Circle Internet Group Inc (CRCL) 2025 Q3 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。我叫克麗絲塔，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Circle Group 和 Circle Internet Group，歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Thank you. I would now like to turn the conference over to John Andrews, Vice President of Capital Markets and Investor relations. John, you may begin.

謝謝。現在我將把會議交給資本市場和投資者關係副總裁約翰安德魯斯。約翰，你可以開始了。

Thank you, operator, and good morning. I'd like to welcome you to Circle's third quarter 2025 earnings call. I'm joined by Jeremy Allaire, our co-founder, Chief Executive Officer and Chairman, and Jeremy Fox-Geen, our Chief Financial Officer.

謝謝接線員，早安。歡迎各位參加 Circle 公司 2025 年第三季財報電話會議。與我一同出席的還有我們的共同創辦人、執行長兼董事長傑里米·阿萊爾，以及我們的財務長傑里米·福克斯-格林。

Earlier this morning, we posted our earnings press release and earnings presentation on the Circle Investor Relations website, investor.circle.com.

今天早些時候，我們在 Circle 投資者關係網站 investor.circle.com 上發布了我們的獲利新聞稿和獲利簡報。

The transcript of this call will be posted on that website once available.

本次通話的文字記錄將在完成後發佈在該網站上。

I do need to remind everyone that our earnings press release, presentation, and this call contains 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.

我需要提醒大家，我們的獲利新聞稿、簡報和本次電話會議包含前瞻性陳述，因為前瞻性陳述本身就存在風險和不確定性，其中一些風險和不確定性無法預測或量化，而另一些風險和不確定性是我們無法控制的。您不應將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 the forward-looking statements.

我們前瞻性聲明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聲明中預測的結果有重大差異。

Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings.

有關可能導致這些結果出現差異的風險、不確定性和其他因素的資訊已包含在我們提交給美國證券交易委員會的文件中。

We will also disclose non-GAAP financial measures on this call today. Definitions of those non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures can be found in the earnings press release and earnings presentation, which are posted on Circle's investor relations website, investor.circle.com. Non-GAAP financial measures should be considered in addition to not as a substitute for GAAP measures. Now, I'd like to turn the call over to Jeremy.

我們今天也將在本次電話會議上揭露非GAAP財務指標。這些非GAAP財務指標的定義以及與最接近的GAAP財務指標的調節表，可在盈利新聞稿和盈利演示文稿中找到，這些文件已發佈在Circle的投資者關係網站investor.circle.com上。非GAAP財務指標應作為GAAP指標的補充訊息，而非替代指標。現在，我想把電話交給傑瑞米。

Thank you, John. I'm excited to talk with all of you today about our quarterly results and general outlook, but before I do, I want to talk about our broader vision for what is taking place in this market, a vision of an internet financial system that guides what we're building towards at Circle.

謝謝你，約翰。今天我很高興能和大家談談我們的季度業績和整體展望，但在那之前，我想談談我們對當前市場情勢的更廣泛願景，即一個指導我們在 Circle 建立的網路金融體系的願景。

Our vision from the beginning has been that a new set of open internet infrastructure and open software infrastructure would collide with the global financial system and ultimately transform it.

我們從一開始就認為，一套新的開放網路基礎設施和開放軟體基礎設施將與全球金融體系碰撞，並最終改變它。

We are moving more and more towards that world and realizing that vision. What we are seeing emerge is the opportunity to build a full stack internet financial platform company with several platform layers.

我們正越來越朝著那個世界邁進，逐步實現那個願景。我們看到的是，有機會打造一個擁有多個平台層的全端網路金融平台公司。

The first layer blockchain networks, are becoming foundational operating systems for economic activity on the internet, what we call economic OSS for the internet.

第一層區塊鏈網路正成為網路經濟活動的基礎作業系統，我們稱之為網路的經濟開源軟體。

These infrastructure layers will be part of migrating coordination, governance, value storage, financial contracts, and other forms of economic intermediation into a software-powered and agentic economic system.

