Coinbase Global Inc (COIN) 2025 Q2 法說會逐字稿

Good afternoon. My name is Kate, and I will be your conference operator today. At this time I would like to welcome everyone to the Coinbase second-quarter 2025 earnings call. (Operator Instructions) Thank you. Anil Gupta, Vice President, investor relations, you may begin your conference.

午安.我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Coinbase 2025 年第二季財報電話會議。（操作員指示）謝謝。投資者關係副總裁 Anil Gupta，您可以開始您的會議了。

Good afternoon, and welcome to the Coinbase second-quarter 2025 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; and Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer.

下午好，歡迎參加 Coinbase 2025 年第二季財報電話會議。參加今天電話會議的還有共同創辦人兼執行長 Brian Armstrong、總裁兼營運長 Emilie Choi、財務長 Alesia Haas 和首席法律長 Paul Grewal。

I hope you've all had the opportunity to read our shareholder letter, which was published earlier today on our Investor Relations website. During today's call, we may make forward-looking statements, which may vary materially from actual results.

我希望大家都有機會閱讀我們今天稍早在我們的投資者關係網站上發布的股東信。在今天的電話會議中，我們可能會做出前瞻性陳述，這些陳述可能與實際結果有重大差異。

Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the Shareholder Letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures.

有關風險、不確定性和其他可能導致這些結果不同的因素的資訊包含在我們的美國證券交易委員會 (SEC) 文件中。我們今天的討論還將包括某些非公認會計準則財務指標。我們的投資者關係網站上的股東信函中提供了與最直接可比較的 GAAP 財務指標的對帳。非公認會計準則 (Non-GAAP) 財務指標應被視為公認會計準則 (GAAP) 指標的補充，而非替代。

We'll start today's call with opening comments from Brian and Alesia, and then take questions from retail shareholders and our research analysts.

今天的電話會議將以 Brian 和 Alesia 的開場白開始，然後回答散戶股東和我們的研究分析師的問題。

With that, I'll turn it over to Brian for opening comments.

接下來，我將把時間交給 Brian 來發表開場評論。

Thanks, Anil. It was another great quarter for Coinbase, and we continue to ship innovative products, drive strong financial performance and advance regulatory clarity for the industry. Total revenue came in at $1.5 billion, with positive adjusted EBITDA of $512 million. And we now have $9.3 billion in total USD resources, with $1.8 billion in our growing crypto investment portfolio fueled by weekly Bitcoin purchases.

謝謝，阿尼爾。對於 Coinbase 來說，這又是一個出色的季度，我們將繼續推出創新產品，推動強勁的財務業績，並提高行業監管的清晰度。總營收達 15 億美元，調整後 EBITDA 為 5.12 億美元。現在，我們的美元資源總額為 93 億美元，其中不斷增長的加密投資組合中有 18 億美元是由每週購買的比特幣推動的。

I want to give a quick refresher on why we're here and what we're building toward. Our mission is to increase economic freedom for everyone, everywhere. Crypto is eating financial services, and our goal is to be the number one financial services platform in the world across custody, trading, payments, staking, borrowing and lending and more.

我想簡單回顧一下我們為什麼在這裡以及我們的目標是什麼。我們的使命是增加世界各地每個人的經濟自由。加密貨幣正在蠶食金融服務，我們的目標是成為全球第一的金融服務平台，涵蓋託管、交易、支付、質押、借貸等多個領域。

Our focus this year is to drive growth in our core businesses: trading and stablecoin payments. And I want to share three key areas that we made progress towards those objectives this quarter.

我們今年的重點是推動核心業務的成長：交易和穩定幣支付。我想分享本季我們在實現這些目標方面取得進展的三個關鍵領域。

First, on trading. We've always believed that every asset class will move onchain. The customer's technology and regulatory environment are now finally ready for it. People want to invest capital across all asset types, from stocks to commodities, to real estate, to crypto including meme coins and the long tail of assets. And even how startups raise money and all capital formation is going to be rebuilt onchain where markets are cheaper, faster, global and open to everyone.

首先，關於交易。我們始終相信，每種資產類別都會在鏈上移動。客戶的技術和監管環境現在終於已做好準備。人們希望將資金投資於所有資產類型，從股票到商品，到房地產，到加密貨幣（包括迷因幣）和長尾資產。甚至新創公司如何籌集資金以及所有資本形成都將在鏈上重建，因為市場更便宜、更快、全球化且對所有人開放。

So we've been making investments in this area for some time, and our goal is to build what we're calling the Everything Exchange. Every asset you want to trade in a one-stop shop, all on crypto rails. This means to start, we're enabling access to millions of spot crypto assets.

因此，我們一直在該領域進行投資，我們的目標是建立所謂的「萬物交易所」。您想要交易的每種資產都可以在一站式商店進行交易，全部都在加密軌道上。這意味著，首先，我們可以存取數百萬種現貨加密資產。

This is the number one thing our customers want from us. And in Q2, we hit over 300 total assets listed on our exchange. Next week, we'll be rolling out the next chapter of our asset addition strategy by integrating decentralized exchanges right into the Coinbase app, which will eventually enable access to millions of tokens.

這是客戶對我們的最大期望。在第二季度，我們交易所上市的資產總數已超過 300 種。下週，我們將推出資產增加策略的下一章，將去中心化交易所直接整合到 Coinbase 應用程式中，最終將實現對數百萬個代幣的存取。

Next, it means offering the most global and compliant suite of perpetual futures and options to meet the needs of advanced treaters. And we now have a comprehensive derivatives product suite. We recently launched 24/7 trading of Bitcoin and Ethereum contracts, and we launched perpetual style futures in the United States, which hit an all-time high in trading volume this week.

其次，這意味著提供最全球化、最合規的永久期貨和選擇權套件，以滿足高階處理器的需求。現在我們擁有全面的衍生產品套件。我們最近推出了比特幣和以太坊合約的 24/7 交易，並在美國推出了永續期貨，本週交易量創下歷史新高。

Finally, we announced our acquisition of Deribit, the world's leading crypto options exchange with over $30 billion of open interest. And now we're currently working towards launching tokenized equities to meet the moment in this new regulatory environment.

最後，我們宣布收購 Deribit，它是全球領先的加密選擇權交易所，擁有超過 300 億美元的未平倉合約。目前，我們正致力於推出代幣化股票，以適應新的監管環境。

We've always said we're updating the system and building the bridge to bring equities on to crypto rails is the next phase of our strategy. We may integrate with traditional brokers as a stepping stone towards this vision to provide liquidity, but we believe tokenized equities are more efficient with global coverage, 24/7 trading, instant settlement and the ability to offer perpetual futures.

我們一直說，我們正在更新系統並建立橋樑，將股票引入加密貨幣軌道，這是我們策略的下一階段。我們可能會與傳統經紀商整合，作為實現這一願景的墊腳石，以提供流動性，但我們相信，代幣化股票具有全球覆蓋、全天候交易、即時結算和提供永久期貨的能力，效率更高。

The total addressable market for this is massive. Capturing just 3% of equities trading would double the current crypto market. Over time, we'll bring all asset classes onchain, including prediction markets, real-world assets and more. And we're building on the frontier committed to doing this in a compliant and trusted way, which we've done for many years, while making it easily accessible to everyone. So that's the everything exchange.

這個市場的總目標市場是巨大的。僅佔 3% 的股票交易量就能使目前的加密貨幣市場規模翻倍。隨著時間的推移，我們將把所有資產類別納入鏈上，包括預測市場、現實世界資產等。我們正致力於以合規和值得信賴的方式開展這項工作，我們已經這樣做了很多年，同時讓每個人都能輕鬆使用它。這就是一切交換。

Next, let's touch on how we're accelerating crypto utility with our full-stack payment solutions. We see payments as the next big use case in crypto and believe that the majority of all payments in the economy will eventually run on stablecoin rails because they are faster, cheaper and global.

接下來，讓我們談談如何利用全端支付解決方案加速加密實用性。我們認為支付是加密貨幣的下一個重要用例，並相信經濟中的大多數支付最終將在穩定幣軌道上運行，因為它們更快、更便宜、更全球化。

Passage of the GENIUS Act will fuel further innovation and adoption of stablecoins, and we are uniquely positioned because we have both the broadest distribution base for USDC and the best rewards program for customers.

《GENIUS 法案》的通過將進一步推動穩定幣的創新和採用，而我們擁有獨特的優勢，因為我們擁有最廣泛的 USDC 分銷基礎和最佳的客戶獎勵計劃。

We're one of the only companies with a vertically integrated payment stack. This includes USDC, the largest regulated dollar stablecoin, base, the most popular Layer 2 solution on Ethereum; consumer applications and wallets with millions of retail users; and payment APIs to power businesses and developers.

