Circle Internet Group Inc (CRCL) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Circle Internet Group Q2 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Circle Internet Group 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to John Andrews, Vice President of Capital Markets and Investor Relations. John, please go ahead.

現在我想將電話轉給資本市場和投資者關係副總裁約翰安德魯斯。約翰，請繼續。

Good morning, and welcome. This is John Andrews, VP of Capital Markets and Investor Relations at Circle, and I'd like to welcome you to our second quarter 2025 earnings conference call. We are excited for all of you who have joined us this morning as we take another key step on our journey as a public company with our first earnings call.

早上好，歡迎光臨。我是 Circle 資本市場和投資者關係副總裁 John Andrews，歡迎您參加我們的 2025 年第二季財報電話會議。我們為今天早上加入我們的所有人感到高興，因為我們透過首次收益電話會議邁出了作為上市公司的另一個關鍵一步。

I'm joined by Jeremy Allaire, our Co-Founder, Chief Executive Officer and Chairman; and Jeremy Fox-Geen, our Chief Financial Officer.

與我一起參加的還有我們的共同創辦人、執行長兼董事長 Jeremy Allaire 和財務長 Jeremy Fox-Geen。

Earlier this morning, we posted our earnings press release and earnings presentation on the Circle Investor Relations website, investor.circle.com. A transcript of this call will be posted on that website once available.

今天早上，我們在 Circle 投資者關係網站 investor.circle.com 上發布了收益新聞稿和收益演示。本次電話會議的文字記錄將在發布後發佈在該網站上。

I do need to remind everyone that our earnings release, presentation, and this call contain statements that are forward-looking. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events.

我確實需要提醒大家，我們的收益報告、簡報和本次電話會議包含前瞻性的陳述。由於前瞻性陳述本質上受風險和不確定性的影響，其中一些無法預測或量化，而有些則超出我們的控制範圍，因此您不應依賴這些前瞻性陳述作為對未來事件的預測。

The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in that forward-looking statement. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

我們的前瞻性陳述中反映的事件和情況可能不會實現或發生，實際結果可能與前瞻性陳述中預測的結果有重大差異。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。

We will also disclose non-GAAP financial measures in the call today. Definitions of those non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures can be found in the earnings release and earnings presentation that are available on our Investor Relations website at investor.circle.com. Non-GAAP financial measures should be considered in addition to, but not as a substitute for GAAP measures.

我們也將在今天的電話會議中揭露非公認會計準則財務指標。這些非公認會計準則 (non-GAAP) 財務指標的定義以及與最具可比性的公認會計準則 (GAAP) 財務指標的對帳表，可在我們的投資者關係網站 investor.circle.com 上查閱。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。

With that out of the way, it's with pleasure, let me turn it over to Jeremy Allaire.

解決了這個問題之後，我很高興將其交給 Jeremy Allaire。

Thank you, John. I'm pleased to be here this morning.

謝謝你，約翰。我很高興今天早上來到這裡。

It's been an honor to bring Circle public and host our first earnings call. We are thrilled to work with so many world-class people, partners, and investors. We started this company 12 years ago with an ambitious mission to build a new internet financial system with blockchains and digital currency that could increase global economic prosperity through the frictionless exchange of value. We and the entire market are in the early stages of that vision, literally graduating from the early adopter phase of blockchain technology and digital currency into the mainstream adoption phase that is accelerating.

我很榮幸能夠讓 Circle 上市並主持我們的第一次收益電話會議。我們很高興能與這麼多世界一流的人才、合作夥伴和投資者合作。12 年前，我們創立了這家公司，並肩負著遠大使命：利用區塊鏈和數位貨幣建構一個新的網路金融體系，透過無摩擦的價值交換促進全球經濟繁榮。我們和整個市場正處於這個願景的早期階段，實際上正從區塊鏈技術和數位貨幣的早期採用階段進入正在加速的主流採用階段。

I want to start with some key highlights from 2025. USDC, the core of our stablecoin network, has grown to $61.3 billion at June 30 and growth has accelerated into Q3 to $65.2 billion in circulation as of August 10, representing approximately 90% year-over-year growth and 49% growth year to date making USDC the fastest-growing major stable coin over the past year.

我想先介紹一下 2025 年的一些主要亮點。我們的穩定幣網路核心 USDC 截至 6 月 30 日已成長至 613 億美元，第三季成長加速，截至 8 月 10 日流通量達 652 億美元，年成長約 90%，年初至今成長 49%，使 USDC 成為過去一年成長最快的主要穩定幣。

In Q2, USDC onchain transaction volume grew 5.4x year over year to nearly $6 trillion. Our transaction volumes have also accelerated into Q3 with $2.4 trillion in transactions in July alone.

第二季度，USDC 鏈上交易量年增 5.4 倍，達到近 6 兆美元。我們的交易量在第三季也加速成長，光是 7 月的交易量就達到 2.4 兆美元。

We have been rapidly expanding Circle's platform and network with major new products, including Circle Payments Network, which we believe will become a breakthrough in global money movement by building an onchain native payments network that will move money faster and more efficiently and opens up new utility through programmable payments; Circle Gateway, which enables seamless cross-chain USDC experiences; eight new blockchain partners; and Arc, our new Layer 1 blockchain network, which we are announcing today. More on that later.

我們一直在透過主要新產品迅速擴展 Circle 的平台和網絡，包括 Circle Payments Network，我們相信它將成為全球貨幣流動的突破，透過構建一個鏈上原生支付網絡，該網絡將更快、更高效地轉移資金，並透過可編程支付開闢新的實用性；Circle Gateway，可實現無縫的跨鏈 USDC 體驗八個新的網絡體驗；稍後會詳細介紹。

Post-IPO and GENIUS Act, we are experiencing rapid expansion in commercial opportunities with major mainstream companies across every sector of finance and technology, including companies from all around the world. And from a corporate mission perspective, we joined Pledge 1%, a global movement for corporate impact.

在首次公開募股和《天才法案》之後，我們與金融和科技各領域的主要主流公司（包括來自世界各地的公司）的商業機會正在迅速擴大。從企業使命的角度來看，我們加入了「承諾 1%」——一項旨在促進企業影響力的全球運動。

To honor this commitment prior to the IPO, we reserved 2.7 million shares of our Class A common stock for future donations to our Circle Foundation.

為了在 IPO 之前兌現這項承諾，我們保留了 270 萬股 A 類普通股，用於未來捐贈給 Circle 基金會。

As we look at the overall stable coin market, we believe that the total addressable market for stablecoins and our products is massive with dollar stablecoins only representing a mere 1% on of the US M2 money supply, but with continued rapid growth in stablecoin supply.

縱觀整個穩定幣市場，我們認為穩定幣和我們產品的總目標市場非常巨大，美元穩定幣僅占美國 M2 貨幣供應量的 1%，但穩定幣供應量持續快速成長。

Today, Circle operates the largest regulated stablecoin network in the world. We talk about this a lot. Stablecoins are network businesses and have meaningful network effects. Growth of our stablecoin network is driven by our platform, our blockchain protocols, and the developers building applications and services on our network. That expands the circle onchain ecosystem and is the classic flywheel that has driven the growth of our stablecoin network since its launch in 2018.

如今，Circle 經營著世界上最大的受監管穩定幣網路。我們經常談論這個話題。穩定幣是網路業務，有意義的網路效應。我們的穩定幣網路的成長由我們的平台、我們的區塊鏈協議以及在我們的網路上建立應用程式和服務的開發人員推動。這擴大了鏈上生態系統，也是自 2018 年推出以來推動我們的穩定幣網路成長的經典飛輪。

Like other internet platforms and network businesses, stablecoins are a winner-take-most market as liquidity and utility complement each other and drive growth. There have been many regulated and unregulated dollar stablecoins and many more to come, but the strength and resiliency of Circle's network effects positions us well to compete and grow.

與其他網路平台和網路業務一樣，穩定幣是贏家通吃的市場，因為流動性和實用性相輔相成並推動成長。已經出現了許多受監管和不受監管的美元穩定幣，未來還會有更多，但 Circle 網路效應的強度和彈性使我們能夠很好地競爭和發展。

Turning to the regulatory environment. Circle's market and competitive strength is further cemented with the signing of the GENIUS Act, creating powerful tailwinds for Circle. We believe this law will accelerate stablecoin adoption by major financial institutions, mainstream enterprises, technology companies, and ultimately, drive much broader use of stablecoins across retail and wholesale payments as well as broader usage in TradFi capital markets.

轉向監管環境。《GENIUS法案》的簽署進一步鞏固了Circle的市場和競爭實力，為Circle創造了強大的順風。我們相信這項法律將加速主要金融機構、主流企業、科技公司對穩定幣的採用，並最終推動穩定幣在零售和批發支付領域的更廣泛使用以及在 TradFi 資本市場的更廣泛使用。

This is likely the catalytic moment for the mainstream scaling of stablecoins, and we are already seeing this in our business momentum.

這很可能是穩定幣主流擴展的催化時刻，我們已經在業務勢頭中看到了這一點。

Turning to our products and platform. We are continuing to make progress with our core digital asset products: USDC, EURC, and USYC. With USDC, we expanded our distribution on to eight new blockchain networks in 2025 and significantly expanded CCTP version 2 availability, both of which continue to cement USDC as the most liquid and available onchain dollar stablecoin.

轉向我們的產品和平台。我們正在繼續推進我們的核心數位資產產品：USDC、EURC 和 USYC。借助 USDC，我們在 2025 年將分銷範圍擴大到 8 個新的區塊鏈網絡，並顯著擴展了 CCTP 版本 2 的可用性，這兩項舉措都將繼續鞏固 USDC 作為流動性最強、可用性最高的鏈上美元穩定幣的地位。

We also now offer a yield token, USYC, that can be used in both digital assets and traditional capital markets as collateral with 24/7/365 liquidity between USYC and USDC. We're now executing that strategy, driven by our expanded partnership with Binance, who will now make USYC available as collateral, unlocking a very powerful use of USYC on the largest exchange in the world. And we're already seeing accelerating adoption there.

我們現在還提供收益代幣 USYC，它可以在數位資產和傳統資本市場中用作抵押品，並且 USYC 和 USDC 之間具有 24/7/365 的流動性。我們目前正在執行這項策略，這得益於我們與幣安擴大的合作夥伴關係，幣安現在將提供 USYC 作為抵押品，從而在全球最大的交易所上釋放 USYC 的強大用途。我們已經看到那裡的採用正在加速。

We've continued to expand our core banking and liquidity capabilities, including with multiple G-SIBs, strengthening our unrivaled industry position. During Q2, we undertook the launch of one of the most ambitious new product investments, Circle Payments Network, our initiative to transform international money movement, which today already has active payment corridors in Hong Kong, Brazil, Nigeria, and Mexico.

我們不斷擴大核心銀行和流動性能力，包括與多家全球系統重要性銀行的合作，鞏固了我們無與倫比的產業地位。在第二季度，我們啟動了最雄心勃勃的新產品投資之一——Circle Payments Network，這是我們改變國際貨幣流動的計劃，目前它已經在香港、巴西、奈及利亞和墨西哥建立了活躍的支付通道。

We have rapidly grown our pipeline of financial institutions interested in launching on CPN to over 100 firms. We have an ambitious roadmap and we'll continue to expand CPN's features and use cases. from international money movement to other types of payments such as consumer and B2B payments and still further into global capital markets and corporate treasury services. We're incredibly excited to see this level of interest so soon after CPN's launch.

我們已經迅速擴大了有意在 CPN 上開展業務的金融機構的數量，目前已超過 100 家。我們有一個雄心勃勃的路線圖，我們將繼續擴展 CPN 的功能和用例。從國際資金流動到其他類型的支付，如消費者和 B2B 支付，並進一步進入全球資本市場和企業財務服務。我們非常高興看到 CPN 推出後不久就受到如此高度的關注。

In July, we introduced Circle Gateway, which abstracts away the complexity of holding USDC on different blockchains and in different wallets, streamlining usability and speeding transactions that use USDC. This is a key building block in bringing USDC into more mainstream financial and payment applications and creates new monetization opportunities for Circle.