這些基礎設施層將成為將協調、治理、價值儲存、金融合約和其他形式的經濟中介遷移到軟體驅動的代理經濟系統的一部分。

This is an enormous platform and infrastructure opportunity that we believe is even larger than any past internet platform technology.

這是一個巨大的平台和基礎設施機遇，我們認為它甚至比以往任何網路平台技術都要大。

On top of these economic OSS is the second platform layer of digital assets. This includes stablecoins, internet native digital assets based on protocols and applications, and broader tokenization, including the tokenization of traditional assets and many other types of economic contracts.

在這些經濟開源軟體之上，還有數位資產的第二層平台。這包括穩定幣、基於協議和應用程式的互聯網原生數位資產，以及更廣泛的代幣化，包括傳統資產的代幣化和許多其他類型的經濟合約。

All of these digital assets will be built on the first layer of blockchain networks, the economic OSS for the internet. This digital asset layer is fundamental to how economic value will be stored, transformed, transmitted, and exchanged all around the world.

所有這些數位資產都將建構在區塊鏈網路的第一層之上，區塊鏈是互聯網的經濟開源軟體。數位資產層對於全球經濟價值的儲存、轉換、傳輸和交換至關重要。

On top of the blockchain and digital asset layers is the third layer, new application utilities that are built for the internet economy.

在區塊鏈和數位資產層之上是第三層，也就是為網路經濟建構的新應用程式。

Application utilities for payments, commerce, treasury management, capital formation, lending, governance, and many other applications that are fundamental to economic activity. Full stack internet financial platforms are emerging, and Circle intends to be the leader in this space.

用於支付、商業、資金管理、資本形成、貸款、治理以及許多其他對經濟活動至關重要的應用工具。全端網路金融平台正在興起，Circle 旨在成為該領域的領導者。

With that backdrop, I want to discuss our latest results and our progress in expanding our platform and building towards the vision that I just described.

在此背景下，我想討論我們最新的成果以及我們在擴展平台和實現我剛才描述的願景方面取得的進展。

In Q3, we saw very strong growth in our network. USDC in circulation grew 108% year over year to $73.7 billion. This is tremendous growth, and we're very proud that our growth also represents continued market share expansion.

第三季度，我們的網路實現了非常強勁的成長。美國流通中的美元現金年增 108%，達到 737 億美元。這是巨大的成長，我們非常自豪的是，我們的成長也代表著市場佔有率的持續擴張。

Moreover, the amount of on-chain transactions using USDC grew 580% year over year to $9.6 trillion in Q3, underscoring the inherent and increasing velocity and efficiency of using USDC as a medium of exchange.

此外，第三季使用 USDC 的鏈上交易量年增 580%，達到 9.6 兆美元，凸顯了 USDC 作為交易媒介固有的、不斷提高的速度和效率。

This increasing velocity of money is a crucial feature of the internet financial system.

資金流通速度的不斷加快是網路金融體系的關鍵特徵。

We had strong financial results in the third quarter. We realized $740 million in total revenue and reserve income, representing 66% year on year growth.

第三季我們的財務表現表現強勁。我們實現了7.4億美元的總收入和儲備金，年增66%。

Our adjusted EBITDA grew 78% year on year to $166 million with a 57% adjusted EBITDA margin a 737 basis point expansion.

我們的調整後 EBITDA 年成長 78% 至 1.66 億美元，調整後 EBITDA 利潤率為 57%，成長了 737 個基點。

And we've delivered continued expansion in our platform. We launched arc into public test net in recent weeks with over 100 major participants.

我們的平台也實現了持續擴張。最近幾週，我們向公眾推出了 arc 測試網，吸引了 100 多家主要參與者。

I'm going to talk more about that in a few minutes.

我稍後會詳細談談這個問題。

We're also sharing today that we are exploring the possibility of launching a native token on the arc network, which we think could be an important component for driving utility, incentives, growth, and governance of the arc network.

