Hey, thanks for flagging this and for the detailed report!
I checked with our brand team. The “Circle” avatar assets aren’t meant to be a circular cutout of the logo; they’re actually slightly resized versions of the logo, specifically tuned for circular avatar frames. Logos tend to appear smaller in a circle than in a square, so these versions are scaled up slightly to compensate.
A true circular cutout would actually cause issues, since you’d get gaps depending on the scaling and the exact shape of whatever avatar frame you drop it into