7 月，我們推出了 Circle Gateway，它簡化了在不同區塊鏈和不同錢包中持有 USDC 的複雜性，簡化了可用性並加快了使用 USDC 的交易速度。這是將 USDC 引入更多主流金融和支付應用的關鍵基石，並為 Circle 創造了新的獲利機會。

Now I'd like to turn to a very special and major new platform initiative that we are announcing today, Arc. Arc is a new blockchain network from Circle that we will launch in the second half of the year. We are at the fulcrum of a massive mainstream embrace of stablecoins in the financial system, and firms are racing to build on this infrastructure.

現在我想談談我們今天宣布的一項非常特殊且重要的新平台計劃，Arc。Arc 是 Circle 推出的全新區塊鏈網絡，我們將於今年下半年推出。我們正處於金融體系大規模主流擁抱穩定幣的支點，各大公司都在競相建構這項基礎建設。

But until now, the blockchain infrastructure needed to meet the most intense demands of major financial firms and enterprises has simply not existed. We are delivering that infrastructure with Arc.

但到目前為止，滿足大型金融公司和企業最迫切需求的區塊鏈基礎設施根本不存在。我們正在透過 Arc 提供該基礎設施。

Arc is a new Layer 1 blockchain that is compatible with Ethereum infrastructure that operates as a standalone network. Some key facts about Arc. We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that will be simple from an accounting perspective and could deliver very low cost and stable fees.

Arc 是一個新的第 1 層區塊鏈，與以太坊基礎設施相容，作為獨立網路運作。關於 Arc 的一些關鍵事實。我們希望為機構創建一種以快速、可預測的方式在區塊鏈上支付費用的方式，這種方式從會計角度來看很簡單，並且可以提供非常低成本和穩定的費用。

So with Arc, we are using USDC itself as the native gas fee currency. This removes the complexity of paying transaction fees in a native token. Arc offers enterprise-grade performance and real settlement finality. Financial institutions and regulators expect deterministic finality, which Arc will achieve with Circle-vetted professional validators and its novel consensus mechanism.

因此，在 Arc 中，我們使用 USDC 本身作為原生 gas 費用貨幣。這消除了使用原生代幣支付交易費用的複雜性。Arc 提供企業級效能和真正的結算終結性。金融機構和監管機構期望確定性的最終性，Arc 將透過 Circle 審查的專業驗證者及其新穎的共識機制實現這一目標。

Arc will also offer configurable privacy controls with opt-in confidential transfer features, which is essential for real-world business and financial applications and also supports regulatory compliance.

Arc 還將提供可設定的隱私控制和可選的機密傳輸功能，這對於現實世界的商業和金融應用至關重要，同時也支援法規遵循。

And finally, Arc will be integrated across Circle's entire product portfolio and will also provide best-in-class USDC liquidity and interoperability across the wide range of blockchain networks we already support. We are very excited about Arc and have shared more information, including a brief paper and platform details on circle.com and the Arc website.

最後，Arc 將整合到 Circle 的整個產品組合中，並將在我們已經支援的廣泛區塊鏈網路中提供一流的 USDC 流動性和互通性。我們對 Arc 感到非常興奮，並在 circle.com 和 Arc 網站上分享了更多信息，包括簡短的論文和平台詳細信息。

Now let's turn to growth and adoption. Just in the past few months, we've seen incredible engagement and interest in working with Circle from major firms in every sector of the financial system as well as internet and technology companies, and this is consistent and accelerating all around the world.

現在讓我們來談談成長和採用。就在過去的幾個月裡，我們看到金融系統各個領域的主要公司以及互聯網和科技公司對與 Circle 合作表現出令人難以置信的參與度和興趣，而且這種趨勢在世界各地持續且加速。

I'd like to highlight a few examples from our recent periods. In digital assets, we've launched and expanded key partnerships with Binance and OKX, two of the largest exchanges in the world. With Binance, we've significantly expanded our partnership to include broader use of Circle technology.

我想重點介紹一下我們最近時期的幾個例子。在數位資產領域，我們與全球兩大交易所幣安和OKX建立並擴大了重要合作關係。我們與幣安的合作已顯著擴展，涵蓋了 Circle 技術的更廣泛應用。

We're also continuing to see strong traction and partnerships in DeFi, including our planned launch of USDC on Hyperliquid, one of the fastest-growing onchain exchanges and ecosystems. Major cross-border payment firms like Remitly, MoneyGram and ZEPZ are integrating USDC into their payment networks. And Stripe made USDC central to its new global stablecoin financial accounts for businesses.

我們也繼續看到 DeFi 領域的強勁發展勢頭和合作夥伴關係，包括我們計劃在 Hyperliquid 上推出 USDC，Hyperliquid 是成長最快的鏈上交易所和生態系統之一。Remitly、MoneyGram 和 ZEPZ 等主要跨境支付公司正在將 USDC 整合到其支付網路中。Stripe 將 USDC 作為其面向企業的新型全球穩定幣金融帳戶的核心。

Visa, Mastercard and others have publicly announced new products and plans that would expand availability and usage of USDC on their networks. I'm particularly excited that banking and payments infrastructure providers like Matera, Fiserv, FIS, and Corpay all announced deals with Circle to add stablecoin capabilities and our technology into their product infrastructure that, combined, serves tens of thousands of banks and financial institutions.

Visa、Mastercard 和其他公司已公開宣布了新產品和計劃，以擴大其網路上 USDC 的可用性和使用範圍。我特別高興的是，Matera、Fiserv、FIS 和 Corpay 等銀行和支付基礎設施提供商都宣布與 Circle 達成協議，將穩定幣功能和我們的技術添加到他們的產品基礎設施中，共同為數以萬計的銀行和金融機構提供服務。

Now turning to digital asset trading markets, which continue to remain a key priority and a significant growth opportunity for Circle. Since we launched initiatives to drive USDC in the digital asset markets in early 2024, our share of spot trading volume has grown from 1% to 10% in Q2.

現在轉向數位資產交易市場，這仍然是 Circle 的重點和重要的成長機會。自 2024 年初我們啟動推動 USDC 在數位資產市場發展的計畫以來，我們的現貨交易量份額在第二季已從 1% 成長至 10%。

And through our partnerships and growth initiatives, we are highly focused on continued market share gains. Digital asset firms globally are focused on working with the most trusted and compliant leader in stablecoins.

透過我們的合作夥伴關係和成長計劃，我們高度關注持續的市場份額成長。全球數位資產公司致力於與最值得信賴和合規的穩定幣領導者合作。

To summarize, let me reiterate the advantages of our stablecoin network. Circle is uniquely positioned to lead in the mainstream adoption of blockchain and stablecoins. Our platform powers developers, enterprises, and institutions to build on the Circle stablecoin network, leveraging our deep liquidity infrastructure and seamless global bank connectivity.

總而言之，讓我重申一下我們的穩定幣網路的優勢。Circle 在引領區塊鏈和穩定幣的主流應用方面具有獨特的優勢。我們的平台支援開發人員、企業和機構在 Circle 穩定幣網路上進行構建，利用我們深厚的流動性基礎設施和無縫的全球銀行連接。

We provide primary liquidity in every major financial center and have facilitated over $1 trillion in USDC issuance and redemption since 2018. With internet scale distribution across wallets, payment providers, banks, and exchanges worldwide, Circle is becoming the default choice for institutions selecting stablecoin network.

我們為每個主要金融中心提供主要流動性，自 2018 年以來已促進超過 1 兆美元的 USDC 發行和贖回。隨著全球錢包、支付供應商、銀行和交易所的網路規模分佈，Circle 正在成為選擇穩定幣網路的機構的預設選擇。

Our market-neutral model invites broad adoption of our platform from even the most competitive players. Our trusted regulated status and long-standing policy engagement capped by the passage of the GENIUS Act fortifies our position as the industry's most reliable foundation. Together, these strengths create powerful competitive bulwarks and network effects that compound driving exponential growth for Circle.

我們的市場中立模式甚至吸引了最具競爭力的參與者廣泛採用我們的平台。我們值得信賴的受監管地位和《GENIUS 法案》通過而形成的長期政策參與鞏固了我們作為業界最可靠基礎的地位。這些優勢共同創造了強大的競爭壁壘和網路效應，推動了 Circle 的指數級增長。

With that, I will turn things over to our CFO, Jeremy Fox-Geen.

說完這些，我將把事情交給我們的財務長 Jeremy Fox-Geen。

Thank you, Jeremy, and good morning, everyone. I'm excited to be here with you all for our first earnings as a public company. I'll start by walking briefly through the fundamentals of our business and financial model and then turn to the financial and operating results for the quarter.

謝謝你，傑里米，大家早安。我很高興能和大家一起慶祝我們作為上市公司的首次獲利。我將首先簡要介紹我們的業務和財務模式的基本原理，然後再介紹本季的財務和營運表現。

As Jeremy noted, stablecoins are network businesses with internet scale potential. Successful networks are valuable and enduring and our strategy is to build the largest stablecoin network.

正如 Jeremy 所說，穩定幣是具有網路規模潛力的網路業務。成功的網絡是寶貴且持久的，我們的策略是建立最大的穩定幣網路。

We make money in two ways. First, we monetized the money stock on the network through reserve income, which we earn on the cash equivalent assets we hold to back our stablecoins. And we are also starting to monetize certain transaction flows and elements of our network infrastructure. While these other revenues are small today, they are growing, are high margin, and also have the potential to scale rapidly with network adoption and usage.

我們透過兩種方式賺錢。首先，我們透過儲備收入將網路上的貨幣存量貨幣化，儲備收入是我們透過持有的現金等價資產賺取的，用於支持我們的穩定幣。我們也開始將某些交易流程和網路基礎設施元素貨幣化。雖然目前這些其他收入規模較小，但它們正在成長，利潤率很高，隨著網路的採用和使用，還有可能迅速擴大規模。

Finally, we are an internet platform business with a highly scalable model and inherent operating leverage with the potential to deliver strong profit growth and margin expansion over time.

最後，我們是一家網路平台企業，擁有高度可擴展的模式和固有的營運槓桿，有潛力隨著時間的推移實現強勁的利潤成長和利潤率擴張。

Let me now review the quarter. Circle's stablecoin network continues to grow strongly. USDC onchain transaction volume was up 5.4 times year on year. CCTP volume showed similar growth, up 4.1 times year on year, demonstrating the importance of blockchain interoperability. Meaningful wallets, defined as wallets holding more than $10 of USDC, were up 68% year on year as USDC adoption continues to expand globally.

現在讓我回顧一下本季。Circle 的穩定幣網路持續強勁成長。USDC 鏈上交易量較去年同期成長 5.4 倍。CCTP 交易量也呈現類似的成長，較去年同期成長 4.1 倍，彰顯了區塊鏈互通性的重要性。有意義的錢包（定義為持有超過 10 美元 USDC 的錢包）隨著 USDC 在全球範圍內的採用不斷擴大，其數量同比增長了 68%。

USDC in circulation stood at $61.3 billion at quarter end, up 90% year on year; and was at $65.2 billion as of August 10, up 6.4% since quarter end. USDC held within Circle's platform infrastructure grew 10 times year on year, reaching 10% of total circulation at quarter end as more partners build using our platform infrastructure.

本季末，流通中的 USDC 為 613 億美元，年增 90%；截至 8 月 10 日，流通中的 USDC 為 652 億美元，自本季末以來增長了 6.4%。隨著越來越多的合作夥伴使用我們的平台基礎設施進行構建，Circle 平台基礎設施內持有的 USDC 同比增長 10 倍，在季度末達到總流通量的 10%。

The reserve return rate was 4.14% for the second quarter reflecting the decline in SOFR during this period. Total revenue and reserve income increased 53% year on year to $658 million in the second quarter as growth in USDC in circulation was partly offset by a lower reserve return rate.

第二季準備金回報率為 4.14%，反映了這段期間 SOFR 的下降。第二季總營收和儲備收入年增 53% 至 6.58 億美元，因為 USDC 流通量的成長被較低的儲備回報率部分抵銷。

Total distribution transaction and other costs increased 64% year on year to $407 million. The increase was driven by higher average USDC balances held on Coinbase's platform and other partner incentives as we continue to build and grow partnerships to drive USDC growth and adoption. As a result, our revenue less distribution cost margin was 38% in the second quarter.