我們是唯一擁有垂直整合支付堆疊的公司之一。其中包括最大的受監管美元穩定幣 USDC、以太坊上最受歡迎的第 2 層解決方案 Base；擁有數百萬零售用戶的消費者應用程式和錢包；以及為企業和開發者提供支援的支付 API。

Together, these offer a faster, cheaper and more global payments solution. In Q2, we announced our stablecoin payment APIs, which enable businesses, merchants and developers to easily accept and pay in stablecoins with partners like Shopify already live in market now.

這些共同提供了更快、更便宜、更全球化的支付解決方案。在第二季度，我們宣布了穩定幣支付 API，這使得企業、商家和開發者能夠輕鬆地與 Shopify 等已經在市場上的合作夥伴接受和支付穩定幣。

Finally, I'd like to spotlight how we are leveraging our deep experience in building crypto infrastructure to power the next wave of businesses coming into this space. We now have over 240 businesses using our Crypto-as-a-Service abilities to power their custody, trading and payments needs, including BlackRock, PNC, Stripe and PayPal.

最後，我想強調我們如何利用我們在建立加密基礎設施方面的豐富經驗來為進入該領域的下一波企業提供動力。目前，已有超過 240 家企業使用我們的加密即服務功能來滿足其託管、交易和支付需求，其中包括貝萊德、PNC、Stripe 和 PayPal。

We power over 80% of the custody for crypto ETF issuers. And we're a trusted partner to over 150 government agencies and institutions to help manage and safeguard crypto assets with regulated and secure solutions. As the most trusted name in crypto with the longest track record of success, we are the natural partner for any company or government entering this crypto space.

我們為加密 ETF 發行人提供超過 80% 的託管服務。我們是 150 多個政府機構和機構值得信賴的合作夥伴，透過受監管的安全解決方案來幫助管理和保護加密資產。作為加密貨幣領域最值得信賴且擁有最長成功記錄的品牌，我們是任何進入加密貨幣領域的公司或政府的天然合作夥伴。

So in closing, with regulatory clarity finally emerging, we believe crypto rails are poised to power an increasing share of global GDP and update every aspect of the financial system. And Coinbase is the company best positioned to capitalize on this trend.

總而言之，隨著監管最終變得清晰，我們相信加密貨幣軌道將推動全球 GDP 份額的不斷增長，並更新金融體系的各個方面。Coinbase 是最有能力利用這一趨勢的公司。

I'll now turn it over to Alesia.

現在我將把發言權交給 Alesia。

Thanks, Brian. Good afternoon, everyone. We have long said that crypto is not linear on a quarter-to-quarter basis. And Q2 was no exception. Amid lower volatility and non-Bitcoin price headwinds, we were focused on execution.

謝謝，布萊恩。大家下午好。我們早就說過，加密貨幣並不是按季度線性成長的。Q2 也不例外。在波動性較低和非比特幣價格逆風的情況下，我們專注於執行。

Our business grew stronger as we grew native units across the board in USDC, staking and custody. We saw all-time highs in derivatives trading volume, quarterly base transaction volume, prime financing average loan balances. And further, we are encouraged by the positive reception for our new products, like Coinbase Card, the Base app, US perpetual futures and Coinbase business.

隨著我們在 USDC、質押和託管領域全面增加原生單位，我們的業務也變得更加強大。衍生性商品交易量、季度基礎交易量、優質融資平均貸款餘額均創歷史新高。此外，我們的新產品獲得了積極的反響，這讓我們感到鼓舞，例如 Coinbase Card、Base 應用程式、美國永續期貨和 Coinbase 業務。

Total revenue was $1.5 billion. Net income was $1.4 billion. Adjusted EBITDA was $512 million. And adjusted net income was $33 million. Let's dive into these results. As typical, all comparisons I'll share are on a quarter-over-quarter basis unless I note otherwise. Let's start with the market backdrop.

總收入為15億美元。淨收入為14億美元。調整後的 EBITDA 為 5.12 億美元。調整後的淨收入為 3300 萬美元。讓我們深入研究這些結果。通常情況下，除非另有說明，我分享的所有比較都是按季度進行的。讓我們先從市場背景開始。

Crypto asset volatility declined 16%, despite the average crypto price market cap being roughly flat. We saw shifting macro conditions, including trade policy considerations and recession concerns impact risk assets broadly. And crypto assets were no exception. We saw a divergence between Bitcoin and everything else as the average Bitcoin price in the quarter was up 6%, whereas non-Bitcoin asset market cap declined 11%.

儘管加密貨幣的平均價格市值基本上持平，但加密資產波動性下降了 16%。我們看到，包括貿易政策考量和經濟衰退擔憂在內的宏觀條件變化對風險資產產生了廣泛影響。加密資產也不例外。我們看到比特幣與其他所有貨幣之間存在差異，因為本季比特幣平均價格上漲了 6%，而非比特幣資產市值卻下跌了 11%。

In the second quarter, the US and global spot markets declined 32% and 31%, respectively. Our total trading volume declined 40%. In March, we made an intentional price change to our stablepairs in our advanced product. This was in our control and we made a decision to focus on revenue over trading volume.

第二季度，美國和全球現貨市場分別下跌32%和31%。我們的總交易量下降了40%。三月份，我們有意對高級產品中的穩定貨幣對進行了價格調整。這是我們可以控制的，我們決定專注於收入而不是交易量。

Historically, stablepair trading was a largely zero fee product for us. When you exclude the impact of the lower stablepair volume, our total trading volume was more similar to the overall spot markets. Our consumer spot trading volume was $43 billion, down 45%, and consumer trading revenue was $650 million, down 41%. In the quarter, we saw consumer spot volume shift towards simple as opposed to advanced given the lower volatility environment.

從歷史上看，穩定對交易對我們來說基本上是一種零費用產品。當排除較低穩定對交易量的影響時，我們的總交易量與整體現貨市場更為相似。我們的消費者現貨交易量為430億美元，下降45%，消費者交易收入為6.5億美元，下降41%。在本季度，由於波動性較低的環境，我們看到消費者現貨交易量從高級轉向簡單。

Institutional spot trading volume was $194 billion, down 38%. Institutional transaction revenue was $61 million, also down 38%. In the last quarter, I mentioned that we expected $30 million to $40 million of impact in our Q2 institutional transaction revenue due to increased investments in incentives and rebates programs that we intended to drive liquidity and market share in our derivatives products. We did make this Q2 investment. However, this ended up being recorded as a transaction expense due to the incentive programs designed and the client activity mix.

機構現貨交易量為1,940億美元，下降38%。機構交易收入為 6,100 萬美元，也下降了 38%。我在上個季度提到，由於我們增加了對激勵和返利計畫的投資，預計第二季的機構交易收入將受到 3,000 萬至 4,000 萬美元的影響，我們打算透過增加這些計畫來提高衍生產品的流動性和市場份額。我們確實進行了第二季的投資。然而，由於激勵計劃的設計和客戶活動組合，這最終被記錄為交易費用。

Now turning to subscription and services revenues of $656 million. As I mentioned earlier, across the board, we saw native unit balanced growth, including average USDC in our products, growth in staking native units and custody to assets. We also saw all-time high loan balances in Prime Financing. However, underlying asset prices, specifically in Ethereum and Solana, and protocol reward rates headwinds offset this growth quarter over quarter.

現在轉向 6.56 億美元的訂閱和服務收入。正如我之前提到的，總體而言，我們看到了原生單位的平衡成長，包括我們產品中的平均 USDC、原生單位質押的成長以及資產託管的成長。我們也看到 Prime Financing 的貸款餘額創下歷史新高。然而，基礎資產價格（特別是以太坊和 Solana）以及協議獎勵率的不利因素抵消了這一季度的成長。

Our total operating expenses were $1.5 billion. Without the previously disclosed May data theft incident and the associated $307 million expense that we recorded in the quarter, our total operating expenses would have declined 9%, alongside the softer market conditions. We ended the quarter with just under 4,300 full-time employees, which was up 8%.

我們的總營運費用為 15 億美元。如果沒有先前揭露的 5 月資料竊盜事件以及我們在本季記錄的 3.07 億美元相關費用，我們的總營運費用將會下降 9%，同時市場狀況也會更加疲軟。截至本季末，我們的全職員工人數略低於 4,300 人，成長了 8%。

I would like to draw your attention to some specific events that materially impacted our GAAP profitability results this quarter. First, a $307 million expense from the data theft incident I just mentioned. Second, a $1.5 billion unrealized gain on our strategic investments. Our strategic investments include our investment in circle, which is now public. Going forward, this line will fluctuate in line with their stock price.

我想提請您注意一些對本季我們的 GAAP 獲利結果產生重大影響的具體事件。第一，我剛才提到的資料竊取事件造成的3.07億美元的支出。第二，我們戰略投資的未實現收益為 15 億美元。我們的策略投資包括對 Circle 的投資，該公司現已上市。展望未來，這條線將隨著其股價而波動。

Third, a $362 million gain from the ongoing fair value remeasurements of our crypto investment portfolio. Net income was $1.4 billion, and includes the impact of those three items I just mentioned. Adjusted EBITDA was $512 million, and excludes those three items I just mentioned. Adjusted net income was $33 million, and we have updated our calculation to adjust net income for all gains and losses on both crypto and strategic investments.