今天我們也想分享，我們正在探索在 Arc 網路上推出原生代幣的可能性，我們認為這可能是推動 Arc 網路實用性、激勵機制、成長和治理的重要組成部分。

We saw Circle Payments Network product expansion with multiple product releases and significant growth in transaction volumes, and we've continued to expand our stablecoin network across more chains with 5 new chain launches and 28 supported chains today, part of our deep commitment to maintaining a strongly market neutral position.

我們看到 Circle Payments Network 產品不斷擴展，發布了多個產品，交易量也顯著成長。我們繼續擴展我們的穩定幣網絡，覆蓋更多鏈，目前已推出 5 條新鏈，支援 28 條鏈，這是我們致力於保持市場中立立場的一部分。

And adoption has been expanding across a range of use cases, industries, and types of firms. Overall, the stablecoin market has continued to grow strongly, and Circle continues to gain share.

而且，該技術的應用範圍已擴展到各種用例、行業和公司類型。整體而言，穩定幣市場持續強勁成長，Circle 的市佔率也不斷擴大。

On a year over year basis, stablecoins in circulation grew 59%. Because we grew faster than the overall market, Circle's share grew to 29% in the third quarter.

與去年同期相比，流通中的穩定幣增加了 59%。由於我們的成長速度超過了整體市場，Circle 的市佔率在第三季成長到了 29%。

Based on Visa's published analysis, stablecoin transaction volumes have grown approximately 130% year over year, with USDC share expanding to 40% in Q3.

根據 Visa 公佈的分析，穩定幣交易量年增約 130%，其中 USDC 在第三季的份額擴大至 40%。

And as you can see, the dollar stablecoin space remains a market with 2 leading issuers and a number of much smaller players as we continue to sustain our strong position despite increasing competition.

正如你所看到的，美元穩定幣市場仍然是由 2 家領先的發行商和許多規模小得多的參與者組成的市場，儘管競爭日益激烈，我們仍將繼續保持我們強大的市場地位。

At the heart of our competitive position are durable and powerful network effects that are anchored in several areas. The trust that we have enshrined in our infrastructure by being regulated, audited, public, transparent, and compliant.

我們競爭優勢的核心在於持久且強大的網路效應，而這種效應根植於多個領域。我們透過監管、審計、公開、透明和合規，在基礎設施方面建立了信任。

The core liquidity infrastructure, our reserve infrastructure with systemically important banks and banking connectivity around the world, providing at-scale minting and redemption. But also our broad distribution across blockchain networks and ecosystems, which has helped sustain the broader utility of our network.

核心流動性基礎設施，我們的儲備基礎設施，包括系統重要性銀行和全球銀行連接，提供大規模的鑄幣和贖回。此外，我們在區塊鏈網路和生態系統中的廣泛分佈也有助於維持我們網路的更廣泛用途。

And we continue to innovate in product and technology and developer services, which provides powerful infrastructure for application developers, financial infrastructure companies, and others to build on. Crucially, we have been able to maintain our competitive position by being a market neutral infrastructure that leading companies can build on top of.

我們持續在產品、技術和開發者服務方面進行創新，為應用程式開發者、金融基礎設施公司和其他公司提供強大的基礎設施，供其在此基礎上進行開發。至關重要的是，我們能夠保持競爭優勢，是因為我們是一個市場中立的基礎設施，領先企業可以在其基礎上進行建構。

Our stablecoin network growth remains strong. As already noted, on-chain transaction volume grew to $9.6 trillion in the quarter, up from $5.9 trillion in Q2.

我們的穩定幣網路成長依然強勁。如前所述，本季鏈上交易額成長至 9.6 兆美元，高於第二季的 5.9 兆美元。

CCTP, our cross-chain Transfer Protocol, is a key infrastructure in enabling capital efficient and secure transfers of digital dollars across blockchain networks, applications, and services. CCTP volume grew approximately 640% year over year to $31.3 billion in Q3.

CCTP，即我們的跨鏈轉帳協議，是實現區塊鏈網路、應用程式和服務之間高效、安全地進行數位美元轉帳的關鍵基礎設施。第三季 CCTP 交易量年增約 640%，達到 313 億美元。

And in fact over the quarter of all bridge volume of all assets from major bridge providers that we track, CCTP represented 47% of all of that traffic.