總分銷交易及其他成本年增 64% 至 4.07 億美元。這一增長是由於 Coinbase 平台上持有的 USDC 平均餘額增加以及其他合作夥伴激勵措施所致，我們將繼續建立和發展合作夥伴關係，以推動 USDC 的成長和採用。因此，第二季我們的營收減去分銷成本的利潤率為38%。

Other revenue increased to $24 million in the second quarter, up 3.5 times year on year. This was primarily driven by a $13 million increase in subscription and services revenue, mostly from our blockchain network partnerships.

第二季其他營收增至2,400萬美元，較去年同期成長3.5倍。這主要得益於訂閱和服務收入增加 1300 萬美元，其中大部分來自我們的區塊鏈網路合作夥伴關係。

Transaction revenues grew strongly to $5.8 million in the second quarter, up from $1.6 million in Q1. Our other revenues carry a higher margin than our net reserve margin and added 2.2 percentage points to margin overall in the second quarter.

交易收入從第一季的 160 萬美元強勁成長至第二季的 580 萬美元。我們的其他收入的利潤率高於我們的淨儲備利潤率，並使第二季的整體利潤率增加了 2.2 個百分點。

Total revenue and reserve income less distribution, transaction and other costs was $251 million in the second quarter, growing 38% year on year. Adjusted operating expenses which excludes depreciation and amortization, nonoperating digital asset gains and losses and stock-based compensation were $128 million for the quarter as we continue to invest in growing our platform at this pivotal moment for our industry.

第二季總收入和儲備收入減去分配、交易和其他成本為 2.51 億美元，年增 38%。本季調整後的營運費用（不包括折舊和攤提、非營運數位資產損益和股票薪酬）為 1.28 億美元，因為我們在產業的關鍵時刻繼續投資於平台的發展。

Adjusted EBITDA was $126 million in the quarter, up 52% year on year and delivering a 50% adjusted EBITDA margin, reflecting the strong operating leverage inherent in our business model.

本季調整後的 EBITDA 為 1.26 億美元，年成長 52%，調整後的 EBITDA 利潤率為 50%，反映了我們商業模式固有的強大營運槓桿。

Now let me turn to our outlook. Our goal is to help investors and analysts understand our business and how we manage it as best as possible. We are at the beginning of meaningful structural shifts in the global markets for money, and we are managing our business for long-term success.

現在讓我談談我們的展望。我們的目標是幫助投資者和分析師了解我們的業務以及我們如何盡可能最好地管理它。我們正處於全球貨幣市場有意義的結構性轉變的開始階段，我們正在管理我們的業務以取得長期成功。

As such, we do not intend to give short-term quarterly guidance. We do intend, however, to give full year guidance on certain key metrics. We will evolve this guidance each quarter with our financial results, as needed.

因此，我們不打算提供短期季度指引。然而，我們確實打算針對某些關鍵指標提供全年指引。我們將根據需要，根據每個季度的財務結果不斷改進這項指導。

USDC in circulation is not a forecastable metric in the traditional sense and is, in many ways, the outcome of an entire economy of activity. There is a growing body of third-party research on stablecoin growth with multiyear forecast CAGRs ranging from 25% to 90% with a median of 60%. Our core model anticipates multiyear through-cycle USDC growth of a 40% CAGR, reflecting our conservative nature.

流通中的 USDC 在傳統意義上並不是一個可預測的指標，而且在許多方面，它是整個經濟活動的結果。越來越多的第三方研究關注穩定幣的成長，預測多年複合年增長率在 25% 至 90% 之間，中位數為 60%。我們的核心模型預計 USDC 的多年周期成長率為 40%，這反映了我們的保守性質。

We anticipate other revenue to range between $75 million and $85 million for 2025, primarily driven by subscription and services revenue from our blockchain network partnerships, which can vary quarter on quarter, along with transaction revenues, which are small today but growing. We anticipate an RLDC margin of between 36% and 38% for 2025. While RLDC margin for the first half of the year was 39%, we continue to invest in partnerships with industry-leading institutions to grow USDC adoption.

我們預計 2025 年其他收入將在 7,500 萬美元至 8,500 萬美元之間，主要來自我們區塊鏈網路合作夥伴的訂閱和服務收入，這些收入可能每個季度都有所不同，以及交易收入，雖然目前規模較小但正在增長。我們預計 2025 年 RLDC 利潤率將在 36% 至 38% 之間。雖然今年上半年 RLDC 的利潤率為 39%，但我們仍繼續投資與行業領先機構的合作，以促進 USDC 的採用。

Adjusted operating expenses we expect will range between $475 million and $490 million in 2025 as we continue to invest in key areas to build out our platform, our capabilities and our global partnerships. This would represent a full year growth rate of between 20% and 24%. In closing, we have had a strong first half and are executing at an accelerating pace against the significant opportunity in front of us.

我們預計，隨著我們繼續投資關鍵領域以建立我們的平台、我們的能力和我們的全球合作夥伴關係，2025 年的調整後營運費用將在 4.75 億美元至 4.9 億美元之間。這意味著全年成長率將在 20% 至 24% 之間。最後，我們上半年表現強勁，並且正在加快步伐抓住眼前的重大機會。

Thank you to our investors and analysts for your support and engagement, and we look forward to updating you on our progress next quarter.

感謝我們的投資者和分析師的支持和參與，我們期待下個季度向您通報我們的進展。

With that, operator, we can now start the Q&A portion of the call.

接線員，現在我們可以開始通話的問答部分了。

(Operator Instructions) Joseph Vafi, Canaccord.

（操作員指示）Joseph Vafi，Canaccord。

Jeremy and Jeremy, great results here, and congrats on your IPO, which was obviously a great success and your first earnings call. Just a couple for me.

傑里米和傑里米，你們取得了很好的成績，祝賀你們的 IPO，這顯然是一次巨大的成功，也是你們的第一次收益電話會議。對我來說只有一對。

One, the news on Arc, obviously, very exciting. Do you believe that the gas fees and the like are the first step here in the revenue model for USDC or maybe for transactions away from trading pairs and the like? Is Arc going to be -- and the gas fee is going to be kind of the basis for transaction piece here for broader transactions with USDC?

首先，有關 Arc 的消息顯然非常令人興奮。您是否認為 Gas 費用等是 USDC 收入模式的第一步，或者可能是交易對以外的交易的第一步？Arc 是否會成為——並且 gas 費用是否會成為與 USDC 進行更廣泛交易的交易基礎？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Sure. Thanks, Joe. Look, a few things here. First, we're very excited about Arc. There's a lot more information out about it. Arc, we want to underpin all stablecoin finance, payments, FX, capital markets, applications. And it's really designed to support mainstream regulated financial institutions who want to build onchain and build financial products and services onchain. And so we're excited, and we believe that a lot of traffic can move on to a network like Arc.

當然。謝謝喬。你看，這裡有幾樣東西。首先，我們對 Arc 感到非常興奮。關於它還有更多詳細資訊。Arc，我們希望為所有穩定幣金融、支付、外匯、資本市場和應用程式提供支援。它的真正目的是支持那些想要建立鏈上金融產品和服務的主流受監管金融機構。因此我們很興奮，我們相信大量流量可以轉移到像 Arc 這樣的網路。

And yes, the gas fees, which are denominated in USDC, can become a source of revenue. And we'll certainly, as this goes into Testnet and ultimately launches on Mainnet, we'll have a lot more to say about that. But I would also say, just to contextualize it, we have a number of transaction fee revenue streams that are emerging.

是的，以 USDC 計價的 gas 費可以成為收入來源。當然，隨著它進入測試網並最終在主網上推出，我們會對此有更多要說的。但我還要說的是，為了更清楚地說明這一點，我們有許多正在出現的交易費收入來源。

And Jeremy referred in his remarks to the kind of growth in transaction fee revenue, which was very solid on an annualized basis, and we're continuing to see. So many new products and services that we're building include transaction fee components to them. And of course, that includes CPN as we scale that and it includes premium features of Circle Mint. It includes features of USYC, our yield token.

傑里米在演講中提到了交易費收入的增長，按年率計算，這種增長非常穩健，而且我們還在繼續關注。我們正在開發的許多新產品和服務都包含交易費部分。當然，這包括我們擴展的 CPN，它包括 Circle Mint 的高級功能。它包括我們的收益代幣 USYC 的功能。

And so we're adding more and more transaction fee models, but you are correct that Arc does have a underlying gas fee transaction fee model built on USDC.

因此，我們正在添加越來越多的交易費用模型，但您說得對，Arc 確實有一個基於 USDC 構建的底層 gas 費用交易費用模型。

Sure. Great. And then just on the USYC theme, maybe drill down a little bit on that expanded relationship there with Binance with a focus on USYC and maybe just a little color on expanding that into USYC and not just USDC?

當然。偉大的。然後就 USYC 主題而言，也許可以深入探討一下與幣安的擴展關係，重點是 USYC，也許可以稍微詳細地討論一下將其擴展到 USYC 而不僅僅是 USDC？

Sure. A couple of things of note. So as noted in my comments, we have expanded our partnership with Binance. That includes both around USDC and USYC. With USDC, they're continuing to adopt Circle wallet technologies. They're more -- they're sort of deeper support and integration with Circle's wallet technology, which is going to help promote and grow the use of USDC on their platform.

當然。有幾件事值得注意。正如我在評論中提到的，我們擴大了與幣安的合作關係。其中包括 USDC 和 USYC。透過 USDC，他們將繼續採用 Circle 錢包技術。它們對 Circle 的錢包技術提供了更深入的支援和整合，這將有助於促進和增加 USDC 在其平台上的使用。

And so they've been a great partner, and they're leaning into both the technology and really driving USDC growth. The partnership around USYC is really important. When we acquired the product and then very recently relaunched the product, we designed it to be something that could be used as a yield-bearing collateral instrument.

因此，他們一直是一個很好的合作夥伴，他們傾向於技術並真正推動 USDC 的成長。圍繞 USYC 的合作確實非常重要。當我們收購該產品並在最近重新推出該產品時，我們將其設計為可以用作收益抵押工具的產品。

And when you look at global exchanges today, and Binance is the largest global exchange, there's an enormous amount of collateral posted in those markets. And we believe that as institutionalization takes hold, that the big trading firms, asset managers, institutions are going to want to post yield-bearing collateral, but then actually trade with USDC. And so the integration between USYC as yield-bearing collateral and USDC as digital cash that can be used as a relative margin in spot markets and the like, it's a powerful market structure.

看看今天的全球交易所，幣安是全球最大的交易所，這些市場上有大量的抵押品。我們相信，隨著制度化的深入，大型貿易公司、資產管理公司和機構將希望提供有收益的抵押品，然後實際上與 USDC 進行交易。因此，USYC 作為收益抵押品與 USDC 作為數位現金的結合可以用作現貨市場等的相對保證金，這是一個強大的市場結構。

The fact that we're doing this with the biggest exchange in the world is really significant, and we hope and expect that we will deploy this kind of architecture in more digital asset exchanges, and ultimately, on major traditional clearinghouses.

我們與世界上最大的交易所合作這一事實意義重大，我們希望並期望能夠在更多的數位資產交易所部署這種架構，並最終在主要的傳統清算所部署這種架構。

Earlier in the year, we announced a collaboration with ICE. And within the context of that, the goal is to stand up the ability to support yield-bearing collateral like USYC, USDC as cash and settlement. And so this new 24/7/365 market structure where you can seamlessly move between tokenized yield-bearing collateral and cash, we think it's the future of financial markets. And we're obviously excited about pioneering an implementation of that vision with the largest digital asset exchange in the world.

今年早些時候，我們宣布與 ICE 合作。在此背景下，我們的目標是建立支持 USYC、USDC 等收益抵押品作為現金和結算的能力。因此，我們認為，這種新的 24/7/365 市場結構是金融市場的未來，您可以在代幣化的收益抵押品和現金之間無縫轉換。我們非常高興能夠與世界上最大的數位資產交易所一起率先實現這一願景。

Pete Christiansen, Citi.