第三，我們透過持續對加密投資組合的公允價值進行重新計量獲得了 3.62 億美元的收益。淨收入為 14 億美元，其中包括我剛才提到的三項的影響。調整後的 EBITDA 為 5.12 億美元，不包括我剛才提到的三項。調整後的淨收入為 3,300 萬美元，我們已更新計算方法，以調整加密貨幣和戰略投資的所有收益和損失的淨收入。

We believe that adjusted EBITDA and adjusted net income, while no substitute for GAAP measures, are very useful metrics to assess the recurring operating business results, excluding gains and losses from the investment portfolios. Additional detail can be found in our Shareholder Letter.

我們認為，調整後的 EBITDA 和調整後的淨收入雖然不能取代 GAAP 指標，但卻是評估經常性經營業務結果（不包括投資組合的收益和損失）非常有用的指標。更多詳細資訊請參閱我們的股東信函。

Now let's turn to our Q3 outlook. Q3 is off to a strong start, with higher asset prices and higher volatility. July transaction revenue is approximately $360 million. We expect our Q3 subscription and services revenue to be within the range of $665 million to $745 million or up approximately 8% quarter over quarter at the midpoint, driven by higher average crypto prices and stablecoin revenues.

現在讓我們來看看第三季的展望。第三季開局強勁，資產價格上漲，波動性加大。7月交易收入約3.6億美元。我們預計第三季的訂閱和服務收入將在 6.65 億美元至 7.45 億美元之間，或環比增長約 8%，這得益於加密貨幣平均價格上漲和穩定幣收入。

On the expense side, we expect technology and development and general and administrative expenses to be between $800 million and $850 million. Opportunities for growth have expanded substantially with increased regulatory clarity.

在費用方面，我們預計技術和開發以及一般和行政費用將在 8 億美元至 8.5 億美元之間。隨著監管更加明確，成長機會大幅增加。

We are leaning into this opportunity with head count growth. We do expect higher Q3 head count growth than we saw in Q2. And we are directing this growth into the product areas Brian mentioned earlier. We expect our Q3 sales and marketing to be in the range of $190 million to $290 million.

我們正利用這個機會來增加員工數量。我們確實預期第三季的員工數量成長將高於第二季。我們將把這種成長引導到 Brian 之前提到的產品領域。我們預計第三季的銷售和行銷收入將在 1.9 億美元至 2.9 億美元之間。

With that, let's go to questions.

好了，讓我們開始提問吧。

Great. So we received a few different questions on tokenization. How does Coinbase plan to implement tokenized securities and compete for market share as demand increases? How can Coinbase ensure risk management compared to traditional finance and tokenized securities? Is there a time line for stock tokenization or real-world assets. Brian?

偉大的。因此，我們收到了一些關於標記化的不同問題。隨著需求的增長，Coinbase 計劃如何實施代幣化證券並爭奪市場份額？與傳統金融和代幣化證券相比，Coinbase 如何確保風險管理？股票代幣化或現實世界資產是否有時間表。布賴恩？

Yeah. So first off, we are very excited about tokenized securities, much in the same way that getting a digital dollar, we have $1 in a bank account and you can mint a token, it's one-to-one back. I think early on, people were wondering what those would be used for. Hey, can't you already send dollars to each other, right? And so in much the same way, crypto has an opportunity to update the financial system here in the securities world.

是的。首先，我們對代幣化證券感到非常興奮，這很像獲得數位美元，我們在銀行帳戶中有 1 美元，你可以鑄造一個代幣，這是一對一的。我認為很早以前人們就在想這些會有什麼用途。嘿，你們還不能互相匯款嗎？因此，以同樣的方式，加密貨幣有機會更新證券世界的金融體系。

And we don't know exactly how it will all play out, but there are interesting opportunities around getting more global distribution, of creating some of these securities. There's a high demand for US assets in many places in the world. People can't easily open a brokerage account. We think that new types of markets like perpetual futures around these securities could be interesting in the tokenized securities world.

我們不知道這一切將如何發展，但在獲得更多全球分銷、創建一些此類證券方面存在有趣的機會。全球許多地方對美國資產的需求很高。人們無法輕易開設經紀帳戶。我們認為，圍繞這些證券的永續期貨等新型市場在代幣化證券世界中可能會很有趣。

Obviously, real-time settlement, 24/7 trading, fractional shares, there could be novel forms of voting and governance that happen onchain. It's really hard to say where this will go. But we think that ultimately getting these assets tokenized onchain is going to unlock a lot of value.

顯然，即時結算、全天候交易、零碎股票，可能會出現鏈上發生的新型投票和治理形式。真的很難說這會走向何方。但我們認為，最終將這些資產在鏈上標記化將會釋放出許多價值。

And in terms of how we get there, there's a lot of steps. I mean we will probably have to integrate with a traditional broker. It matters how you custody the underlying assets. It matters for customers that want to trade with margin or in some of these products. Risk management becomes very important, which the question asked about.

至於我們如何實現這一目標，還有很多步驟。我的意思是我們可能必須與傳統經紀人整合。如何保管基礎資產很重要。對於想要使用保證金或某些此類產品進行交易的客戶來說，這很重要。風險管理變得非常重要，這也是問題所問的。

But that's what we do best, right? A lot of this comes down to can you hire the right people with the right expertise from different areas of tech and finance to come together and produce these systems? And I think that's what Coinbase has done best over the last 12 or so years, is we've built products that are the most trusted, most compliant and that they're easy to use for everyone.

但這正是我們最擅長的，對吧？這在很大程度上取決於您是否能從技術和金融的不同領域聘請到具有適當專業知識的合適人才來共同生產這些系統？我認為這是 Coinbase 在過去 12 年左右的時間裡做得最好的事情，我們打造了最值得信賴、最合規且易於每個人使用的產品。

They don't have to understand that it's onchain. They don't even have to care that it's onchain. They just want to be able to trade these assets and get exposure to them and build the best product. And so that's what we're going to do. We're working hard on it. It's going to -- we'll keep you updated over the coming quarters as we make progress. But yeah, that's the plan for now.

他們不必了解它是鏈上的。他們甚至不必關心它是否在鏈上。他們只是希望能夠交易這些資產、獲得曝光並打造最好的產品。這就是我們要做的。我們正在努力。我們將在接下來的幾季內向您通報進度。但是的，這就是目前的計劃。

Thanks, Brian. Next question. What's the projected growth in terms of revenue as well as usage for the Base app? What's being done to push for a massive adoption of blockchain-based ID on Base for the general public so that Coinbase will compete with more mainstream tech companies like TikTok and Meta? Brian?

謝謝，布萊恩。下一個問題。Base 應用程式的收入和使用量預計將增長多少？我們正在採取哪些措施來推動 Base 上基於區塊鏈的 ID 被大眾廣泛採用，以便 Coinbase 能夠與 TikTok 和 Meta 等更主流的科技公司競爭？布賴恩？

Yeah. I'm very excited about Base. This is our attempt to really build on the frontier with crypto utility, where there's lots of these building blocks have come together over the last really 10 years. Some of them we helped build, others, the rest of the industry really helped build. And these are things like a decentralized identity that uses a standard called ENS.

是的。我對 Base 感到非常興奮。這是我們真正嘗試利用加密實用程式在前沿領域進行構建，在過去的 10 年裡，我們已經累積了大量這樣的構建模組。其中一些是我們幫助建設的，其他一些則是業內其他公司真正幫助建設的。這些都是使用 ENS 標準的去中心化身分。

You can have a trusted stable coin like USDC. We now have a scalable blockchain with Base. There's decentralized messaging protocols, ways for people to build applications, and decentralized social media protocols. So this is kind of a super app that we've put out there. It's in beta. There's actually 700,000 people on the wait list already. And so there's been a ton of demand for it and excitement about it.

您可以擁有像 USDC 這樣的值得信賴的穩定幣。我們現在擁有一個可擴展的Base區塊鏈。有去中心化的訊息傳遞協議、人們建立應用程式的方式以及去中心化的社交媒體協議。這是我們推出的一款超級應用程式。目前處於測試階段。實際上等候名單上已經有 70 萬人了。因此，人們對它的需求和興奮度都很大。

I think people are the most excited about this idea that as a content creator, whether you produce a podcast or art or video like YouTube, or just text like on X, people can put off this content and earn directly from their audience. That's a big deal. It kind of changes the traditional business model of the Internet that was more ad-based because now the Internet has a native money layer.

我認為人們對這個想法最為興奮，作為內容創作者，無論你製作播客、藝術或像 YouTube 這樣的視頻，還是像 X 這樣的文字，人們都可以推遲這些內容並直接從觀眾那裡賺錢。這可是件大事。它在某種程度上改變了網路傳統的以廣告為基礎的商業模式，因為現在網路有了原生的貨幣層。

And so our goal is to get eventually 1 billion people onchain. I think self-custodial wallets like Base and these new applications we're building on top of it can really help us achieve that goal, but it's going to be a long journey.