事實上，在我們追蹤的主要橋樑提供者的所有資產的所有橋樑流量中，CCTP 佔了四分之一的流量。

In October it was over 50%. This is really key as we think about the expanding role that Circle can play in providing infrastructure that supports broader cross-chain interoperability for digital assets.

10月份超過了50%。這一點至關重要，因為我們正在思考 Circle 在提供支援更廣泛的跨鏈數位資產互通性的基礎設施方面可以發揮的日益重要的作用。

We're continuing to gain share in digital asset trading markets as well. It's a key priority for us, and you see this in our growing share of spot trading year over year and in the ongoing expansion of USDC within perpetual markets, in particular on platforms such as Binance, the world's largest centralized exchange, and Hyper liquid, the largest decentralized exchange.

我們在數位資產交易市場的份額也在持續成長。這是我們的首要任務，這一點可以從我們現貨交易份額逐年增長以及 USDC 在永續市場（尤其是像幣安（全球最大的中心化交易所）和 Hyper Liquid（全球最大的去中心化交易所）這樣的平台上的持續擴張中看出。

From June 30th to November 8th, we've seen our tokenized Money Market Fund, USYC more than triple in size to approximately $1 billion making it the second largest TMMF in the world. This is an important part of our growth in tokenized collateral for digital asset markets.

從 6 月 30 日到 11 月 8 日，我們的代幣化貨幣市場基金 USYC 的規模增加了三倍多，達到約 10 億美元，成為全球第二大代幣化貨幣市場基金。這是我們拓展數位資產市場代幣化抵押品業務的重要組成部分。

And use case expansion and adoption is growing. We're seeing adoption in capital markets, in payments, in the digital assets ecosystem with banking infrastructure providers, and to provide dollar access around the world, including with leading companies such as Brex, Deutsche Borse, Fireblocks, Finastra, Kraken, and Netaou, the largest bank in Latin America.

應用案例的擴展和普及程度正在不斷提高。我們看到資本市場、支付領域、數位資產生態系統（包括銀行基礎設施提供者）都在採用這種技術，並在全球範圍內提供美元存取服務，其中包括與 Brex、德意志交易所、Fireblocks、Finastra、Kraken 和拉丁美洲最大的銀行 Netaou 等領先公司合作。

These are all key use cases with industry leading companies that chose to work with Circle and which will be important to the ongoing growth and adoption of our stablecoin network.

這些都是選擇與 Circle 合作的行業領先公司的關鍵用例，對於我們穩定幣網路的持續成長和普及至關重要。

While USDC and Circle's broader stablecoin network are central to our business today, we are continuing to expand our platform across key dimensions.

雖然 USDC 和 Circle 更廣泛的穩定幣網路是我們目前業務的核心，但我們正在繼續在關鍵維度上擴展我們的平台。

Coming back to this idea of building a full stack internet platform company, Circle has been methodically building infrastructure that goes down the stack into the core network operating system layer with arc and moving up the stack into the application utility layer with CPN.

回到建構全端互聯網平台公司的理念，Circle 一直在有條不紊地建立基礎設施，透過 arc 向下延伸到核心網路作業系統層，並透過 CPN 向上延伸到應用實用程式層。

With arc, we've just delivered a critical and significant milestone in recent weeks with the launch of the arc public test net.

最近幾週，我們透過啟動 arc 公共測試網，實現了 arc 的一個關鍵而重要的里程碑。

When we think about this layer of infrastructure, we really look at it as an operating system layer, an economic OSS for the internet.

當我們考慮這一層基礎設施時，我們實際上將其視為一個作業系統層，一個用於互聯網的經濟型開源軟體。

Over prior decades there have been fundamental platform shifts for how software infrastructure supported growth in the utility of the internet, the web as an OS for information and data, the evolution into mobile as an organizing operating environment, cloud as an operating infrastructure, and then other core utilities such as social, search, and commerce, helping to organize ecosystems, platforms, and activity.