花旗銀行的 Pete Christiansen。

And certainly, we echo our congratulations on a very, very successful IPO. It's been a long road for you guys, so congratulations. Jeremy, I wanted to ask, and we get this question quite a bit from investors, is trying to understand the transaction volume versus the circulation. Obviously, transaction volume growing way faster.

當然，我們對這次非常非常成功的 IPO 表示祝賀。對你們來說這是一條漫長的道路，所以恭喜你們。傑里米，我想問一下，我們經常從投資者那裡聽到這個問題，試圖了解交易量與流通量的關係。顯然，交易量成長速度更快。

So the question kind of comes down to trying to understand the velocity of each token and how that relates to circulation overall. Just if you could if you could dimensionalize that for us to help us better understand that relationship would be super helpful.

因此，問題歸結為試圖了解每個代幣的速度以及它與整體流通的關係。如果您可以將其具體化，以幫助我們更好地理解這種關係，那將非常有幫助。

Yes, you're welcome. Thanks, again. A couple of things of note. I think, obviously, you're absolutely correct. The money stock, which today is sitting at around $65.6 billion of USDC versus the amount of transactional volume that happens onchain, that's, by the way, not including transactions that are happening on exchanges, which is sort of off-chain transaction volume. But the onchain transaction volume, what you note is that a dollar digital currency such as USDC has very high velocity.

是的，別客氣。再次感謝。有幾件事值得注意。我認為，顯然你是完全正確的。目前，USDC 的貨幣存量約為 656 億美元，而鏈上交易量則不包括交易所發生的交易，後者屬於鏈下交易量。但是鏈上交易量，你注意到的是，像 USDC 這樣的美元數位貨幣具有非常高的速度。

And I think in part that is based on the fact that blockchain-based transactions now through the development of mature blockchain networks allow transactions to happen in fractions of a second and fractions of a cent. And so the kind of the speed with which transactions can happen, the ability to move the digital dollars all around the world seamlessly, to move them between different protocols for investment or for payments, it is a higher velocity form of money.

我認為部分原因在於，現在透過成熟的區塊鏈網路的發展，基於區塊鏈的交易可以在幾分之一秒和幾分之一美分的時間內完成。因此，交易的速度、在世界各地無縫轉移數位美元的能力、在不同協議之間轉移數位美元以進行投資或支付的能力，都是一種更高流通速度的貨幣形式。

And I think just like data moves a lot faster than your newspaper delivery or your video call moves a lot faster than a letter, internet-native architectures for money are going to allow for higher velocity money overall.

我認為，就像資料傳輸速度比報紙投遞速度快得多，視訊通話速度比信件速度快得多一樣，網路原生的貨幣架構將允許貨幣整體上流通得更快。

Now in terms of the connection between that money velocity and kind of core stablecoin money supply, I mean, I think there's correlation. You can sort of see that correlation. But we've also seen that over the last year, transaction volume growth has been higher than the stablecoin money supply growth. And I think, in part, that reflects the improvements in blockchain technology infrastructure so that it is faster and cheaper and easier to move these digital dollars around.

現在就貨幣流通速度和核心穩定幣貨幣供應量之間的關聯而言，我認為它們之間存在相關性。您可以看到這種相關性。但我們也看到，在過去的一年裡，交易量的成長高於穩定幣貨幣供應量的成長。我認為，這在一定程度上反映了區塊鏈技術基礎設施的改進，使得數位美元的轉移更快、更便宜、更容易。

And that also, I think, reflects the growth in payment utility that we're seeing for these in emerging and developing markets and peer-to-peer transactions. And so I think it's a mixture of things like that we look at. And I think from a very long-term perspective, we certainly are interested in kind of the monetary theory that will go behind this new internet financial system and money velocity, and ultimately, how we think about kind of macro aggregates in terms of impact on economic activity as a whole, but that's a ways off.

我認為，這也反映了我們在新興和發展中市場以及點對點交易中看到的支付效用的成長。所以我認為我們所看到的是多種事物的混合體。我認為從長遠來看，我們當然對這種新的網路金融體系和貨幣流通速度背後的貨幣理論感興趣，最終，我們如何看待宏觀總量對整個經濟活動的影響，但這還有很長的路要走。

That's helpful. And then as my follow-up, I'm curious, CPN seems to be off to a great start here. A ton of new partnerships that you signed up, some marquee ones, in fact, Curious what's the next milestones for CPN as you're looking for that network to grow? And what is the inter-relationship, I guess, between -- that you envision between CPN and Arc in the future?

這很有幫助。然後作為我的後續行動，我很好奇，CPN 似乎在這裡有了一個很好的開始。事實上，您簽署了大量新的合作夥伴關係，其中一些是大型的，您是否好奇，在您尋求該網絡發展時，CPN 的下一個里程碑是什麼？我想，您設想未來 CPN 和 Arc 之間的相互關係是什麼樣的呢？

Sure. It's a great question. So we're very happy with the initial launch of CPN. We launched it, as you know, just very recently in what we consider to be the pilot phase. We've had a tremendous amount of demand from financial institutions that want to become members and want to participate on CPN.

當然。這是一個很好的問題。因此，我們對 CPN 的首次推出感到非常高興。如您所知，我們最近剛剛啟動了該計劃，我們認為目前處於試點階段。我們收到了大量來自金融機構的需求，它們希望成為會員並參與 CPN。

Really, the first phase has been about getting a few key high-priority corridors active on that. So we've been able to bring four corridors: Hong Kong, Brazil, Nigeria, and Mexico on. And as we look at the priorities for ourselves between now and the end of the year, let's just say, we want to bring significantly more corridors on so that money flows can work seamlessly across major developed markets and more emerging and developing markets.

實際上，第一階段的工作是讓幾個關鍵的高優先走廊活躍起來。因此，我們已經能夠將四條走廊納入其中：香港、巴西、奈及利亞和墨西哥。當我們審視從現在到年底的優先事項時，我們可以說，我們希望開通更多的管道，以便資金流動能夠在主要已開發市場和更多新興及發展中市場之間無縫銜接。

And so that's a big focus, and making sure that we can provide sufficient liquidity across those corridors so that people who want to move volume through this can. So really, activation of corridors is key. There are a lot of product features that we are developing in response to what the market has told us they need.

因此，這是一個重點，並確保我們能夠在這些管道中提供足夠的流動性，以便那些想要透過這種方式轉移交易量的人能夠實現這一目標。因此，激活走廊確實是關鍵。我們正在根據市場需求開發許多產品功能。

And so one of the things that we found is that the number of institutions that want to onboard and become integrated and activate on the network sort of outstrips our capacity to bring them on. And so we're making self-service product dashboards, self-service tools for kind of configuring the way flows work for these institutions. And so that is key, those key product investments, and we hope to bring a significant number of new members on.

因此，我們發現，想要加入、整合並在網路上活躍的機構數量遠遠超出了我們的能力。因此，我們正在製作自助服務產品儀表板、自助服務工具，以配置這些機構的流程工作方式。這些關鍵產品投資非常關鍵，我們希望能夠吸引大量新成員。

And obviously, our ultimate ambition is that thousands of members will join CPN and participate in a wide array of payment flows. On the second follow-up question related to Arc, we do see Arc playing a very important role with CPN. Arc is designed to be a purpose-built blockchain for stablecoin finance for payments, FX and capital markets, and you will see in the lite paper that was made available on our website just shortly ago that Arc itself will include a native FX engine and FX platform within it.

顯然，我們的最終目標是讓數千名會員加入 CPN 並參與廣泛的支付流程。關於與 Arc 相關的第二個後續問題，我們確實看到 Arc 在 CPN 中發揮著非常重要的作用。Arc 旨在成為用於支付、外匯和資本市場的穩定幣融資的專用區塊鏈，您將在我們網站上不久前發布的精簡版文件中看到，Arc 本身將包含原生外匯引擎和外匯平台。

Arc will include configurable privacy and opt-in confidential transfers, very important features for money flows between financial institutions. And then obviously a straightforward kind of security and gas fee model.

Arc 將包含可設定的隱私和選擇加入的保密轉移，這對於金融機構之間的資金流動來說是非常重要的功能。然後顯然是一種簡單的安全和 gas 費用模型。

All of those are attractive for what we're building for Arc, and we certainly hope that many of the financial institutions that are implementing and integrating with Arc will use our CPN -- excuse me, will use Arc network as a key kind of back plane for their payments and financial applications.

所有這些對於我們為 Arc 構建的內容都很有吸引力，我們當然希望許多正在實施和整合 Arc 的金融機構將使用我們的 CPN——對不起，將使用 Arc 網路作為其支付和金融應用的關鍵背板。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

I wanted to follow up on payments. The payment opportunity seems to be developing quickly. You guys launched CPN and Coinbase announced Shopify and the building on the Coinbase commerce platform. To what extent are these networks sort of complementary versus competing? And ultimately, is it important for Circle to be the dominant payment network? Or is it better to be sort of one of many networks as long as they're sort of focused on -- in utilizing USDC?

我想跟進付款情況。支付機會似乎正在快速發展。你們推出了 CPN，Coinbase 宣布推出 Shopify 並在 Coinbase 商業平台上建置。這些網路在多大程度上是互補的還是競爭的？最終，Circle 成為主導支付網路是否重要？或者，只要他們專注於利用 USDC，成為眾多網路之一是否更好？

Thanks, Ken. It's a great question. There are a few pieces to this. So first and foremost, USDC as a stablecoin network is a market-neutral infrastructure, which many, many different types of companies are building on top of whether those are capital markets firms, trading firms, exchanges, brokerage platforms, neobanks, traditional banks, payment service providers. There's a huge array of companies networks themselves, like Visa and Mastercard, increasing their use of stablecoins and USDC, specifically as well.

謝謝，肯。這是一個很好的問題。這其中有幾部分內容。因此，首先，USDC 作為穩定幣網路是一個市場中立的基礎設施，許多不同類型的公司都在其基礎上構建，無論是資本市場公司、交易公司、交易所、經紀平台、新銀行、傳統銀行還是支付服務提供者。大量公司網路本身，例如 Visa 和 Mastercard，也在增加對穩定幣和 USDC 的使用。

So we expect many different payment networks and many different capital markets, exchanges and others to build on our stablecoin market infrastructure. We view that as very valuable in growing use cases, very valuable in growing distribution. It can be very valuable in growing the adoption of other technology protocols and services that we also monetize. And so broadly, we've got a big tent mentality here and we want to see a lot of success across many different types of companies.

因此，我們預計許多不同的支付網路和許多不同的資本市場、交易所和其他機構將在我們的穩定幣市場基礎設施上進行建構。我們認為這在不斷增長的用例和不斷增長的分佈中非常有價值。它對於促進我們貨幣化的其他技術協議和服務的採用非常有價值。整體來說，我們有一種大帳篷心態，我們希望看到不同類型的公司取得巨大成功。

Now I think, secondly, when Shopify launches USDC payment acceptance and they're using a product from Coinbase to do that, that's great. That's exactly what we want to see from our partners like Coinbase and others. We want to see people building and integrating USDC into commerce flows and into other types of applications. And so as Shopify merchants can accept USDC, that grows the utility of the stablecoin network.

現在我認為，其次，當 Shopify 推出 USDC 支付接受功能並且他們使用 Coinbase 的產品來實現這一點時，這很棒。這正是我們希望從 Coinbase 等合作夥伴那裡看到的。我們希望看到人們建立 USDC 並將其整合到商業流程和其他類型的應用程式中。因此，隨著 Shopify 商家可以接受 USDC，穩定幣網路的實用性就會增加。

That means that digital wallets that are in the hands of the hundreds of millions of Binance users or the hundred million Nubank users or users who use different digital wallet products all around the world that support USDC, that they now have something that they can do with that and transact with that. So that grows network value for Circle and it expands the utility, and that's part of our competitive moat is this expanding utility through developers that integrate this and deploy this in different ways.