因此我們的目標是最終讓 10 億人加入鏈上。我認為像 Base 這樣的自託管錢包以及我們在其基礎上建立的這些新應用程式確實可以幫助我們實現這一目標，但這將是一個漫長的旅程。

And blockchain-based IDs like a Base name, which every user who signs up gets a fee-based name using the ENS protocol, they control that name, they control all the data and information associated with it. It's not controlled by a big tech company. And so that is a new model that I think a lot of consumers out there are interested in and content creators as well.

基於區塊鏈的 ID，例如基本名稱，每個註冊的用戶都可以透過 ENS 協議獲得一個收費名稱，他們控制該名稱，控制與其相關的所有數據和資訊。它不受大型科技公司的控制。我認為這是一個新模式，許多消費者和內容創作者都會對此感興趣。

Okay. And then final question, what are Coinbase's strategic goals behind the partnership with PNC Bank? And are there other plans to partner with other banks in the future? Brian?

好的。最後一個問題，Coinbase 與 PNC 銀行合作的策略目標是什麼？未來還有與其他銀行合作的計畫嗎？布賴恩？

Yeah. Well, the overall goal is really just expanding the market. There's a lot of companies coming into crypto now, and many of them don't want to have to try to go build a lot of this themselves. It's really difficult and complicated to store these private keys in a secure distributed way, to integrate with the different blockchains that are out there, to trade and do payments and financing onchain. So what they're doing is they're coming to Coinbase. And we've been doing this for a long time.

是的。嗯，整體目標其實只是擴大市場。現在有許多公司進入加密貨幣領域，其中許多公司不想自己嘗試建立很多東西。以安全的分散式方式儲存這些私鑰、與現有的不同區塊鏈整合、進行鏈上交易和支付以及融資確實非常困難和複雜。所以他們正在做的就是來到 Coinbase。我們已經這樣做了很長時間。

And so a long time ago, we decided to expose the services we built internally for our own products, making them available to third parties as infrastructure, a lot like what Amazon did with AWS. So we call this Crypto-as-a-Service or CaaS. We have about 240 institutions now or companies that are utilizing these Coinbase rails in various ways today. And we just recently announced PNC. It's been great working with them.

因此很久以前，我們決定公開我們為自己的產品內部建置的服務，使它們作為基礎設施提供給第三方，就像亞馬遜對 AWS 所做的那樣。因此我們稱之為加密即服務或 CaaS。目前大約有 240 家機構或公司正在以各種方式使用這些 Coinbase 軌道。我們最近剛剛宣布了 PNC。與他們合作非常愉快。

But there's a lot of others that we're building as well. JPMorgan, we've made announcements around that, eToro, Revolut, Webull, there's a lot more in the pipeline. So if you're a bank or a broker or a FinTech company or a payment service provider or a Web 2 company, or really anybody -- I think eventually, most of the Fortune 500 will integrate crypto in some way, just like they all use the Internet. And so for those that are out there trying to think about how to do that, give us a call. You can basically just Google Coinbase Crypto-as-a-Service and find our offering.

但我們也正在建造許多其他項目。摩根大通，我們已經發布了相關公告，還有 eToro、Revolut、Webull，還有更多項目正在籌備中。因此，如果你是一家銀行、經紀商、金融科技公司、支付服務供應商、Web 2 公司，或任何人——我認為最終，大多數財富 500 強企業都會以某種方式整合加密貨幣，就像他們都使用網路一樣。因此，對於那些正在思考如何做到這一點的人，請給我們打電話。您基本上只需在 Google 上搜尋 Coinbase Crypto-as-a-Service 即可找到我們提供的產品。

All right. So Kate, let's switch gears and take our first question from the line, please. Kate, let's take our first question, please. Operator, are you there?

好的。那麼凱特，請讓我們轉換話題，回答我們的第一個問題。凱特，請我們回答第一個問題。接線員，您在嗎？

While we're waiting for the operator to join, Brian, maybe I could ask you another question.

在我們等待操作員加入的時候，布萊恩，也許我可以問你另一個問題。

Sounds good. Let's do it.

聽起來不錯。我們開始做吧。

Brian, I think that probably our investors are really curious about stablecoins in our payment stack given the CLARITY Act, given the number of new market participants. Share with me who we think the target customers are, how we think we will differentiate in the market.

布萊恩，我認為，鑑於《CLARITY 法案》和新市場參與者的數量，我們的投資者可能對我們的支付堆疊中的穩定幣非常好奇。請與我分享我們認為的目標客戶是誰，以及我們認為我們將如何在市場上脫穎而出。

And are we looking to disrupt Western Union? Are we looking to disrupt Visa? Are we looking to disrupt the bank? Like how do you want to think about our product stack going against other payment products in the market?

我們是否想擾亂西聯匯款？我們是否想顛覆 Visa？我們是否想擾亂銀行？例如，您認為我們的產品堆疊與市場上的其他支付產品相比如何？

Yeah. Well, payments is a big category, right? There's merchant payments, there's e-commerce, there's peer-to-peer payments. One of the biggest areas that we're focused on first is really around B2B payments. A lot of this is cross-border. We think that actually cross-border payments is about a $40 trillion opportunity. B2B is 75% of that.

是的。嗯，付款是一個很大的類別，對吧？有商家支付、有電子商務、有點對點支付。我們首先關注的最大領域之一實際上是 B2B 支付。其中很多都是跨境的。我們認為跨境支付實際上是一個約 40 兆美元的商機。B2B 佔其中的 75%。

And stablecoins have already started to see some adoption here and product market fit. There's about -- I'd say there's about $100 billion of stablecoin volume now annually, up from about zero, two years ago. So it's growing very quickly.

穩定幣已經開始在這裡得到一些採用，產品市場也開始適應。我認為現在穩定幣的年交易量約為 1000 億美元，而兩年前則為零。所以它成長得非常快。

And so we -- as we go to market, we're kind of really relying on this full stack that we've put together. I sort of mentioned this in my opening comments. But we have Base, which is the most popular Layer 2 solution. You can now do fast like under one second, under $0.01 anywhere in the world payments on Base. It's really performant. We have USDC as -- our partnership with Circle, which is the most trusted regulated US stablecoin.

因此，當我們進入市場時，我們實際上依賴我們組裝的這個完整堆疊。我在開場白中提到了這一點。但我們有 Base，它是最受歡迎的第 2 層解決方案。現在您可以在 Base 上以不到一秒的時間、低於 0.01 美元的價格在世界任何地方進行支付。它確實性能出色。我們與 Circle 合作建立了 USDC，它是美國最受信任的受監管穩定幣。

And then we also have these payment APIs we've built for businesses and developers. And we have consumers as well with a lot of crypto in their wallet that they want to go spend in the Coinbase app, now the Base app, even with Coinbase Card, these things we've put out.

我們也為企業和開發人員建立了這些支付 API。我們也有消費者，他們的錢包裡有很多加密貨幣，他們想在 Coinbase 應用程式、現在的 Base 應用程式甚至 Coinbase Card 上消費，這些都是我們推出的東西。

So I think we're really one of the only companies in the world that has this kind of full stack that we're putting together to try to ignite this. And so lots of companies have been reaching out and asking about how they can make their B2B payments better and faster and cheaper and more global. So yeah, and we announced some of these already with Shopify and others, but there'll be more coming in the pipeline. It's really a big area of growth and focus for us right now.

所以我認為我們是世界上唯一擁有這種全端技術的公司之一，我們正在整合這些技術來嘗試實現這一目標。因此，許多公司都在尋求幫助，詢問如何讓他們的 B2B 支付變得更好、更快、更便宜、更全球化。是的，我們已經與 Shopify 和其他公司合作宣布了其中一些計劃，但還會有更多計劃陸續推出。這確實是我們目前重點關注的一個重大成長領域。

All right. Thanks, Brian. So we're having a little bit of a technical issue. I would ask s who want to ask a question to please just e-mail us directly and we'll read them on your behalf.

好的。謝謝，布萊恩。所以我們遇到了一點技術問題。我想請那些想要提問的人直接給我們發電子郵件，我們會代表您閱讀。

The first one I'll read is from Ken Worthington at JPMorgan, who wants to dig into the payments dig into payments and the role Coinbase sees for itself in payments over time. There were two big announcements in the quarter, Shopify and Commerce.

我要讀的第一篇文章來自摩根大通的肯‧沃辛頓 (Ken Worthington)，他想深入研究支付領域以及 Coinbase 在支付領域長期扮演的角色。本季有兩項重大公告，Shopify 和 Commerce。

Are you looking to build an alternative network to Visa and Mastercard that ultimately is open to all? Or are you looking to create use cases for Coinbase customers such as the Coinbase credit card as an example? Does it make sense to have both? But ultimately, which is your focus? Is the monetization feature for payments transaction fees or USDC payments from Circle, or is Coinbase ultimately in a position to be able to collect both?