在過去的幾十年裡，軟體基礎設施支援網路實用性成長的方式發生了根本性的平台轉變，從網路作為資訊和資料的作業系統，到行動作為組織操作環境，再到雲端作為操作基礎設施，以及其他核心實用功能（如社交、搜尋和商務），這些都有助於組織生態系統、平台和活動。

And now we're seeing two new major operating system paradigms AI platforms and blockchain platforms.

現在我們看到了兩大新的作業系統範式：人工智慧平台和區塊鏈平台。

With arc we've created something that is enterprise grade and purpose built to bring stablecoin finance and real world economic activity on chain.

我們利用 Arc 創造了企業級產品，其設計初衷是將穩定幣金融和現實世界的經濟活動帶到鏈上。

Our public test net launched with over 100 world-class companies spanning every major category of the financial industry, major payments firms, technology companies, fintechs, and broad support across the digital asset markets industry.

我們的公共測試網絡已上線，吸引了 100 多家世界級公司參與，涵蓋金融業的各個主要類別、主要支付公司、科技公司、金融科技公司，並得到了數位資產市場行業的廣泛支持。

From Apollo to AWS, BlackRock, HSBC, Mastercard, Standard Chartered, Visa, and so many other tremendous firms who are testing, evaluating, and collaborating with Circle as we seek to bring arc to commercial main net launch in 2026.

從 Apollo 到 AWS、BlackRock、匯豐銀行、萬事達卡、渣打銀行、Visa 以及許多其他傑出的公司都在測試、評估並與 Circle 合作，因為我們正努力在 2026 年將 arc 推向商業主網。

We've also been activating arc across our entire Circle product suite, making it seamless for developers and all participants in the ecosystem to take advantage of this new infrastructure from Circle as they prepare for Arc Magnet.

我們還在整個 Circle 產品套件中啟動了 arc，使開發人員和生態系統中的所有參與者都能無縫地利用 Circle 的這項新基礎設施，為 Arc Magnet 做好準備。

Our vision for AR is of a globally distributed network with infrastructure operators all around the world, in every region of the world, from every economic system in the world, and we envision strong stakeholder incentives and governance to help drive the adoption and evolution of this network.

我們對 AR 的願景是建立一個全球分散式網絡，基礎設施營運商遍布世界各地，涵蓋世界各個地區、各個經濟體系。我們設想透過強而有力的利害關係人激勵和治理，推動這個網絡的採用和發展。

Consistent with that thinking, Circle is actively exploring the introduction of a native token on the ark network. This is an exciting development that we're actively looking at and we'll share more as we continue our exploration.

秉持著這種理念，Circle 正在積極探索在 ark 網路上引入原生代幣。這是一個令人興奮的進展，我們正在積極關注，隨著探索的深入，我們將與大家分享更多資訊。

We are also seeing strong early momentum for Circle Payments Network, and we've expanded the CPN product portfolio. We launched CPN Console, which brings self-service operations to CPN members for onboarding, integration, and operating payment flows on behalf of their customers. This will streamline our ability to bring more members and more institutions onto the network.

我們也看到 Circle Payments Network 取得了強勁的早期發展勢頭，並且我們已經擴展了 CPN 產品組合。我們推出了 CPN Console，為 CPN 會員提供自助服務操作，以便代表其客戶進行註冊、整合和營運付款流程。這將簡化我們向網路引入更多成員和機構的過程。

CPN Marketplace itself has continued to expand, as I'll talk about momentarily. And we launched a new capability called CPN payouts, which is purpose built for automated stablecoin payouts on CPN.

CPN Marketplace 本身也在不斷擴張，我稍後會談到這一點。我們還推出了一項名為 CPN 支付的新功能，專為在 CPN 上自動支付穩定幣而設計。

We've seen the number of financial institutions enrolled on the network grow to 29. We've also seen more and more institutions that are actively engaged in eligibility reviews to integrate to our network, including 55 financial institutions, and the overall pipeline of financial institutions seeking to join CPN has grown to 500.