這意味著，數億幣安用戶、數億 Nubank 用戶或世界各地使用支援 USDC 的不同數位錢包產品的用戶手中的數位錢包，現在可以使用這些錢包進行交易。因此，這增加了 Circle 的網路價值並擴展了實用性，而這正是我們競爭優勢的一部分，即透過開發人員以不同的方式整合和部署它來擴展實用性。

I would also say, just as a kind of comment just in general, we are seeing incredible demand and acceleration from firms in the payments industry, from firms that build infrastructure for supporting payments with a wide variety of companies. Just in recent weeks, we've announced partnerships with Fiserv, FIS, Corpay, Matera and these are firms that provide core infrastructure, including payment infrastructure to tens of thousands of banks and financial institutions, and they're integrating our technology.

我還想說，總的來說，我們看到支付行業的公司、為支持各種公司支付而建立基礎設施的公司有著令人難以置信的需求和加速發展。就在最近幾週，我們宣布與 Fiserv、FIS、Corpay、Matera 建立合作夥伴關係，這些公司為數以萬計的銀行和金融機構提供核心基礎設施，包括支付基礎設施，他們正在整合我們的技術。

They're integrating USDC and that's really tremendous and I think just represents that there are going to be many, many different networks and many, many different distribution points for how this comes into payments. Obviously, CPN is a very important initiative from us and we want that to be a very, very successful general purpose onchain payments network. We believe that the model we're putting forward with CPN is going to be very attractive to financial institutions and ultimately to the customers that they serve.

他們正在整合 USDC，這真的很棒，我認為這代表著將會有許多不同的網路和許多不同的分銷點來實現支付。顯然，CPN 是我們提出的一項非常重要的舉措，我們希望它成為一個非常非常成功的通用鏈上支付網路。我們相信，我們與 CPN 共同提出的模式將對金融機構以及最終他們服務的客戶非常有吸引力。

Okay. Amazing. And then the Circle IPO, obviously, a huge success here. You now have a really valuable currency. What are your thoughts on leveraging the value in your stock to drive additional shareholder value through various means. Is there an opportunity?

好的。驚人的。然後 Circle 的 IPO 顯然取得了巨大的成功。您現在擁有了真正有價值的貨幣。您對利用股票價值透過各種方式增加股東價值有何看法？有機會嗎？

Yes, I can comment on that. I think, first and foremost, virtually everything that we do has overwhelmingly been the result of organic product development. We are a technology company. We're a software-driven technology company. And we like to build, we like to innovate. But we certainly, from time to time, find teams, find intellectual property, find complementary technology that we do want to add to the portfolio.

是的，我可以對此發表評論。我認為，首先，我們所做的一切基本上都是有機產品開發的結果。我們是一家科技公司。我們是一家軟體驅動的科技公司。我們喜歡建設，我們喜歡創新。但我們確實會不時地尋找團隊、尋找智慧財產權、尋找我們想要添加到投資組合中的互補技術。

And in fact, this morning alongside the announcement of Arc, we announced a small acquisition of both a team and intellectual property that is very important intellectual property in this next generation of stablecoin finance blockchains. So that's an example where we have done that. And earlier this year, we acquired another firm that had a team and core intellectual property around privacy and confidentiality in blockchain.

事實上，今天早上在宣布 Arc 的同時，我們也宣布了對一個團隊和智慧財產權的小型收購，這是下一代穩定幣金融區塊鏈中非常重要的智慧財產權。這就是我們已經做到的一個例子。今年早些時候，我們收購了另一家擁有圍繞區塊鏈隱私和保密性的團隊和核心智慧財產權的公司。

And so we do see opportunities to use our currency to do M&A. But we're careful and deliberate, and I don't think our strategy here is to go try and do big complex acquisitions to kind of throw kind of additional business lines next to what we do.

因此，我們確實看到了利用我們的貨幣進行併購的機會。但我們非常謹慎和深思熟慮，我認為我們的策略不是嘗試進行大型複雜的收購，以便在我們現有的業務之外增加額外的業務線。

I think we take a kind of full stacked, integrated platform view of what we do. And so we want to -- we only want to do things that really fit clearly in that kind of product mandate. We've got a lot of organic development happening now, and we're excited to deliver on that.

我認為我們對所做的事情採取了全方位、整合平台的視角。因此，我們只想做真正符合此類產品要求的事情。我們目前正在進行大量的有機開發，我們很高興能夠實現這些目標。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So first of all, congrats on the quarter and congrats on the successful IPO. For my question, could you please talk about the adoption of USDC in remittance. I know you have some partnerships with remittance companies, but some others are thinking about creating their own stablecoin as well. How do you gauge the adoption here? Is there any way you can quantify for us the penetration for USDC so far?

首先，恭喜本季取得佳績，並祝賀公司成功完成 IPO。我的問題是您能否談談 USDC 在匯款中的應用情況？我知道你們與一些匯款公司建立了合作關係，但其他一些人也在考慮創建自己的穩定幣。您如何評價這裡的採用情況？您能為我們量化一下迄今為止 USDC 的滲透率嗎？

Yes, it's a great question. We certainly have continued to see demand in remittance. And by the way, remittance that we observe is both kind of family member to family member or kind of individuals. But there's a lot of B2B remittance meaning companies that may have overseas operations and need to remit capital back to, say, the United States or Asia or Europe and so -- which is more like a treasury flow.

是的，這是一個很好的問題。我們確實繼續看到匯款需求。順便說一句，我們觀察到的匯款既包括家庭成員之間的匯款，也包括個人之間的匯款。但有許多 B2B 匯款，這意味著公司可能有海外業務，需要將資金匯回美國、亞洲或歐洲等地——這更像是資金流動。

But those kinds of cross-border flows we're seeing proliferate. We have more and more partnerships that are coming online in this use case. We obviously, in the quarter, had several prominent cross-border fintechs expanding what they're doing with USDC, Remitly, MoneyGram, ZEPZ as well, all of whom have sizable franchises.

但我們看到這類跨境流動正在激增。在這種用例中，我們擁有越來越多的合作夥伴。顯然，在本季度，我們有幾家著名的跨境金融科技公司正在擴大與 USDC、Remitly、MoneyGram、ZEPZ 的業務合作，這些公司都擁有相當大的特許經營權。

And CPN itself, the primary use case on it is remittances, both consumer to consumer and B2B. And so we're seeing that as the first major use case on Circle Payments Network as well. I would also say there are indirect things that we look at. So for example, kind of peer-to-peer flows in different markets around the world. We kind of try and monitor those peer-to-peer flows through various websites that provide data on that and we've grown our presence in those peer-to-peer flows fairly considerably over the last year.

而 CPN 本身，其主要用例是匯款，包括消費者對消費者和 B2B。因此，我們也將其視為 Circle Payments Network 上的第一個主要用例。我還想說，我們關注的還有一些間接的事情。例如，世界各地不同市場中的點對點流動。我們嘗試透過提供相關數據的各種網站來監控這些點對點流量，並且在過去一年中，我們在這些點對點流量中的存在感已經大大增強。

In terms of the general question of other stablecoins, I mean, I think the key thing to understand is that what makes a stablecoin network good for remittance is the liquidity of that stablecoin all around the world. And so what we've been able to do, both through primary and secondary liquidity, is create a tremendous liquidity network.

關於其他穩定幣的一般問題，我的意思是，我認為需要理解的關鍵是，穩定幣網路適合匯款的原因在於該穩定幣在世界各地的流動性。因此，我們能夠透過一級和二級流動性創造一個巨大的流動性網絡。

And what does that mean? That means that if I have USDC and I send it to a person in Brazil, it's fast and cheap to get that into a Brazilian bank account in reais. And all around the world, there are these on- and off-ramp companies that support USDC. So we've built the liquidity network, which eases the way in which people can seamlessly move value and move value in and out of different currencies, e-money systems, and banking systems.

那這意味著什麼？這意味著，如果我有 USDC 並將其發送給巴西的某人，那麼可以快速且便宜地將其以雷亞爾的形式轉移到巴西銀行帳戶。在世界各地，都有支援 USDC 的上行和下行公司。因此，我們建立了流動性網絡，它簡化了人們無縫轉移價值以及在不同的貨幣、電子貨幣系統和銀行系統之間轉入和轉出價值的方式。

And so that liquidity network, which has been many, many years of work with regional banks, global banks, payment service providers and others is really something that is very, very difficult to replicate. And so just having a coin doesn't actually really solve a problem in terms of the ultimate delivery of money and the settlement of money and the liquidity of that against all of these different parts of the global financial system.

因此，這個流動性網絡經過了與地區銀行、全球銀行、支付服務提供者和其他機構多年合作才建立起來的，它確實是非常難以複製的。因此，僅僅擁有一種貨幣並不能真正解決貨幣的最終交付、貨幣的結算以及全球金融體系所有不同部分的流動性問題。

Got it. That's very helpful. And then as my follow-up, could you please add more color on your partnership with OKX, which is a very large exchange in Asia as well? What is the economic arrangement look like? And how does this deal different from other deals such as Binance and Coinbase?

知道了。這非常有幫助。然後作為我的後續問題，能否詳細介紹您與 OKX 的合作關係？ OKX 也是亞洲非常大的交易所。經濟安排是什麼樣的？這筆交易與幣安和 Coinbase 等其他交易有何不同？

Sure. So the first thing I'd say is digital asset markets are a critical market for us. They continue to grow. They're very sizable. There are many companies, both regional companies and global companies, that are critical there. We have been growing our participation in those markets fairly materially. Our share of spot market volume on the major exchanges grew tenfold over the last -- since beginning of '24. And so we're really focused on that.

當然。因此，我想說的第一件事是數位資產市場對我們來說是一個關鍵市場。它們繼續成長。它們非常大。那裡有很多至關重要的公司，包括地區性公司和全球性公司。我們在這些市場的參與度一直在大幅提升。自 2024 年初以來，我們在主要交易所的現貨市場交易量份額增長了 10 倍。所以我們非常關注這一點。

And I think as kind of compliance and regulatory integration and having trustworthy stablecoins becomes more important, we're finding more opportunities to partner with the biggest exchanges.

我認為，隨著合規性和監管整合以及擁有值得信賴的穩定幣變得越來越重要，我們正在尋找更多與最大的交易所合作的機會。

Now Coinbase had a head start. They were the first big exchange to really bet on USDC, and that's been great for them. Obviously, we established a partnership with Binance. We've expanded that partnership with Binance and they're the largest exchange in the world. And with OKX, getting back to your question, we're very excited about the expansion of our relationship with OKX. We don't disclose the material or commercial terms of the specific transaction.

現在 Coinbase 已經搶佔先機。他們是第一個真正押注 USDC 的大型交易所，這對他們來說非常好。顯然，我們與幣安建立了合作關係。我們擴大了與幣安的合作關係，他們是世界上最大的交易所。關於 OKX，回到你的問題，我們對與 OKX 關係的擴展感到非常興奮。我們不會透露具體交易的實質或商業條款。

But what we've characterized is that they're adopting Circle wallet technology. And we're offering them integration into our core Circle Mint infrastructure, so that they can provide the institutions that are coming to their platform with the best possible liquidity experience with USDC. And so they have 60 million users.

但我們的特點是他們採用了 Circle 錢包技術。我們將它們整合到我們的核心 Circle Mint 基礎設施中，以便他們可以為進入其平台的機構提供最佳的 USDC 流動性體驗。因此他們有 6000 萬用戶。

This is going to help promote USDC to those 60 million users, growing, again, the value and reach of our network and the utility of USDC. And we hope to do a lot more with OKX as they also become a much more regulated player, regulated in Europe. They're obviously have publicly talked about their launch in the United States.

這將有助於向這 6,000 萬用戶推廣 USDC，再次提升我們網路的價值和影響力以及 USDC 的實用性。我們希望與 OKX 進行更多合作，因為他們也將成為受歐洲監管更嚴格的參與者。他們顯然已經公開談論過在美國推出該產品的事。

And so it's a very solid firm with a global franchise and an important expansion of our strategy in digital asset markets.

因此，這是一家非常穩健的公司，擁有全球特許經營權，並且是我們在數位資產市場策略的重要擴展。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Congrats on a great quarter and the rollout of Arc. First question related to Arc, how distributed is the goal for Arc from kind of a node operator validator standpoint? How do you ensure gas fees remain low? And then I have a follow-up question.