您是否希望建立一個最終對所有人開放的 Visa 和 Mastercard 替代網路？或者您希望為 Coinbase 客戶建立用例，例如 Coinbase 信用卡？兩者兼而有之有意義嗎？但最終，您的重點是什麼？這個貨幣化功能是針對支付交易費還是 Circle 的 USDC 支付，或者 Coinbase 最終是否能夠同時收取這兩者？

(multiple speakers) This a great follow-on to Alesia's question actually, and she asked a part of this as well that I didn't fully answer. But yeah, I think -- so look, Coinbase is not really competing with Visa and Mastercard.

（多位發言者）這實際上對 Alesia 的問題進行了很好的跟進，她也問了其中的一部分問題，但我沒有完全回答。但是的，我認為——所以看，Coinbase 並沒有真正與 Visa 和 Mastercard 競爭。

We actually partner with them in many ways on the cards that we put out there. But I do think that decentralized protocols are competing with them, right? I think that an open standard is actually more efficient and fair.

事實上，我們在推出的卡片上以多種方式與他們合作。但我確實認為去中心化協議正在與它們競爭，對嗎？我認為開放標準實際上更有效率、更公平。

It's kind of like the Internet, right? Anybody can build on top of it. It drove a lot of prices down. It democratized how information moved around the world, and there were fewer gatekeepers. And so I do think that -- and Visa and Mastercard are -- they're on top of this as well. They're looking -- they're very involved in stablecoins and crypto at this point with different innovative projects that they're working on. Some with us, some with others.

這有點像互聯網，對吧？任何人都可以在此基礎上進行建置。這導致很多價格下跌。它使訊息在世界範圍內的傳播變得民主化，並且守門人也減少了。所以我確實認為——Visa 和 Mastercard 也在這方面處於領先地位。他們正在尋找——他們目前非常關注穩定幣和加密貨幣，並且正在進行不同的創新項目。有些與我們在一起，有些與其他人在一起。

So I think that the best companies will adapt to this change, but it's absolutely a massive change that is coming. And we want to attack this from both sides. We want to have a bunch of consumers that have crypto to spend and they want better rewards. We have a bunch of merchants and businesses who want to accept payments and not have to pay such high fees.

所以我認為最好的公司會適應這種變化，但這絕對是一場即將到來的巨大變化。我們希望從兩個方面來解決這個問題。我們希望擁有一批擁有加密貨幣可供消費的消費者，並且他們希望獲得更好的獎勵。我們有很多商家和企業希望接受付款，但又不想支付如此高的費用。

And so for instance, with the Shopify deal, since they were saving the 200 or 300 basis points the merchants typically have to pay, there was a discussion about, well, how do we divide that up, right? And so the merchants in that case decided to give 1% cashback rewards to customers who came in and shopped at their store with USDC.

舉例來說，在與 Shopify 的交易中，由於他們節省了商家通常需要支付的 200 或 300 個基點，因此有一個討論，那麼，我們如何分配這些基點，對嗎？因此，在這種情況下，商家決定向使用 USDC 在其商店購物的顧客提供 1% 的現金回饋獎勵。

So I think that this just makes the market more efficient. Every company is going to have to adapt to it. Coinbase is building great infrastructure for others, but we're also building first-party products on top. Emilie, did you want to add something as well?

所以我認為這只會讓市場變得更有效率。每家公司都必須適應它。Coinbase 正在為其他人建立出色的基礎設施，但我們也在此基礎上建立第一方產品。艾米莉，你也想補充點什麼嗎？

No, great point. And I -- only other point was that stablecoins might replace some of these networks, but those companies also have nodes and they can monetize the nodes. And so I think there's going to be ample areas for companies to evolve over time if they embrace the digital assets future.

不，很好的觀點。我唯一的另一點是穩定幣可能會取代其中一些網絡，但這些公司也有節點，他們可以透過節點獲利。因此，我認為，如果企業擁抱數位資產的未來，那麼隨著時間的推移，它們將有足夠的發展空間。

All right. I think our technical issue might have been fixed. So operator, let's take our next question, please.

好的。我認為我們的技術問題可能已經解決。接線員，請讓我們回答下一個問題。

(inaudible) Oppenheimer.

（聽不清楚）奧本海默。

Hi, good afternoon, and thank you for taking my question. I do want to follow up on the base app question earlier today.

大家好，下午好，感謝您回答我的問題。我確實想跟進今天早些時候有關基礎應用程式的問題。

(multiple speakers)

（多位發言者）

Yeah, I do want to go back to email.

是的，我確實想回到電子郵件。

Oh, can you hear me? Sorry.

噢，你聽得到我說話嗎？對不起。

We can hear the question. Owen, please continue.

我們可以聽到這個問題。歐文，請繼續。

Okay, so earlier today the SEC chair announced the launch of Project Crypto, which allows the innovation with super app with a single license. Could you please talk about that potential license, why there isn't a super app in the US and why you think the app can do it? Thanks.

好的，今天早些時候，美國證券交易委員會主席宣布啟動加密項目，該項目允許使用單一許可證進行超級應用程式的創新。您能否談談潛在的許可證，為什麼美國沒有超級應用程序，以及您為什麼認為該應用程式可以做到這一點？謝謝。

Yes, so the question for those who may or may not been able to hear was earlier today Chair Atkins at the SEC announced a single license. Why do we think that license could be attractive in the US? Why have we not seen that before? Paul, maybe you can talk a little bit about Chair Atkins' announcement today and what we think the opportunity is?

是的，所以對於那些可能聽到或可能沒聽到的人來說，問題是今天早些時候美國證券交易委員會主席阿特金斯宣布了一項單一許可證。我們為什麼認為該許可證在美國具有吸引力？為什麼我們以前沒有看過這種情況？保羅，也許你可以談談阿特金斯主席今天的聲明以及我們認為的機會是什麼？

Sure. Well, just to take a step back, I think Chair Atkins' speech was remarkable for many reasons. I'd just encourage everyone listening to read it, and to understand that we have a very different environment, not only at the SEC, but across the US federal government in ways that were largely unimaginable just a short while ago.

當然。好吧，退一步來說，我認為阿特金斯主席的演講之所以引人注目有很多原因。我只是鼓勵所有聽眾閱讀它，並理解我們面臨的環境非常不同，不僅在證券交易委員會，而且在整個美國聯邦政府，其方式在不久前基本上是無法想像的。

On the issue of licensure, I think the advantages for many companies, not just Coinbase, are fairly straightforward. First and foremost, the single license obviously limits the compliance costs and operational costs associated with a myriad of licenses, particularly in terms of supervisory examinations and oversight that come with a portfolio of licenses would otherwise be required.

在授權問題上，我認為對於許多公司（而不僅僅是 Coinbase）來說，優勢都相當明顯。首先，單一許可證顯然限制了與大量許可證相關的合規成本和營運成本，特別是在許可證組合所需的監管檢查和監督方面。

But I think the second reason is also worth noting, why we see great reason for hope in what Chair Atkins rolled out and announced. There is a commitment to follow up and follow through formal rulemaking and other official activity at the SEC, the commitments and the vision that was set forth by the President's Working Group in the most recent report.

但我認為第二個原因也值得注意，為什麼我們對阿特金斯主席推出和宣布的政策抱持著很大希望。承諾跟進並貫徹美國證券交易委員會的正式規則制定和其他官方活動，以及總統工作小組在最新報告中提出的承諾和願景。

And so I think that between the specific benefits of the license itself and the tone and tenor that was set by the chairman's remarks, we see good reason for optimism, hope. And we think this will continue going forward as the SEC continues to implement through the Crypto Project and the Crypto Task Force President Trump's and Chairman Atkins' vision.

因此我認為，從許可證本身的具體好處以及主席演講所確定的基調和基調來看，我們看到了樂觀和希望的充分理由。我們認為，隨著美國證券交易委員會繼續透過加密項目和加密工作小組實施川普總統和阿特金斯主席的願景，這種情況將繼續下去。

Thanks, Paul. So I'll read the next question, which comes from Devin Ryan over at JMP -- Citizens JMP. Brian, the everything exchange as more assets are tokenized is obviously a massive concept. When you think about the addressable market of assets that will trade today and potentially opening up new types of assets that aren't currently liquid.

謝謝，保羅。我將閱讀下一個問題，該問題來自 JMP（Citizens JMP）的 Devin Ryan。布萊恩，隨著越來越多的資產被代幣化，萬物交換顯然是一個巨大的概念。當您考慮今天將要交易的資產的可尋址市場並可能開闢目前尚未流動的新類型的資產時。

Can you help us think through a bit more -- do you see Coinbase both as a liquidity hub and as a brokerage and transacting in these assets, maybe you can play a role in helping product manufacturers, tokenized, there will be a custody, lending, et cetera?