我們看到加入該網路的金融機構數量已增加到 29 家。我們也看到越來越多的機構積極參與資格審查，以加入我們的網絡，其中包括 55 家金融機構，而尋求加入 CPN 的金融機構總數已增至 500 家。

Across these participants are global systemically important banks, payment service providers, cross-border firms, neobanks, digital asset firms, and many others.

這些參與者包括全球系統重要性銀行、支付服務提供者、跨境公司、新型銀行、數位資產公司等等。

We've continued to expand the markets where CPN is available with live flows happening across Brazil, Canada, China, Hong Kong, India, Mexico, Nigeria, and the United States, and we expect upcoming launches for flows into Colombia, the European Union, the Philippines, Singapore, the UAE, and the United Kingdom, to name a few.

我們持續擴大 CPN 的服務市場，目前已在巴西、加拿大、中國、香港、印度、墨西哥、奈及利亞和美國等地進行即時流量服務，我們預計未來也將在哥倫比亞、歐盟、菲律賓、新加坡、阿聯酋和英國等地推出服務。

We've also been seeing strong early adoption with rapid growth in CPN's monthly total payment volume.

我們也看到早期用戶積極採用，CPN 的月度總支付額快速成長。

From our first full month, only 5 months ago to November 7th, we've seen over 100 times growth in trailing 30 day payment volumes. As of last Friday, annualized transaction volume based on trailing 30 days is $3.4 billion.

從我們第一個完整的月份（也就是 5 個月前）到 11 月 7 日，我們過去 30 天的支付量增加了 100 倍以上。截至上週五，以過去 30 天計算的年化交易額為 34 億美元。

We're excited about this expansion of Circle's platform, continuing to build out what we believe can be one of the most significant and broadly adopted internet financial platforms in the world. With that, I'm pleased to turn this over to Jeremy Fox Geen for the Financial Review.

我們對 Circle 平台的此次擴展感到非常興奮，我們將繼續打造我們認為能夠成為世界上最重要、應用最廣泛的互聯網金融平台之一的平台。接下來，我很高興將麥克風交給《金融評論》的傑里米·福克斯·格林。

Thank you, Jeremy, and good morning everyone. 2025 continues to be a year defined by growth, and I'm pleased to report we continued this momentum in the third quarter, delivering strong financial results.

謝謝傑里米，大家早安。 2025年依然是成長之年，我很高興地報告，我們在第三季延續了這一成長勢頭，取得了強勁的財務業績。

I'll start by briefly recapping the fundamentals of our business and financial model.

我先簡單回顧一下我們業務和財務模式的基本原理。

Stablecoins are a network business and successful networks are enduring and valuable. Our strategy remains to grow and deepen our network. We earn reserve income on the assets backing our stablecoins, and we incentivize strategic partners to grow distribution and our network.

穩定幣是一種網路業務，成功的網路是持久且有價值的。我們的策略仍然是發展和深化我們的網絡。我們從支持我們穩定幣的資產中獲得儲備收入，並激勵策略合作夥伴擴大分銷管道和我們的網路。

Over the last year we've expanded our revenue lines and now earn other revenue from certain of our transaction flows and network infrastructure. And as an internet platform business, you have a highly scalable model with strong inherent operating leverage.

過去一年，我們拓展了收入來源，現在從某些交易流程和網路基礎設施中獲得其他收入。身為網路平台企業，你們擁有高度可擴展的商業模式和強大的固有營運槓桿。

Let me now review the quarter.

現在讓我來回顧一下本季的情況。

USDC in circulation was $73.7 billion at quarter end, more than doubling year on year and growing faster than the overall market.

截至季末，流通中的美元現金為 737 億美元，年成長超過一倍，成長速度超過整體市場成長速度。

USDC held within Circle's platform infrastructure grew nearly 14 times year on year to $10.2 billion at quarter end, representing 14% of total circulation, as increasingly we are seeing leading institutions build upon our platform.