恭喜本季取得的優異成績以及 Arc 的順利推出。第一個問題與 Arc 相關，從節點操作員驗證器的角度來看，Arc 的目標分佈如何？如何確保 Gas 費用保持在低檔？然後我有一個後續問題。

Sure, absolutely. A couple of things. So one is, I would highly encourage you to read the lite paper, which was made available this morning, and we talk a little bit about some of these issues there. So there is a novel fee mechanism that we have designed for Arc, which will ensure predictable low costs for transactions and obviously those transactions priced in USDC.

當然，絕對是如此。有幾件事。因此，首先，我強烈建議您閱讀今天早上發布的精簡版文件，我們在那裡討論了其中的一些問題。因此，我們為 Arc 設計了一種新穎的費用機制，這將確保交易的可預測的低成本，顯然這些交易以 USDC 定價。

I believe there'll be subsequently significantly more information about the fee market mechanics as we go into kind of public Testnet, but there's a novel approach that we're taking there. It's very important if you're a financial institution or a commerce firm that you have low and predictable fees and fees that you can pay in real digital cash. And so that's very important.

我相信，隨著我們進入公共測試網，隨後將會有更多關於費用市場機制的信息，但我們在那裡採取了一種新穎的方法。如果您是金融機構或商業公司，那麼收取低且可預測的費用以及可以用真實數位現金支付的費用非常重要。所以這非常重要。

And then in terms of distribution, I think we ultimately aspire that Arc is operated by a fairly large distributed network of professional validators. We are very focused on vetted professional validators that can meet the operational security and compliance expectations for people running this critical infrastructure.

然後在分散方面，我認為我們最終希望 Arc 由一個相當大的分散式專業驗證者網路來運作。我們非常注重經過審查的專業驗證者，他們可以滿足運行此關鍵基礎設施的人員的營運安全性和合規性期望。

We want that to be highly geographically distributed. We want that to be distributed across major institutions as well. And so, I think we ultimately believe that this is a tremendous opportunity for financial market utilities, for financial institutions, for large existing major firms in validator infrastructure.

我們希望它能夠高度分佈在各個地理區域。我們希望它也能分佈在各大機構。因此，我認為我們最終相信這對金融市場公用事業、金融機構以及驗證器基礎設施中現有的大型主要公司來說是一個巨大的機會。

And so we have a whole vision and go-to-market that we're thinking about there. And again, we're in the early stages of standing this up. But that -- I think the lite paper touches on this issue as well in terms of how we're thinking about that evolution.

因此，我們有一個完整的願景和正在考慮的市場進入策略。再次強調，我們目前正處於實施這項措施的早期階段。但是——我認為精簡版論文在我們如何看待這種演變方面也涉及了這個問題。

Great. And then just as it relates to GENIUS -- so if you look into sort of the Tether circulating supply growth, seems to have kind of done this leveling off since July 27. USDC has continued to have growth since then. When you talked earlier about seeing some of that momentum or effects from GENIUS Act, was that sort of what you're hinting at? Do you think that's a result of GENIUS or not really seeing the effects yet from that standpoint?

偉大的。然後就像它與 GENIUS 相關一樣——如果你研究一下 Tether 流通供應量的增長，似乎自 7 月 27 日以來已經趨於平穩。自那時起，USDC 持續成長。當您之前談到看到《GENIUS 法案》帶來的一些勢頭或影響時，您暗示的就是這些嗎？您認為這是 GENIUS 的結果嗎？或者從這個角度來看還沒有真正看到效果？

Yes. I mean, it's hard to specifically correlate the kind of the rapid acceleration in USDC growth over the past 1.5 months or so with a specific legislative outcome. I think one could broadly say awareness of USDC is growing around the world. Awareness of USDC as a product that is sort of purpose-built for what the GENIUS Act represents is interesting and whether that's affecting user preference, it's very, very hard to know.

是的。我的意思是，很難將過去 1.5 個月左右 USDC 成長的快速加速與具體的立法結果具體聯繫起來。我認為可以大致說來，全世界對 USDC 的認識正在不斷提高。人們意識到 USDC 是一種專門為《GENIUS 法案》所代表的內容而設計的產品，這很有趣，但它是否會影響用戶偏好，則很難知道。

But my comment, I think, that you're referring to is much more around commercial engagement. Since the Circle IPO and since the final passage of GENIUS Act into law, we have seen just an incredible amount of inbound interest from financial institutions across every sector of the financial industry from major technology companies, from large enterprises and we're seeing that interest coming into us from all around the world in all the geographies that we're in. And so I think this has been a catalytic moment for mainstream institutions to say, okay, now I can play.

但我認為，您所指的我的評論更多的是關於商業參與。自從 Circle 首次公開募股以及《GENIUS 法案》最終通過成為法律以來，我們看到來自金融業各個領域的金融機構、大型科技公司和大型企業對我們表現出了極大的興趣，而且我們看到來自世界各地、各個地區的人們都對我們感興趣。所以我認為這對主流機構來說是一個催化時刻，它們會說，好吧，現在我可以玩了。

Now I can build. Now I can work with this technology. There's obviously also been regulatory relief in the United States for financial institutions to engage in the space, and that's obviously been additive as well. And so we're just seeing the kind of commercial opportunity set that's coming in for us right now growing considerably, which is really exciting.

現在我可以建造了。現在我可以使用這項技術了。顯然，美國也放寬了金融機構進入該領域的監管，這顯然也扮演了附加角色。因此，我們看到目前為我們帶來的商業機會正在大幅成長，這真的令人興奮。

And I think that this is very much something that we talked about while we were going through our IPO and engaging with the market, which is that we believe that GENIUS Act would be an important catalytic moment and a tailwind to adoption of what we're doing. And now we've got to kind of grab those opportunities and make sure we're building the right products and services for these partners and critically make sure we can put together win-win economic relationships where these customers can deliver value for their customers, they can grow economically, we can grow economically.

我認為這是我們在進行 IPO 和參與市場時討論過的事情，我們相信 GENIUS 法案將成為重要的催化時刻，並推動我們所做的事情得到採用。現在我們必須抓住這些機會，確保我們為這些合作夥伴打造正確的產品和服務，更重要的是確保我們能夠建立雙贏的經濟關係，讓這些客戶能夠為他們的客戶創造價值，讓他們實現經濟成長，我們也能夠實現經濟成長。

And that's very much our fundamental philosophy as we partner with firms around the world.

這正是我們與世界各地的公司合作的基本理念。

I'd just add on to that. GENIUS has clearly been a major catalytic event from that interest from major financial institutions across every segment of financial activity. I'd make one sort of cautionary note though. While absolutely necessary for this accelerating growth in USDC and in the internet financial system, financial services companies, particularly the largest ones, integrating with new technologies and rolling that out to their customers typically takes time.

我只是想補充一點。GENIUS 顯然是引發各大金融機構對金融活動各領域興趣的重要催化事件。不過，我還是要提出一點警告。雖然這對 USDC 和互聯網金融系統的加速成長是絕對必要的，但金融服務公司（尤其是最大的金融服務公司）整合新技術並將其推廣給客戶通常需要時間。

And what's tremendous about where we sit is they're exploring deep integrations with us, which leads to stickiness over time. But at the same time, the speed of their rollout will be dependent upon them and their own abilities internally to make progress.

我們所處位置的驚人之處在於，他們正在探索與我們進行深度整合，這將隨著時間的推移產生黏性。但同時，他們推出的速度將取決於他們自己以及他們內部取得進展的能力。

Jeff Cantwell, Seaport Research.

傑夫‧坎特韋爾 (Jeff Cantwell)，海港研究。

First of all, congrats on the IPO. Also on the passing of GENIUS Act, Jeremy, was being signed, I was thinking about you and many others involved in the crypto industry. It probably was a long journey getting to that point. So I want to say congrats to you and to everybody who helped to make that happen. Can you maybe talk about what you've seen, as sort of follow-up on the previous question, post the GENIUS Act's passing? It looks like your USDC in circulation was $61 billion in Q2, now in August it's $65 billion.

首先，恭喜公司IPO。此外，在《GENIUS 法案》通過並簽署之際，傑里米，我想到的是你和許多其他參與加密產業的人。到達這一點可能要經過一段漫長的旅程。所以我想向你和所有幫助實現這一目標的人表示祝賀。作為對上一個問題的後續回答，您能否談談《GENIUS 法案》通過後您所看到的情況？看起來，第二季流通的 USDC 為 610 億美元，現在 8 月則為 650 億美元。

So it does sound like you're seeing increasing demand. And I was hoping you can maybe give us a little color as to what you're seeing since the GENIUS Act was passed just a few weeks ago. Was it more domestic or international growth? Can you just talk more about that? And then also wanted to ask how are you thinking about the growth in USDC from here?

聽起來你確實看到需求增加。我希望您能給我們稍微介紹一下自幾週前《GENIUS 法案》通過以來您所看到的情況。成長更多的是國內還是國際？您能再多談一下這個嗎？然後也想問一下，您如何看待 USDC 今後的成長？

You're talking about a 40% CAGR. So how would you describe where you expect to see that growth come from? Would you mind just bucketing what are the incremental opportunities for USDC as you think ahead, that would be great.

您說的是 40% 的複合年增長率。那麼您如何描述您預期的成長來自哪裡？您是否介意簡單介紹一下您未來考慮的 USDC 增量機會有哪些，那就太好了。

Sure. I'll take part of that, and I'll have Jeremy Fox-Geen take part of that as well. So I mean, the post-GENIUS demand, again, as we just talked about, I'm mostly characterizing that around institutional interest in building on our stablecoin network. Institutional interest in working with Circle, which, as Jeremy Fox-Geen just noted, these institutions and putting together relationships, implementing product, getting those products out and scaling will take time.

當然。我會參與其中，我也會讓傑里米·福克斯·吉恩 (Jeremy Fox-Geen) 參與其中。所以我的意思是，正如我們剛才討論的那樣，GENIUS 之後的需求主要體現在機構對建立我們的穩定幣網路的興趣上。機構對與 Circle 合作很感興趣，正如 Jeremy Fox-Geen 剛才指出的那樣，這些機構建立關係、實施產品、推出這些產品並擴大規模都需要時間。

I think the more recent growth, as I see it, reflects a kind of green light/go view within the global environment to utilize stablecoins. That has certainly been fostered by the increasing activity in digital asset markets. But I think it's broadly a kind of a signal to the market that this is now a form of digital cash-like instrument that can be utilized.

我認為，最近的成長反映了全球環境中對使用穩定幣的一種綠燈/批准觀點。這無疑受到數位資產市場日益活躍的推動。但我認為這大體上向市場發出了一種信號，表明這是一種可以利用的類似數位現金的工具。

And so it's going to be interesting to see, and I know that ties into your other question about growth. Obviously, with recent acceleration, we've grown 90% year over year and 49% year to date. But in terms of how to think about that going forward, I know Jeremy Fox-Geen, you have some thoughts on that and just our general philosophy around how to think about that because it is not a straightforward thing to guide on, hence, the approach that we take.

這將會很有趣，而且我知道這與你關於成長的另一個問題有關。顯然，隨著最近的加速，我們比去年同期成長了 90%，今年迄今成長了 49%。但就如何思考未來而言，我知道傑里米·福克斯·吉恩，你對此有一些想法，並且我們對如何思考這個問題有總體的理念，因為這不是一件容易指導的事情，因此，我們採取了這種方法。

Thank you, Jeremy. I'll talk a bit about kind of how we view -- you referenced the 40% number we put out, how we view that. As I said in my remarks, right, the growth in USDC in circulation, in many ways, is the output over an entire economy. The digital asset markets with a bootstrap use case for stablecoins and represent the largest part of that economy today, but as I think we've been talking about on this call, we are seeing accelerating interest and growing adoption from every major financial services vertical for whom these new money technologies can bring tremendous advantages.