您能否幫助我們進一步思考一下——您是否認為 Coinbase 既是一個流動性中心，又是一個經紀商，可以交易這些資產，也許您可以在幫助產品製造商、代幣化、託管、借貸等方面發揮作用？

Can you talk about the areas where you think Coinbase will participate in the revenue streams? And can you give us any sense of timing in terms of when you hope to be up and running with tokenized equities? Thanks.

可以談談您認為 Coinbase 將參與哪些收入流嗎？您能否告訴我們您希望何時啟動並運行代幣化股票？謝謝。

Yeah. So thanks for the interest on the everything exchange. It's definitely an exciting vision we're moving toward. And I think that Coinbase operate in a couple of different pieces of this stack. So one of it is really owning the brokerage front-end relationship through a direct relationship with the customer who's coming into trade, right, whether that's simple retail traders, advanced traders, institutions in Coinbase Prime, or even folks just connecting in via API and creating via third-party interfaces.

是的。感謝您對一切交換的興趣。這絕對是我們正在努力實現的令人興奮的願景。我認為 Coinbase 在這個堆疊的幾個不同部分中運行。因此，其中之一就是透過與進行交易的客戶建立直接關係來真正擁有經紀前端關係，無論是簡單的零售交易者、高級交易者、Coinbase Prime 中的機構，還是僅僅透過 API 連接並透過第三方介面創建的人。

We also operate centralized exchanges themselves, right? And there's -- some of these trades are going to be happening on centralized exchanges, some of them are going to be having on decentralized exchanges. And I think the customer actually doesn't really need to know or care which one is happening on underneath. They just kind of want their order routed to the best place. So we have investments in some decentralized exchanges. We have centralized exchange that we operate as well. So those are another piece of the stack.

我們自己也經營中心化交易所，對嗎？有些交易將在中心化交易所進行，有些交易將在去中心化交易所進行。我認為客戶實際上並不需要知道或關心底層發生了什麼。他們只是希望他們的訂單能夠被送到最佳的地方。因此我們對一些去中心化交易所進行了投資。我們也有營運中心化交易所。所以這些是堆疊的另一部分。

And then we are getting a lot of -- your question alluded to this, we're getting a lot of companies reaching out to us now and saying, Coinbase, we'd love your help in doing a primary offering, right, or helping raise money. It could be for an investment fund. It could be for a real estate project. It could be for a tech startup. It could be for film they want to produce. I mean there's a lot of inbound interest right now.

然後我們收到了很多——你的問題提到了這一點，現在有很多公司與我們聯繫，並說，Coinbase，我們希望你能幫助我們進行首次發行，對吧，或者幫助籌集資金。它可能用於投資基金。它可能用於房地產項目。它可能是一家科技新創公司。這可能是他們想要製作的電影。我的意思是現在有很多人對此感興趣。

And so working with the SEC, Crypto Task Force and this new permissive regulatory environment that we're in, I think there is an opportunity for us to go and help clients form capital and raise money, right, and do this in a crypto-native way that's more efficient.

因此，透過與美國證券交易委員會、加密貨幣工作小組以及我們所處的這種新的寬鬆監管環境合作，我認為我們有機會幫助客戶形成資本並籌集資金，並以更有效率的加密貨幣原生方式做到這一點。

So we're looking into all of those. In terms of time line, we're working hard at this. We want to do it the right way, the trusted way. Nobody has really launched tokenized securities yet. There's a lot of work to do it the right way, but that's kind of what we're known for. And so we're working hard on it. We'll keep you updated on the coming quarters as we make progress.

所以我們正在調查所有這些。就時間表而言，我們正在努力實現這一點。我們希望以正確、可信的方式去做這件事。目前還沒有人真正推出代幣化證券。要以正確的方式做到這一點還有很多工作要做，但這正是我們所熟知的。因此我們正在努力工作。隨著我們的進展，我們將隨時向您通報未來幾季的最新情況。

All right. Next question is from John Todaro at Needham. So drilling more into the USDC, specifically USDC on the Coinbase platform, where do you see potential upside beyond retail and institutional holdings of USDC on the platform? Do you see banks, neobanks, remittance company integrations? And would those count as USDC on the Coinbase platform?

好的。下一個問題來自 Needham 的 John Todaro。因此，深入研究 USDC，特別是 Coinbase 平台上的 USDC，您認為除了平台上的零售和機構持有 USDC 之外，還有哪些潛在的上升空間？您是否看到銀行、新銀行和匯款公司的整合？那麼這些在 Coinbase 平台上算是 USDC 嗎？

Maybe I'll start with this one. So we monetize USDC through both balances on our platform, but we also benefit by USDC out in the ecosystem. We shared in our Shareholder Letter a waterfall that gives the illustrative breakdown of revenue in our participation in the USDC revenue.

也許我應該從這個開始。因此，我們透過平台上的兩種餘額將 USDC 貨幣化，但我們也從生態系統中的 USDC 中受益。我們在致股東的信中分享了一個瀑布圖，其中詳細說明了我們參與 USDC 收入的具體細節。

The goal of bringing more distribution partners, enabling banks, neobanks, remittance companies, FinTech's, corporates, is that it grows overall USDC adoption. It creates interoperability and it drives overall network effect. And we are -- we and Circle are both incentivized to bring more partners on.

引入更多分銷合作夥伴，支持銀行、新銀行、匯款公司、金融科技公司和企業的目標是提高 USDC 的整體採用率。它創造了互通性並推動了整體網路效應。我們和 Circle 都有動力引入更多的合作夥伴。

Some of those balances will be on our platform and then we'll monetize those directly. But more USDC drives also the possibility of more off-platform USDC, in which we also benefit and get 50% of that revenue. We want everyone to be able to participate economically in this, and so we do have rewards programs that we offer for companies that participate through our platform, and we think that's an attractive way to grow more distribution partners, is to be able to share in the economics.

其中一些餘額將存入我們的平台，然後我們將直接將其貨幣化。但更多的 USDC 也推動了更多平台外 USDC 的可能性，我們也從中受益並獲得 50% 的收入。我們希望每個人都能在經濟上參與其中，因此我們為透過我們的平台參與的公司提供獎勵計劃，我們認為這是發展更多分銷合作夥伴的一種有吸引力的方式，能夠分享經濟效益。

Yeah. I think I'll just add that we believe stablecoins have a network effect. So sometimes people are just holding $1 balance on in, let's say, their own brokerage account or something like that, and they want to earn rewards. That's great. But as payments have now started to really take off, payments are truly a network effect business, right?

是的。我想我只想補充一點，我們相信穩定幣具有網路效應。所以有時人們只是在自己的經紀帳戶或類似帳戶中持有 1 美元的餘額，他們想要獲得獎勵。那太棒了。但隨著支付業務開始真正起飛，支付確實是網路效應業務，對嗎？

It's better if the sender and the recipient both want to use the same stablecoin and actually the same underlying payment rail, whether it's Base in this case or something else. And so it's always been kind of hypothetically possible to do an instant exchange like an FX-type transaction.

如果發送者和接收者都想使用相同的穩定幣和實際上相同的底層支付軌道，那就更好了，無論在這種情況下是 Base 還是其他。因此，從理論上來說，進行類似外匯交易的即時兌換一直是可能的。

But in practice, the user interface is more complicated. Customers don't want to pay the small FX fee. And so we actually think that there is a network effect and we'll see more consolidation. And USDC is the largest regulated stable coin for dollars.

但在實踐中，使用者介面更加複雜。客戶不願意支付小額額外匯費用。因此，我們實際上認為存在網路效應，我們將看到更多的整合。USDC 是美元中最大的受監管穩定幣。

Dollars are -- the majority of all the stablecoins are backed by dollars now. And it's sharing economics with partners who are coming into the space. And so we think that USDC has a good chance to win that network effect.

美元——現在大多數穩定幣都是由美元支持的。並且它與進入該領域的合作夥伴分享經濟效益。因此我們認為 USDC 很有可能獲得這種網路效應。

Next question is from Ben Budish at Barclays. Can you talk more about the payments monetization model? Is this just about proliferating stablecoins? Or are there other transaction-based fees like on Base, are there subscription fees, et cetera?

下一個問題來自巴克萊銀行的 Ben Budish。能詳細談談支付貨幣化模式嗎？這只是為了增加穩定幣的數量嗎？或者是否有其他基於交易的費用，例如 Base 費用、訂閱費等等？

Yeah. So in part of this, it does help with our stablecoin business today in terms of on-platform USDC balances that we earn the revenue from. So that is good. But I think payments will also monetize directly. And it can do that in a few ways.

是的。因此，從某種程度上來說，就我們從平台 USDC 餘額中獲得收入而言，它確實對我們今天的穩定幣業務有所幫助。這很好。但我認為支付也將直接貨幣化。它可以透過幾種方式來實現這一點。

Businesses are used to paying high fees, frankly, to complete these payments. And so we could come in vastly lower and I think still have a very good business model there. Also, any of these transactions that take place on Base, there is a small sequencer fee that we will earn for that. And in the future, really Base is decentralizing, so any partner who wants to run a Base validator would earn sequencer fees on that as well.