截至季末，Circle平台基礎設施中持有的USDC年增近14倍，達到102億美元，佔總流通量的14%，我們看到越來越多的領先機構利用我們的平台進行建設。

The reserve return rate was 4.15% for the third quarter, down 96 basis points year on year, reflecting the decline in SOFA during this period.

第三季儲備金報酬率為 4.15%，年減 96 個基點，反映出該時期 SOFA 的下降。

Total revenue and reserve income increased 66% year on year to $740 million for the quarter as growth in USDC circulation was partly offset by that lower reserve return rate.

由於 USDC 流通量的成長被較低的儲備金返還率部分抵消，本季總營收和儲備金收入年增 66% 至 7.4 億美元。

Total distribution and transaction and other costs increased 74% year on year to $448 million.

分銷、交易和其他總成本年增 74%，達到 4.48 億美元。

The increase was driven primarily by higher average USDC balances held on Coinbase's platform and other distribution incentives as we continue to build partnerships to drive growth and adoption.

此次成長主要得益於 Coinbase 平台上 USDC 平均餘額的增加以及其他分銷激勵措施，我們將繼續建立合作夥伴關係，以推動成長和普及。

RLDC margin was 39.5% in the quarter, down 270 basis points year on year, but strengthening 133 basis points sequentially from the second quarter, reflecting the impact from growth with certain higher margin products and partners.

本季 RLDC 利潤率為 39.5%，年減 270 個基點，但較第二季度環比增長 133 個基點，反映了某些高利潤率產品和合作夥伴的成長帶來的影響。

Other revenues which are high margin and scalable increased to $29 million from less than $1 million in the prior year reflecting the new products and services launched since the second half of 2024.

其他高利潤且可擴展的收入從上一年的不到 100 萬美元增加到 2,900 萬美元，這反映了自 2024 年下半年以來推出的新產品和服務。

Subscription and services revenue was $23.6 million in the third quarter, primarily from revenue from our blockchain network partnerships. We added five new chains this quarter and 12 new chains this year.

第三季訂閱和服務收入為 2,360 萬美元，主要來自我們的區塊鏈網路合作夥伴關係帶來的收入。本季我們新增了 5 家連鎖店，今年新增了 12 家連鎖店。

Transaction revenue was $4.7 million. Total revenue and reserve income, less distribution, transaction, and other costs grew 55% year over year to $292 million.

交易收入為 470 萬美元。總收入和儲備收入減去分銷、交易和其他成本後，年增 55%，達到 2.92 億美元。

Adjusted operating expenses, which excludes depreciation and amortization, digital asset gains and losses, and stock-based compensation, grew 35% year over year to $131 million for the quarter as we continue to invest in growing our platform and distribution at this pivotal time for our industry.

調整後的營運費用（不包括折舊和攤銷、數位資產收益和損失以及股票選擇權費用）年增 35%，達到 1.31 億美元，因為我們在這個行業的關鍵時期繼續投資發展我們的平台和分銷管道。

Notably, this measure includes payroll taxes, which since our IPO also includes payroll taxes on stock-based compensation.

值得注意的是，這項措施包括工資稅，而自我們首次公開發行以來，工資稅還包括股票選擇權激勵的工資稅。

These new payroll taxes on Stockholm were $5 million in the third quarter. Adjusting for these new payroll taxes to make for a cleaner comparison, our underlying adjusted operating expenses grew 29% year over year.

第三季度，斯德哥爾摩新增薪資稅收入為 500 萬美元。考慮到這些新的工資稅，以便進行更清晰的比較，我們的基本調整後營運費用比去年同期增加了 29%。

Adjusted EBITDA grew 78% year over year to $166 million reflecting the strong operating leverage inherent in our model. Adjusted EBITDA margin expanded both year over year and sequentially to 57%.

調整後 EBITDA 年成長 78% 至 1.66 億美元，反映了我們模式中固有的強大營運槓桿作用。經調整的 EBITDA 利潤率年比和季比均成長至 57%。

Let me conclude with a brief update on our outlook.