謝謝你，傑瑞米。我將稍微談談我們如何看待——您提到我們提出的 40% 這個數字，我們如何看待這個數字。正如我在評論中所說的那樣，USDC 流通量的成長在許多方面都是整個經濟的產出。數位資產市場具有穩定幣的引導用例，代表了當今經濟的最大組成部分，但正如我們在這次電話會議上所討論的那樣，我們看到每個主要金融服務垂直行業的興趣和採用率都在不斷提高，這些新貨幣技術可以為他們帶來巨大的優勢。

This is very early days. We are right at the beginning of building the internet financial system. And there's a multiyear, if not multi-decade, growth for these new technologies within financial services. Specifically as to guidance, there is a growing number of third-party research firms, financial industry analysts, who are publishing research on stablecoin growth. And they all see not just the promise that I touched on, but multiyear CAGRs and those growth rates range from kind of 25% CAGR at the low end up to 90%-plus CAGR at the high end with, from our reading, the best current median at around a 60% CAGR.

現在還處於早期階段。我們正處於網路金融體系建設的起步階段。金融服務領域的這些新技術將會經歷數年甚至數十年的成長。具體到指導方面，越來越多的第三方研究公司和金融業分析師正在發布有關穩定幣成長的研究。他們不僅看到了我所提到的前景，還看到了多年的複合年增長率，這些增長率範圍從低端的 25% 複合年增長率到高端的 90% 以上的複合年增長率，根據我們的讀數，目前最好的中位數約為 60% 複合年增長率。

We believe in the benefits of these new technologies very, very strongly. When it comes to guidance, our core model, and we run a range of scenarios to enable us to manage the business in an uncertain environment, but our core model suggests a 40% CAGR and if we can deliver that in terms of USDC growth, we believe that will deliver a compelling financial return for our investors.

我們非常堅信這些新技術的好處。當談到指導時，我們的核心模型，我們運行了一系列場景，使我們能夠在不確定的環境中管理業務，但我們的核心模型表明複合年增長率為 40%，如果我們能夠在 USDC 增長方面實現這一目標，我們相信這將為我們的投資者帶來令人信服的財務回報。

Got it. Okay. Great. And maybe as a follow-up, one of the frequent questions we've been asked for clarification on about your company post the IPO is where is the onchain transaction volume coming from? Can you walk through that in more detail? You just reported $5.9 trillion in onchain. So maybe can you discuss the use cases, maybe even geographically where the transactions are coming from?

知道了。好的。偉大的。也許作為後續問題，我們經常被問到的一個關於貴公司 IPO 後的問題就是鏈上交易量來自哪裡？能更詳細地講解一下嗎？您剛剛報道了鏈上投資金額為 5.9 兆美元。那麼也許您可以討論一下用例，甚至討論一下交易的地理位置？

I think a lot of the interest is because public investors are still trying to get a better feel for the world of crypto, whereas the world of fiat up still is much more familiar for the obvious reason here in the US. So maybe can you talk to us about where the $5.9 trillion is being generated, that would be very helpful.

我認為，人們之所以感興趣，很大程度上是因為公眾投資者仍在試圖更好地了解加密貨幣的世界，而在美國，由於顯而易見的原因，法定貨幣的世界仍然更為人熟悉。那麼，您能否與我們談談這 5.9 兆美元的來源，這將非常有幫助。

I can touch on that. And I think as you know, public blockchain data does not include geographic IP addresses or things like that, but there are very good heuristics to look at this. And in fact, I think there are some excellent third-party research firms that do focused research on blockchain data, blockchain analytics. And we look at that and look at other data sources.

我可以談一下這一點。我認為，如你所知，公共區塊鏈資料不包括地理 IP 位址或類似的東西，但有非常好的啟發式方法來查看這一點。事實上，我認為有一些優秀的第三方研究公司專注於區塊鏈數據和區塊鏈分析的研究。我們對此進行研究，並查看其他資料來源。

What I can certainly say is it's highly distributed geographically. There's an enormous amount of traffic in USDC that is around the world: Europe, Asia, emerging and developing markets, Latin America, Middle East, Africa, Southeast Asia. So it is very geographically distributed and while the US is important, it is not the majority. And so we see that geographic distribution in the data that we're able to look at.

我可以肯定地說，它在地理上分佈廣泛。USDC 的流量遍佈全球：歐洲、亞洲、新興和發展中市場、拉丁美洲、中東、非洲、東南亞。因此，它在地理上分佈非常廣泛，雖然美國很重要，但它並不是大多數。因此，我們可以在所查看的數據中看到地理分佈。

And obviously, we can identify activity that is specifically USDC that's moving between exchanges or super wallets and things like that. And oftentimes, we'll correlate that to investing activity, savings activity, but also for payments activity. We know, for example, that peer-to-peer payments in emerging developing markets using stablecoins are a significant use case.

顯然，我們可以識別在交易所或超級錢包等之間轉移的 USDC 的具體活動。通常，我們會將其與投資活動、儲蓄活動以及支付活動聯繫起來。例如，我們知道，新興發展中市場使用穩定幣進行點對點支付是一個重要的用例。

But most of those peer-to-peer payments are intermediated by the big wallets that are attached to these big kind of, what I think of, as financial super apps like the Coinbase products or the Binance products where people in those markets are using them not just for trading and investing, they're using them for savings to earn yields and for P2P payments as well.

但大多數點對點支付都是透過與這些大型金融超級應用程式（如 Coinbase 產品或 Binance 產品）相連的大型錢包進行的，這些市場中的人們不僅使用它們進行交易和投資，還使用它們進行儲蓄以賺取收益，以及進行 P2P 支付。

And so once USDC gets into one of those big platforms, we can't track inside of there exactly all the flows and what people are doing. But those are some comments that I can give. I don't know, if you want to add anything, Jeremy.

因此，一旦 USDC 進入其中一個大型平台，我們就無法準確追蹤其中的所有流量以及人們在做什麼。但這些是我可以給的一些評論。我不知道你是否想補充什麼，傑里米。

Yes. I'd add on a little on to that just to give kind of a top-down conceptual understanding of what this even means, right? In today's world, every money movement use case, so I think kind of consumer payments through credit card networks, remittances, international kind of money transfers via Swift, every single use case effectively has a different technology delivery stack. With the internet, we are seeing the emergence of the first-ever general-purpose architecture for money movement.

是的。我會對此進行一些補充，以便從自上而下的概念上理解這意味著什麼，對嗎？在當今世界，每一種資金流動用例，我認為透過信用卡網路進行的消費者支付、匯款、透過 Swift 進行的國際匯款，每個用例實際上都有不同的技術交付堆疊。隨著互聯網的發展，我們見證了第一個用於資金流動的通用架構的出現。

And so onchain transactions include money movement across all financial services use cases, which is almost a radical difference, certainly a tremendous difference to the existing system. So what does that mean? When we think about those use cases, just as examples, Visa moved somewhat north of $10 trillion a year through its consumer-to-business and business-to-business rails. And that's one number that's off-sited.

因此，鏈上交易包括所有金融服務案例中的資金流動，這幾乎是一個根本性的區別，當然與現有系統有巨大的區別。那麼這意味著什麼？當我們考慮這些用例時，僅舉幾個例子，Visa 透過其消費者對企業和企業對企業的管道，每年的匯款總額就超過了 10 兆美元。這是一個不在場的號碼。

But let's not forget JPMorgan, as an example, moves somewhat north of $10 trillion a day in gross money movement and gross money settlement as well as other use cases. And so all of that is intermingled in onchain transactions for stablecoins. And so, as Jeremy said, it's difficult to disaggregate all of those different money uses, but we should not forget that all of those money use cases are represented in these numbers.

但我們不要忘記，以摩根大通為例，其每天的總資金流動和總資金結算以及其他用例的金額都超過了 10 兆美元。因此，所有這些都混合在穩定幣的鏈上交易中。因此，正如傑里米所說，很難將所有不同的資金用途分門別類，但我們不應忘記，所有這些資金用例都體現在這些數字中。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

I just wanted to ask, firstly, on the outlook for non-dollar stablecoins and the necessity for growth of these, in your view, to facilitate stablecoin cross-border payments and thus CPN. And then perhaps just how you can, I guess, to what degree you plan to facilitate that with EURC?

首先，我想問非美元穩定幣的前景，以及您認為非美元穩定幣的成長必要性，以促進穩定幣跨境支付和 CPN。那麼，我想，您計劃在多大程度上利用 EURC 來促進這一點？

Thanks, James. It's a good question. So over the long run, we are very optimistic that virtually every major country in the world will have a good stablecoin policy regime and that we'll see proliferation in high-quality regulated payment stablecoins. We believe GENIUS Act is actually driving that and we're seeing that with legislators and governments around the world who are now really racing to get their stablecoin policies in place.

謝謝，詹姆斯。這是個好問題。因此，從長遠來看，我們非常樂觀地認為，世界上幾乎每個主要國家都將擁有良好的穩定幣政策制度，我們將看到高品質、受監管的支付穩定幣的激增。我們相信 GENIUS 法案實際上正在推動這一點，而且我們看到世界各地的立法者和政府現在都在競相制定穩定幣政策。

And so we do expect that proliferation. We want to work with these non-dollar stablecoins. We obviously issue EURC and that has done well. But we want to work with these non-dollar stablecoins because onchain money is more effective and efficient money. It's programmable money. And from a cross-border perspective, if you can have a 24/7/365 continuously settled, atomically swappable PvP exchange, that's a very powerful building block.

因此我們確實期待這種擴散。我們希望與這些非美元穩定幣合作。我們顯然發行了 EURC，而且表現良好。但我們希望與這些非美元穩定幣合作，因為鏈上貨幣是更有效、更有效率的貨幣。它是可編程的貨幣。從跨國的角度來看，如果你可以擁有一個 24/7/365 持續結算、原子可交換的 PvP 交易所，那將是一個非常強大的基石。

And it's one of the reasons why we are building such an engine into our own core blockchain network Arc is that we want to see that mature because we think that as a, again, a programmable building block for a commerce, trade and various types of capital markets activity, that's going to be really important.

這就是我們在自己的核心區塊鏈網路 Arc 中建立這樣一個引擎的原因之一，我們希望看到它成熟，因為我們認為，作為商業、貿易和各種資本市場活動的可編程構建模組，這將非常重要。

Now short of that all maturing, and we do believe it will mature, it is not necessarily an impediment to growing use of stablecoins in cross-border settlement. And CPN itself really from the start, the kind of FX model is designed to connect stablecoins to local currency liquidity and local electronic money rails.

現在，只要這一切都不成熟，而且我們確實相信它會成熟，這並不一定會阻礙穩定幣在跨境結算中的廣泛使用。而 CPN 本身從一開始，這種外匯模型就旨在將穩定幣與當地貨幣流動性和當地電子貨幣軌道連接起來。

And so a person sending money from Portugal to a person in Brazil, they might have EURC or USDC sitting on one side of that transaction. And on the other side, there are essentially takers of that, what we call our DFIs, who have liquidity of USDC against local Brazilian real. And they can effectively price against existing kind of prices in the market or they're competing on price and then they can effectively use the immediate credit of the USDC to then initiate that near real-time payment on the ultimate bank transferred money.

因此，當一個人從葡萄牙向巴西某人匯款時，他們可能在交易的一方持有 EURC 或 USDC。另一方面，基本上有一些接受者，我們稱之為 DFI，他們擁有 USDC 兌巴西雷亞爾的流動性。他們可以有效地根據市場上現有的價格進行定價，或者在價格上進行競爭，然後他們可以有效地利用 USDC 的即時信用來啟動最終銀行轉帳的近乎即時的支付。

And so there are ways to do that. And there are also ways to have the onchain FX market basically be an onchain FX market where the market and the pricing is all completed, but where the fulfillment on the currency side is kind of post trade. And so that's also a structure that we expect to see develop more as well.

所以有很多方法可以做到這一點。還有一些方法可以讓鏈上外匯市場基本上成為一個鏈上外匯市場，其中市場和定價都已完成，但貨幣方面的履行是在交易後進行的。因此，這也是我們期望看到進一步發展的結構。

But again, long term, we're very much encouraging of and want to see more and more what we call the local partner stablecoins. We want to see them issue on the Arc blockchain. We want to support them on CPN. We want to support them in Circle Mint and in our wallets. And we want to be very multi-stablecoin in what we do, and we believe that's part of building the internet financial system.