坦白說，企業習慣支付高額費用來完成這些付款。因此，我們可以以更低的價格進入市場，但我認為我們仍然擁有非常好的商業模式。此外，對於在 Base 上進行的任何交易，我們都會賺取少量的排序費。並且在未來，Base 確實會去中心化，因此任何想要運行 Base 驗證器的合作夥伴也將從中賺取排序器費用。

So yeah, I think payment business models have easily been pretty easy to monetize over time. The difference here is I think the cost of these payments should really come down by an order of magnitude or so, maybe two orders of magnitude. And payments should get a lot lower friction in the economy.

是的，我認為隨著時間的推移，支付業務模式很容易就會貨幣化。這裡的差異在於，我認為這些付款的成本應該會下降一個數量級左右，也許是兩個數量級。而且，經濟體的支付摩擦也會大大減少。

Next question is from Alex Markgraff at KeyBanc. There's been some key bank partnerships, PNC and JPMorgan. How do we think about the economics and the revenue generation here? Can you discuss a bit about which party ultimately controls the user experience and the scope of Coinbase services, the accessibility of that? And then, just any thoughts on timing of ramp for these types of services? Thanks.

下一個問題來自 KeyBanc 的 Alex Markgraff。已經與一些重要的銀行建立了合作夥伴關係，如 PNC 和摩根大通。我們如何看待這裡的經濟和創收？您能否討論一下哪一方最終控制使用者體驗和 Coinbase 服務的範圍及其可訪問性？那麼，對於這些類型的服務的增加時間有什麼想法嗎？謝謝。

I can touch on the user experience and then, I don't know, Alesia, I don't think there's anything we shared directly on the monetization here to break it out. But in terms of the user experience, this is fully in the customers' hands. And in this case, PNC or JPMorgan. So we're intending this to be an entirely white-labeled solution. It's truly infrastructure. It's kind of like they're using AWS to build in the cloud.

我可以談談用戶體驗，然後，我不知道，阿萊西亞，我認為我們沒有直接分享任何有關貨幣化的內容來打破它。但就使用者體驗而言，這完全取決於客戶。在這種情況下，是 PNC 或 JPMorgan。因此，我們打算將其打造為一個完全白標的解決方案。這確實是基礎設施。這有點像他們使用 AWS 在雲端中建置。

That's a great subscription revenue business for us. But we're not trying to inject the Coinbase brand into any of their products. And so yeah, they will fully control the user experience in that case. We control it on our own platform, of course.

對我們來說，這是一項很棒的訂閱收入業務。但我們並未試圖將 Coinbase 品牌注入他們的任何產品。是的，在這種情況下，他們將完全控制使用者體驗。當然，我們在自己的平台上控制它。

But yeah, these are exciting opportunities. I think there's more and more we can do with these partners over time. Because it really is a one-stop shop, right? Like in many cases, they may come in and say, All right, we just want to do payouts to developers or content creators around the world. And we say, Great, we can offer you that.

但確實，這些都是令人興奮的機會。我認為隨著時間的推移，我們可以與這些合作夥伴做越來越多的事情。因為它確實是一個一站式商店，對吧？就像在很多情況下一樣，他們可能會說，好吧，我們只是想向世界各地的開發人員或內容創作者支付報酬。我們說，太好了，我們可以為您提供這個。

And then a few months later, they'll say, Well, we also want custody. Can you create these wallets for our users? Can you allow them to earn rewards on their USDC balances. Can you allow them to create other -- hold other types of crypto?

幾個月後，他們會說，好吧，我們也想要監護權。您能為我們的用戶創建這些錢包嗎？您能允許他們透過 USDC 餘額賺取獎勵嗎？你能允許他們創建其他——持有其他類型的加密貨幣嗎？

And so we really want to make this a one-stop shop solution, this Crypto-as-a-Service product that we're offering out there and they can choose whatever pieces they want, LEGO pieces off the buffet menu, to mix metaphors, just like AWS or something like that, and craft it to their needs. Alesia, do you want to say anything about monetization on those?

因此，我們真的希望將其打造成一站式解決方案，我們提供的這種加密即服務產品，他們可以選擇他們想要的任何部件，從自助餐菜單中選擇樂高積木，混合隱喻，就像 AWS 或類似的東西一樣，並根據他們的需求進行製作。阿萊西亞，你想談談這些的貨幣化嗎？

The only thing I'll add is that you'll see these monetized mostly through our existing products. And so we expect over time as these integrations are established, that could lead to more trading volume in our institutional business. It could lead to more assets under custody. And so there won't be as a unique line item that you'll see in our P&L, it will be growth in existing line items.

我唯一要補充的是，你會看到這些主要透過我們現有的產品來實現貨幣化。因此，我們預計，隨著時間的推移，這些整合的建立將會增加我們機構業務的交易量。這可能會導致更多的資產被託管。因此，您在我們的損益表中不會看到單獨的項目，而是現有項目的成長。

We'll take the next question from James Yaro at Goldman Sachs. Could you help us think about the interest-bearing dynamics within stablecoins? The GENIUS Act does not permit it, but rewards appear permitted. How do you think about the evolution of yield on stablecoins? And then do you expect users to prefer products like tokenized money funds instead of stable coins or perhaps switching between the two?

我們將回答高盛的詹姆斯·亞羅提出的下一個問題。您能幫助我們思考一下穩定幣內的生息動態嗎？《GENIUS 法案》不允許這樣做，但獎勵似乎是允許的。您如何看待穩定幣收益率的演變？那麼，您是否希望用戶更喜歡代幣化貨幣基金之類的產品而不是穩定幣，或者在兩者之間切換？

I'll start. So the rewards program that we offer for Coinbase holders who use USDC on our platform is integrated for the value that customer brings to our platform. When users hold USDC, we see that they tend to trade more. We see them engage with other products and services. So the programs that we offer are similar to marketing programs or loyalty programs for engagement and use of all of our products and services.

我先開始。因此，我們為在我們的平台上使用 USDC 的 Coinbase 持有者提供的獎勵計劃是結合客戶為我們的平台帶來的價值而製定的。當用戶持有 USDC 時，我們發現他們傾向於進行更多交易。我們看到他們與其他產品和服務互動。因此，我們提供的計劃類似於行銷計劃或忠誠度計劃，旨在吸引和使用我們的所有產品和服務。

When we then talk about how does a stablecoin differ from a tokenized money market or a tokenized deposit account, I do believe over time that if the utility is equal, users will not be as tied to what the nature of the asset is. What they want is utility. They want the network effect. They want to find the asset that most merchants will accept and that most of the payment parties which they engage with will accept.

當我們談論穩定幣與代幣化貨幣市場或代幣化存款帳戶有何不同時，我確實相信，隨著時間的推移，如果效用相同，用戶就不會那麼受資產性質的束縛。他們想要的是實用性。他們想要網路效應。他們希望找到大多數商家願意接受的資產，以及他們所合作的大多數支付方願意接受的資產。

And that is why we are so focused, as Brian has mentioned in his previous comments, of driving adoption of USDC, driving network effect, bringing on more distribution partners to provide the highest level of utility for our users.

這就是為什麼我們如此專注於推動 USDC 的採用、推動網路效應、引入更多分銷合作夥伴，為我們的用戶提供最高水平的實用性，正如 Brian 在之前的評論中提到的那樣。

Yeah. Just to reinforce that. In the GENIUS Act, there is a prohibition by the issuer of stablecoins on paying interest and yield. First, we are not the issuer. And second, we don't pay interest in yield, we pay rewards, as Alesia mentioned.

是的。只是為了強調這一點。《GENIUS法案》禁止穩定幣發行人支付利息和收益。首先，我們不是發行人。其次，正如 Alesia 所提到的，我們不支付收益利息，我們支付獎勵。

And so long story short is we plan to continue to pay rewards to our customers, which are very competitive. We think it's a differentiated product and it's a major reason that people come and store their funds with Coinbase.

長話短說，我們計劃繼續向我們的客戶支付非常有競爭力的獎勵。我們認為這是一款差異化產品，也是人們選擇 Coinbase 儲存資金的主要原因。

Next question is from Patrick Molly at Piper Sandler. Can you discuss the economics behind adding decentralized exchanges to the platform? How will you monetize this? And what's the risk that adding these linkages will cannibalize your own retail exchange volumes?

下一個問題來自 Piper Sandler 的 Patrick Molly。您能討論一下在平台上添加去中心化交易所背後的經濟效益嗎？您將如何將其貨幣化？添加這些連結會蠶食您自己的零售交易量嗎？風險是什麼？

Yeah, I can touch on that, and then anybody feel free to jump in. So the first way that we monetize is just like on a centralized exchange. The brokerage layer, if you want to call it that, has a fee, trading fee. And I expect those to be similar, if not even a little higher sometimes, in terms of monetization. And then the actual order instead of being routed to a centralized exchange is, in this case, routed to a decentralized exchange.

