on the consolidated balance sheets. Please see the response to the Staff&rsquo;s
comment #54 for further details.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">69.</FONT></TD><TD>Please tell us why the aggregate of your available-for-sale debt securities and cash and cash equivalents that are segregated for
the benefit of customers and stablecoin holders as reported on your balance sheet at December 31, 2022 of $44,742.4 million does not agree
with the total of $44,694.0 million as reported in the independent, third-party assurance report for that date available on your website.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
aggregate of available-for-sale debt securities and cash and cash equivalents that are segregated for the benefit of stablecoin holders
as reported on the consolidated balance sheets at December 31, 2022 consist of both USDC and EURC reserves and assets segregated for the
benefit of customers. The EURC reserve was $26.8 million, or &euro;24.9 million as of December 31, 2022. The remaining differences are
attributable to timing and settlement differences, such as reserve income earned and received at the cutoff date, but not yet transferred
to a corporate cash account and differences where the timing of cash receipt/payment differ from the minting/redemption process on public
blockchains and access denied tokens.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 10. Derivatives and embedded derivatives, page F-30</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">70.</FONT></TD><TD>Please disclose how the underlying notional amounts are accounted for in your financial statements for the periods presented.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that it
accounts for the notional amounts associated with derivatives and embedded derivatives in the following manner:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Obligation to return digital asset collateral: Generally, the collateral received in association with stablecoin lending is denominated
in digital assets. The notional value disclosed in footnote 10 represents the initial fair value of the digital assets at the time it
is received. The obligation to return collateral in the form of digital assets is recorded as a current liability in <I>Obligations to
return digital asset collateral </I>with an offsetting amount recorded to <I>Digital assets </I>on the consolidated balance sheets. The
obligation to return the collateral is accounted for as a hybrid instrument and measures the obligation at the initial fair value. The
embedded derivative associated with the obligation to return the digital assets is accounted for at fair value, with changes in fair value
recognized in <I>Digital assets (gains) losses and impairment </I>in the consolidated statements of operations. The digital assets held
as collateral meet the definition of an indefinite-lived intangible asset because these digital assets lack physical substance and there
is no inherent limit on their useful lives. Accordingly, these digital assets are not subject to amortization. Instead, the Company tests
digital assets for impairment by comparing the digital asset&rsquo;s fair value to its carrying value. The Company measures and recognizes
an impairment loss whenever the carrying value exceeds quoted market prices of the respective digital asset during the period. Digital
assets held as collateral are reflected within <I>Digital assets</I> on the consolidated balance sheets. Impairment losses are reflected
within <I>Digital assets (gains) losses and impairment </I>in the consolidated statements of operations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Investments - derivatives and embedded derivatives: The Company enters into certain strategic investments in the form of prepaid forward
contracts to purchase a specified quantity of digital assets. The notional value disclosed in footnote 10 represents the initial cost
of the investment. For forward contracts that do not meet the definition of a derivative in their entirety in accordance with ASC 815,
the Company accounts for the contract as a hybrid instrument and measures the investment at cost less impairment by analogy to ASC 321.
The embedded derivative associated with the forward contract is accounted for at fair value. For forward contracts that meet the definition
of a derivative in their entirety in accordance with ASC 815, the Company measures the investment (including the initial investment) at
fair value. These investments, including derivatives and embedded derivatives, are presented within Investments on the consolidated balance
sheets, and changes in the fair value of associated derivatives and embedded derivatives are recognized in <I>Other income (expense)</I>,
net in the consolidated statements of operations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 15. Debt</U><BR>
<U>Loans payable, net of debt discount, page F-39</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">71.</FONT></TD><TD>You disclose that in June 2022, you repaid the entire principal balance of your $25 million loan payable plus accrued interest of
$6.1 million in USDC. We also note that you disclose the (re)payments as non-cash transactions in your consolidated statement of cash
flows. Please address the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us how you accounted for the issuance/minting of the USDC you used for the loan and interest payments and how that issuance/minting
is reflected in your cash flow statement. In your response, tell us when you minted the USDC in relation to its use for this loan repayment.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that, upon the accounting for the issuance/minting of corporate-held USDC, the Company recognizes Cash and cash equivalents
segregated for corporate-held stablecoins when such corporate cash is transferred to segregated accounts. The minting/issuance of corporate-held
USDC has no impact on the consolidated statements of </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">cash flows until it is used to
settle investing and financing activities at which time it is presented as non-cash investing and financing activities. The Company also
respectfully advises the Staff th</FONT>at the Company did not specifically mint corporate-held USDC for this loan repayment but used
existing USDC balances at the time of repayment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>As you appear to present the cash underlying corporate held stablecoins (presumably USDC and/or EURC) and not the stablecoins themselves
on your balance sheet, and as you include that cash in the total cash and cash equivalents balance reconciled in your statement of cash