但從長遠來看，我們非常鼓勵並希望看到越來越多我們所謂的本地合作夥伴穩定幣。我們希望看到它們在 Arc 區塊鏈上發行。我們希望在 CPN 上支持他們。我們希望透過 Circle Mint 和我們的錢包來支持他們。我們希望我們所做的事情能夠實現多穩定幣，我們相信這是建立網路金融體系的一部分。

Very clear. On another topic, maybe you could just talk a little bit about the opportunity for Circle Gateway and then perhaps how this, I guess, differs or integrates with Circle CCTP?

非常清楚。關於另一個話題，也許您可以稍微談談 Circle Gateway 的機會，然後我想問一下它與 Circle CCTP 有何不同或整合？

Yes, absolutely. So Circle Gateway and Circle CCTP saw similar, but somewhat different problems. So CCTP is a protocol at a kind of low level. It's a low-level protocol that allows for cross-chain settlement of USDC across a multitude of different blockchains. It's used quite significantly in cross-chain USDC today.

是的，絕對是。因此，Circle Gateway 和 Circle CCTP 遇到了類似但又略有不同的問題。所以 CCTP 是一種低層次的協定。它是一種低階協議，允許在多個不同的區塊鏈上進行 USDC 的跨鏈結算。目前它在跨鏈 USDC 中的應用相當廣泛。

The last time I looked, I think it was well over 80% of cross-train USDC was running through CCTP. And we have a version 2 of that, which has continued to grow as well. So that allows -- that's kind of a more lower level in a sense. And it doesn't solve kind of what we think of as like the user experience problem.

上次我查看時，我認為超過 80% 的交叉訓練 USDC 都是透過 CCTP 運作的。我們現在有了第二個版本，它也在持續發展。因此，從某種意義上來說，這是一種更低的等級。但它並不能解決我們所認為的使用者體驗問題。

In a world of CCTP what we find is that there are a lot of wallets, whether it's an institutional wallet or a consumer wallet, where you still end up in a world where you need to kind of know like which chains do I have USDC on and which chains do I want to get the USDC to? And so the UX is a hurdle, and so Circle Gateway is really designed as an abstraction to eliminate that user experience hurdle.

在 CCTP 的世界裡，我們發現有很多錢包，無論是機構錢包還是消費者錢包，你最終仍然需要知道我在哪些鏈上有 USDC，以及我想將 USDC 轉移到哪些鏈上？因此，使用者體驗 (UX) 是一個障礙，Circle Gateway 實際上被設計為一種抽象，以消除使用者體驗障礙。

So a user, again, this could be an institution or an individual just sees a USDC balance. So they say, I have 10,000 USDC and they can essentially spend that balance in less than a second to any of the supported chains. And so you can kind of just say, hey, I have USDC, what kind of wallet do you have or give me a QR code or give me an address. And it can spend seamlessly to those.

因此，使用者（可能是機構或個人）只能看到 USDC 餘額。所以他們說，我有 10,000 USDC，他們基本上可以在不到一秒的時間內將該餘額花到任何受支援的鏈上。所以你可以說，嘿，我有 USDC，你有什麼樣的錢包，或者給我一個二維碼或給我一個地址。並且可以無縫地實現這些支出。

So it really simplifies the UX. This is part of our goal of just kind of having the crypto disappear into the background and make this a more streamlined experience. So Circle Gateway is a different architecture to accomplish that, and it's something that we're really primarily bringing to market through developers who are going to integrate this into their products and services.

所以它確實簡化了使用者體驗。這是我們的目標的一部分，即讓加密消失在背景中，並使其成為一種更簡化的體驗。因此，Circle Gateway 是實現這一目標的不同架構，我們主要透過開發人員將其整合到他們的產品和服務中來將其推向市場。

And like CCTP version 2, it also does include new opportunities for monetization for Circle. And so simplified user experience is a feature, we want to monetize that and also just make these products better for people who are using them.

和 CCTP 版本 2 一樣，它也為 Circle 帶來了新的獲利機會。因此，簡化的使用者體驗是一個特點，我們希望將其貨幣化，同時也為使用它們的人提供更好的產品。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great. And also congrats on the very successful IPO. Maybe just a big picture question on growing USDC over time within the industry and the desire to make this a winner take most and increase the scale and network effects of USDC. I guess, Jeremy, what's your appetite for partnering with more institutions?

偉大的。同時也祝賀此次 IPO 非常成功。也許只是一個關於行業內 USDC 隨時間增長的大問題，以及希望使其成為贏家通吃並增加 USDC 的規模和網絡效應。我想，傑里米，你有興趣與更多機構合作嗎？

And if that means higher distribution costs and lower reserve margins, is that something that you find appealing to grow USDC or do you really think about the reserve margin is something you want to keep in that mid-30s range at least?

如果這意味著更高的分銷成本和更低的儲備利潤率，那麼這對 USDC 的成長是否有吸引力？或者您真的認為儲備利潤率至少應該保持在 35% 左右的水平？

Yes, I can take part of that and maybe Jeremy Fox-Geen can take the other part of it. So first of all, we have a very strong appetite for growing the partnerships that are going to grow our network. And I would say it's helpful to kind of remind folks that we have many, many different types of partnerships. A partnership with a digital wallet is completely different than a partnership with a merchant acquirer, which is completely different than a partnership with a large exchange that has hundreds of millions of users.

是的，我可以承擔一部分，也許傑里米·福克斯-吉恩可以承擔另一部分。首先，我們非常渴望發展能夠擴大我們網絡的合作關係。我想說，提醒大家我們有許多不同類型的合作關係是有幫助的。與數位錢包的合作與與商家收單機構的合作完全不同，而後者又與與擁有數億用戶的大型交易所的合作完全不同。

So there are many, many different types of partners that we work with. And each one of those partnerships has a unique deal format to it. So we have a lot of different deal playbooks that we execute. And I think it's sort of simplistic to think that every deal has to do with giving away reserve income, that is not the case.

因此，我們與許多不同類型的合作夥伴合作。每個合作關係都有其獨特的交易形式。因此，我們執行了許多不同的交易策略。我認為，認為每筆交易都與放棄儲備收入有關的想法有些過於簡單，但事實並非如此。

We focus on partnerships where each party is, a, focused on delivering value for their customers. So how are they going to grow value for their customers through this partnership; and b, that it's a win-win, growth-oriented model. So we want to build economic relationships that incentivize growth so that we're seeing that the partnership is actually having an impact on whether it be transaction velocity or market share shift or USDC growth itself.

我們專注於建立合作夥伴關係，各方都致力於為客戶提供價值。那麼他們將如何透過這種合作關係為客戶創造價值？這是一個雙贏、以成長為導向的模式。因此，我們希望建立激勵成長的經濟關係，以便我們看到合作夥伴關係實際上對交易速度、市場份額轉變或 USDC 成長本身產生影響。

So we really focus on these win-win, growth-oriented relationships. It's not a carte blanche, here's a rate card, go do this kind of thing. We want to build, we want to build with people who want to build and grow with us and that's our filter for this. And I think that, that is working. I think, Jeremy, maybe you can comment more on just sort of how we think about that vis-a-vis our RLDC margin and the outlook there.

因此，我們真正關注的是這些雙贏、以成長為導向的關係。這不是全權委託，這是價目表，去做這種事吧。我們想要建設，我們想要與那些想要與我們一起建造和成長的人一起建設，這就是我們的過濾器。我認為這是有效的。傑里米，我想，也許你可以就我們如何看待我們的 RLDC 利潤率以及前景發表更多評論。

Thank you, Jeremy. I'll build on that and then get to the numbers piece of it. But it's important to understand that the strength and breadth of our platform capabilities, combined with our position as market-neutral infrastructure, encourages more players and enables even fierce competitors, right, to build on and integrate with our platform.

謝謝你，傑瑞米。我將以此為基礎，然後得出其數字部分。但重要的是要明白，我們平台能力的實力和廣度，加上我們作為市場中立基礎設施的地位，鼓勵更多的參與者，甚至讓激烈的競爭對手也能夠在我們的平台上進行構建和整合。

And so our partners then bring the benefits of these new money technologies to their customers, benefiting their customers, building their business and growing USDC usage and adoption, which strengthens our network with more capabilities, more users, more distribution. And this is a network business with network effects and our position strengthens as the network strengthens. And that's important context for our future outlook on RLDC margin.

因此，我們的合作夥伴將這些新貨幣技術的好處帶給他們的客戶，使他們的客戶受益，建立他們的業務並增加 USDC 的使用和採用，從而使我們的網路具有更多功能、更多用戶和更多分佈。這是一項具有網路效應的網路業務，隨著網路的增強，我們的地位也會增強。這對於我們未來展望 RLDC 利潤率具有重要意義。

We're not guiding beyond 2025 at this time. However, I think of three factors that provide relative strength tailwinds, if you like, relative strength to this margin over time. The first would be the growing strength from network effects, which is what I was just talking about. And we see that in our commercial discussions. And we also know that, and this is important to remember, growth in USDC held within partner infrastructure and which may be subject to incentives also leads to growth in USDC in the ecosystem more broadly held outside of partner infrastructure.

目前我們還沒有對 2025 年以後的情況做出預測。然而，我認為有三個因素可以提供相對強度的順風，如果你願意的話，可以認為是隨著時間的推移，這個利潤率的相對強度。第一是網路效應不斷增強，這也是我剛才講的。我們在商業討論中看到了這一點。我們也知道，這一點很重要，需要記住的是，合作夥伴基礎設施內持有的 USDC 的增長以及可能受到激勵的影響也會導致合作夥伴基礎設施之外更廣泛的生態系統中 USDC 的增長。

So we see growing strength from network effects. That's the first point. The second we see growth in USDC held within Circle's platform infrastructure. We have a broad-based feature-rich platform, as I just mentioned, and our position is market-neutral infrastructure only enables more people to build upon our platform over time.

因此，我們看到網路效應的力量不斷增強。這是第一點。第二，我們看到 Circle 平台基礎設施內持有的 USDC 有所成長。正如我剛才提到的，我們擁有一個功能豐富的廣泛平台，我們的立場是市場中立的基礎設施只會讓更多的人隨著時間的推移在我們的平台上進行構建。

And that's important. And we have greater economic flexibility with USDC held within our platform infrastructure. And then finally, we have growth in our high-margin other revenues, right? Predominantly today, we make money from the stock of money on the network.

這很重要。而且，透過在我們的平台基礎設施中持有 USDC，我們可以獲得更大的經濟靈活性。最後，我們的高利潤其他收入也有成長，對嗎？今天我們主要透過網路上的貨幣存量來賺錢。

Over time and through products we've already launched and started talking about even as they're nascent today, we will be monetizing certain of the flows across that network infrastructure where we are able to add value-added services to the benefit of the users.

隨著時間的推移，透過我們已經推出並開始討論的產品，即使它們今天還處於萌芽階段，我們也會將網路基礎設施中的某些流量貨幣化，從而能夠添加增值服務，使用戶受益。

And so we see this growth in other revenues over time, and those are very high margin revenues and provide strength to our overall margin over time. So those three things combined, we think, provide longer-term relative strength to our RLDC margin.

因此，我們看到其他收入隨著時間的推移而增長，這些收入都是利潤率非常高的收入，並且隨著時間的推移為我們的整體利潤率提供了支撐。因此，我們認為，這三件事結合起來，為我們的 RLDC 利潤率提供了長期相對優勢。

That concludes our question-and-answer session. I will now turn the call back over to John Andrews for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給約翰·安德魯斯，請他作最後發言。

Great, Tiffany, thank you. And apologies for a couple of people who got stuck in the queue, but we are up against a hard time end here. We are happy to follow-up with everybody. You know how to reach us through the investors website at circle.com, and enjoy the rest of the day.

太好了，蒂芙尼，謝謝你。對於排隊等候的幾個人，我們深表歉意，但我們在這裡面臨著一個艱難的時刻。我們很高興與大家跟進。您知道如何透過投資者網站 circle.com 聯絡我們，並享受剩餘的一天。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。