是的，我可以談談這一點，然後任何人都可以自由地加入。因此，我們實現貨幣化的第一種方式就像在中心化交易所一樣。經紀層（如果你想這麼稱呼的話）會收取費用，也就是交易費。我預計，就貨幣化而言，這些數字會相似，有時甚至會更高一些。然後，實際訂單不是被路由到中心化交易所，而是被路由到去中心化交易所。

In some cases, we have investments in some of those decentralized exchanges. As the name would suggest, they are not owned by any one company. So it's not like -- we actually would not want to own the entire thing. It would not be decentralized in that case. So in some cases, we have investments in these decentralized exchanges.

在某些情況下，我們對一些去中心化交易所進行了投資。顧名思義，它們不屬於任何一家公司。所以這並不是說——我們實際上並不想擁有整個東西。在這種情況下，它就不會被分散化。因此在某些情況下，我們會對這些去中心化交易所進行投資。

Yeah, and then if the decentralized exchange is running on Base, we may earn a sequencer fee for that as well. But I'd say the majority of the monetization is probably at the brokerage layer for that. So yeah, Alesia, anything you want to add?

是的，如果去中心化交易所在 Base 上運行，我們也可以賺取排序費。但我想說，大部分的貨幣化可能都發生在經紀層面。是的，阿萊西亞，您還有什麼要補充的嗎？

No, I think that's exactly right.

不，我認為完全正確。

Our next question is from [Bo Pei at US Tiger] You launched the broadest suite of CFTC-regulated crypto perpetuals in the US. What does the early traction look like? And when do you expect this business to become a material revenue contributor?

我們的下一個問題來自 [US Tiger 的 Bo Pei] 您在美國推出了受 CFTC 監管的最廣泛的加密永續合約。早期的牽引力是什麼樣的？您預計這項業務何時能成為實質的收入貢獻者？

(multiple speakers) why don't I start, Brian, you can add on? We're really excited by our derivatives road map. And you are right, just in the last two weeks we launched US perpetual futures -- perpetual-style features, I should say, to our retail users, the first of its kind offering to the US customers.

（多位發言者）我先說吧，布萊恩，你可以補充嗎？我們對我們的衍生性商品路線圖感到非常興奮。你說得對，就在過去兩週，我們向我們的零售用戶推出了美國永續期貨——我應該說，這是永續期貨風格的功能，這是首次向美國客戶提供此類服務。

And zooming out, what's important to remember here is that derivatives trading are 75% of the overall market and we see more than 90% of that offshore. So bringing this product to the US is a real innovation.

放眼望去，需要記住的是，衍生性商品交易佔整個市場的 75%，而我們發現其中 90% 以上是在海外。因此，將該產品引入美國是一項真正的創新。

We also paired that with 24/7 markets with Bitcoin and Ethereum contracts. We are in the earliest of days with these products, but I think it's important to note that we've seen volumes double week over week. We've seen really good early momentum.

我們也將其與比特幣和以太坊合約的 24/7 市場配對。我們正處於推出這些產品的初期，但我認為值得注意的是，我們的銷量已經比前一周翻了一番。我們已經看到了非常好的早期動能。

Our goal here is to drive market share and drive liquidity, drive engagement. So we are not focused in the near term on monetization and margin. We are focused on driving liquidity, open interest and volume. So in coming quarters, as we gain traction, we'll speak more about this in terms of a revenue driver for our business.

我們的目標是提高市場佔有率、提高流動性、提高參與度。因此，我們短期內不會關注貨幣化和利潤率。我們專注於推動流動性、未平倉合約和交易量。因此，在接下來的幾個季度中，隨著我們獲得發展動力，我們將從業務收入驅動力的角度來更多地談論這一點。

Yeah. I mean just to underscore it, I think perpetual futures are incredibly exciting. They've been the vast majority of all trading volume in crypto offshore, until we launched this in the US really a week or two ago. And that obviously took a ton of hard work, not just on the technology side, but on the regulatory side, the policy side, getting the right approvals in place.

是的。我只是想強調一下，我認為永久期貨非常令人興奮。直到一兩週前我們在美國推出這項服務之前，它們一直是離岸加密貨幣交易量的絕大部分。這顯然需要付出大量的努力，不僅在技術方面，而且在監管方面、政策方面，獲得正確的批准。

And that's kind of what we do best, is I think kind of marry these different skill sets around understanding the cryptography and the policy environment and bringing these together to get work done. I think it's really starting to work in the US, I think we saw over $1 trillion in derivatives volume in Q2, for instance. And then we hit an all-time high of open interest as well of $1 billion. So really great progress on that front.

而這正是我們最擅長的，我認為，將圍繞著理解密碼學和政策環境的不同技能結合起來，並將它們整合在一起來完成工作。我認為它在美國確實開始發揮作用，例如，我認為我們在第二季度看到衍生性商品交易超過 1 兆美元。然後我們的未平倉合約也達到了 10 億美元的歷史最高水準。因此，在這方面確實取得了巨大進展。

All right. Our final question we'll take from Pete Christiansen at Citi. Getting customer service right has been a challenge for fast-growing FinTech's in the past. In light of the data breach incident this quarter, how is Coinbase now thinking about its customer service strategy? And to what degree do you believe Coinbase efforts can help drive improvements in user satisfaction levels?

好的。我們的最後一個問題來自花旗銀行的 Pete Christiansen。過去，提供良好的客戶服務一直是快速成長的金融科技公司面臨的挑戰。鑑於本季的資料外洩事件，Coinbase 現在如何考慮其客戶服務策略？您認為 Coinbase 的努力在多大程度上有助於提高用戶滿意度？

I can start and Alesia and Brian can jump in. Specifically, I think as you're asking related to the data breach, I think one of the things we've learned is that the BPO strategy is something that we have to make sure we have our arms around as the world gets more and more complicated with very sophisticated hacking. And so as such, we have to think about bringing a lot of this machinery in-house.

我可以開始，然後 Alesia 和 Brian 可以加入。具體來說，我認為正如您所問到的與資料外洩有關的問題，我們學到的一件事是，隨著世界變得越來越複雜，駭客攻擊越來越複雜，我們必須確保掌握 BPO 策略。因此，我們必須考慮將大量此類機器引入公司內部。

We are focused on automating as much as we can and moving this world into one of AI and automation, and at the same time, figuring out how to maintain CSAT scores. So one of the biggest areas of improvement I think we have to do is on the social and chat side of this.

我們專注於盡可能實現自動化，並將這個世界轉變為人工智慧和自動化的世界，同時研究如何保持 CSAT 分數。因此，我認為我們必須改進的最大領域之一是社交和聊天方面。

I think we actually do a really good job in terms of response times. The inquiries tend to be quite complex, which is why we're in that early stage of making sure the automation actually produces a delightful result for the user.

我認為我們在響應時間方面確實做得很好。查詢往往非常複雜，這就是為什麼我們處於早期階段，以確保自動化確實能為使用者帶來令人滿意的結果。

But I'd say the big takeaway I would have from the data breach was how can we make sure that we have quality checks, make sure that there's somebody ensuring that the CX agents aren't able to be approached in a way that they were with the BPOs. Alesia, anything to add on that?

但我想說，資料外洩事件給我的最大啟示是，我們如何確保進行品質檢查，如何確保有人確保 CX 代理不會像與 BPO 那樣被接觸。阿萊西亞，還有什麼要補充的嗎？

No. I would say that we are hardening our systems. We are making large investments in our platform to continue to be driving value to our customers in terms of security of their data and their assets.

不。我想說我們正在強化我們的系統。我們正在對我們的平台進行大量投資，以繼續為客戶的資料和資產安全創造價值。

Yeah. The only thing I'll add too is we did just open an office in Charlotte, North Carolina to expand our onshore customer support facilities, which was great. And we also put out a $25 million balance sheet for information leading to the arrest of these threat actors. So that's been a great experience kind of working with law enforcement, which will hopefully produce some results in this case and a deterrent for future cases.

是的。我唯一要補充的是，我們剛剛在北卡羅來納州夏洛特開設了一個辦事處，以擴大我們的國內客戶支援設施，這很棒。我們還公佈了一份價值 2500 萬美元的資產負債表，用於提供有助於逮捕這些威脅行為者的信息。所以，與執法部門合作是一次很棒的經歷，希望這能在這個案件上取得一些成果，並對未來的案件起到震懾作用。

All right. Well, I just want to thank everybody for bearing with us with our technical issues that we had this evening. So thank you so much. I also want to share that Brian and I will be on X on Friday at 10:00 AM Pacific, so please join us for additional Q&A on that call. And we look forward to speaking with you next quarter.

好的。好吧，我只想感謝大家忍受我們今晚遇到的技術問題。非常感謝。我還想告訴大家，Brian 和我將於太平洋時間星期五上午 10:00 在 X 頻道，因此請加入我們，在電話會議上進行更多問答。我們期待下個季度與您交談。