flows, tell us your consideration for reflecting the use of USDC for the loan principal repayment as a financing activity in your statement
of cash flows.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company respectfully advises the Staff that the
Company considered the repayments of debt borrowed using USDC as non-cash financing activities and disclosed such in the supplemental
schedule to the consolidated statements of cash flows. Pursuant to ASC 230-10-45-15, repayments of amounts borrowed are classified as
cash outflows for financing activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&bull;</FONT></TD><TD><I>Tell us all the transactions and/or payments for which you used USDC to settle, including how you accounted for such transactions,
including the underlying minting/issuance of USDC and the authoritative guidance in which you relied.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company respectfully
advises the Staff that the Company utilizes USDC for a variety of purposes and that the issuance of USDC to third parties is accounted
for as a financial liability based on the ASC Master Glossary as the terms of USDC impose upon the Company an obligation to deliver one
U.S. dollar for each USDC redeemed. The primary uses of utilizing USDC to settle transactions is summarized below: </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Operating activities (ASC 230-10-45-25):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white">Payments for distribution costs related to the Collaboration Agreement with Coinbase; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white">Payments for distribution incentives to market makers; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white">Payments of interest.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Investing activities (ASC 230-10-45-11
to 13):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white">Purchase of certain strategic investments and corporate digital assets, etc.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Financing activities (ASC 230-10-45-14
to 15):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white">Repayment of debt; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 19.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white">Circle stablecoins lending activities, etc.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company respectfully advises the Staff that the Company uses USDC
to settle certain of the various activities noted above in a manner consistent with the use of cash to settle or enter into such transactions,
where USDC is acceptable as a method of settlement by the participants. Upon minting of corporate-held USDC, the Company recognizes Cash
and cash equivalents segregated for corporate-held stablecoins when such corporate cash is transferred to segregated accounts. The Company
does not record a liability associated with corporate-held stablecoins because they do not represent a financial liability to the Company
in accordance with the ASC Master Glossary definition of a financial liability. In other words, corporate-held stablecoins do not obligate
the Company to deliver cash to a third party upon redemption. The Company recognizes a liability in Deposits from stablecoin holders when
USDC is transferred to a third party as the USDC then represents a financial liability of the Company along with a</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="width: 50%; font-size: 8pt">April 12, 2024</TD><TD STYLE="width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 8pt; vertical-align: top"><TD STYLE="color: #140B7F; width: 20%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD><TD STYLE="color: #140BE3; width: 25%">Division of Corporation Finance<BR> U.S. Securities and Exchange Commission</TD><TD STYLE="color: #140BE3; width: 25%">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">corresponding debit in the same manner as if it had paid cash (e.g.,
accounts payable). In addition, the Company reclassifies the Cash and cash equivalents segregated for corporate-held stablecoins to Cash
and cash equivalents segregated for the benefit of stablecoin holders when the USDC is transferred to a third party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 18. Stock-based compensation</U><BR>
<U>Stock options, page F-44</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">72.</FONT></TD><TD>We note that you disclose both the weighted-average exercise price of stock options granted during 2022 and the weighted-average grant
date fair value of stock options granted as $30.68. As you disclose in your policy note on page F-20 that the exercise price of each option
must be at least 100.0% of the fair market value of the common stock as of the grant date, and as ASC 718-10-50-2d requires the disclosure
of the weighted-average grant-date fair value of the award, not the fair value of the underlying stock, please revise your disclosure
to provide the weighted-average grant-date fair value of your options granted during the year or tell us how it can be the same as the
weighted-average exercise price for those grants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: The Company has revised the disclosure on pages F-47-F-50
of the Amended Draft Registration Statement to reflect the grant date weighted-average fair value of the options granted, rather than
the fair value of the common stock as of grant date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 19. Earnings (loss) per share, page F-46</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">73.</FONT></TD><TD>Please revise your table of common stock equivalents excluded from your loss per share computation because they are antidilutive to
include the common stock issuable upon conversion of your preferred stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response</B>: <FONT STYLE="background-color: white">The Company </FONT>has
revised the disclosure on pages F-50-F-51 of the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please do not hesitate to contact me at (212) 450-4674 or richard.truesdell@davispolk.com
or Dan Gibbons at (212) 450-3222 or dan.gibbons@davispolk.com if you have any questions regarding the foregoing or if we can provide any
additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,<BR>
/s/ Richard D. Truesdell, Jr.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CC: Jeremy Allaire<BR>
Heath Tarbert</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 30">&#9;Circle Internet Financial Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->













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