最後，我簡單報告我們的前景。

We are at the beginning of meaningful shifts in the global markets for money, and we manage our business for long-term success. Moreover, several of our core performance drivers are visible to the market in real time.

我們正處於全球貨幣市場發生重大變革的開端，我們以長期成功為目標來經營業務。此外，我們的幾個核心績效驅動因素可以即時向市場展示。

As such, we do not give detailed quarterly or full financial guidance. We do, however provide full year guidance on certain metrics to help our investors better understand our expected performance. We will update this guidance when we expect our performance to materially deviate from that guidance.

因此，我們不提供詳細的季度或完整的財務指引。不過，我們會提供某些指標的全年指引，以幫助投資人更了解我們預期的業績。當我們預期業績將與該預期出現重大偏差時，我們將更新該預期。

Our USDC circulation outlook is long-term and through cycle and remains unchanged. We are increasing other revenue full year 2025 guidance to $90million to 100 million.

我們對 USDC 流通前景的展望是長期的，貫穿整個週期，並且保持不變。我們將 2025 年全年其他收入預期上調至 9,000 萬美元至 1 億美元。

As a result of strong subscription and services revenue in Q3 and underlying growth dynamics and transactions revenue.

由於第三季訂閱和服務收入強勁成長，以及潛在的成長動力和交易收入。

We expect RDC margin to end the year around 38% at the high end of our range, reflecting strong on platform performance.

我們預計 RDC 利潤率將在年底達到我們預期範圍的高端水平，約為 38%，這反映了平台的強勁表現。

We are increasing our adjusted operating expenses for the year to $495million to $510 million, reflecting growing investment in building our platform capabilities and global partnerships.

我們將本年度調整後的營運支出增加至 4.95 億美元至 5.1 億美元，這反映了我們在建立平台能力和全球合作夥伴關係方面不斷增長的投資。

This also reflects the impact from payroll taxes related to the potential future exercise of options by Circle employees.

這也反映了 Circle 員工未來可能行使選擇權所帶來的薪資稅影響。

Overall we've delivered a strong third quarter with meaningful growth and margin expansion. We're only just beginning to attack the opportunity before us and remain excited about our future. I want to thank the team here at Circle for your continued hard work and thank our investors and analysts for your support and engagement.

總體而言，我們第三季業績強勁，實現了顯著成長和利潤率提升。我們才剛開始把握眼前的機遇，對未來充滿信心。我要感謝 Circle 團隊的持續努力，並感謝我們的投資人和分析師的支持和參與。

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

有了這位接線生，我們現在可以開始通話的問答環節了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) And your first question comes from Peter Christiansen with Citi. Please go ahead.

謝謝。現在開始問答環節。（操作員說明）您的第一個問題來自花旗銀行的彼得·克里斯蒂安森。請繼續。

Good morning.

早安.

Thank you for the question. Really great trends here, pretty impressive, particularly with CPN. I want to, I want to double click into some of the CPN results. How do you, how should investors think about, the pipeline developing here? You have 55, new partners in review, a huge pipeline of 500. How should we think about the conversion into full users and then as a follow-up if you can give us a sense of how Circle intends to monetize, CPN whether directly or indirectly, thank you so much.

謝謝你的提問。這裡的發展趨勢非常棒，令人印象深刻，尤其是CPN。我想，我想雙擊打開一些CPN搜尋結果。投資人應該如何看待這裡正在開發的管道項目？您有 55 個新合作夥伴正在審核中，還有 500 個潛在客戶正在洽談中。我們該如何看待用戶轉換為正式用戶的問題？另外，能否請您介紹一下 Circle 打算如何透過 CPN 來獲利，無論是直接還是間接？非常感謝。

Thanks for the question, Peter. This is Jeremy Allaire. we're very pleased with how CPN is progressing. Obviously we announced it in the spring. We went online, we've seen really good traction. A couple things I'd say the first is, we've really been focused on making sure that. We've got great product and operations that we are confident in that can scale membership and activations and so we've made a lot of progress there and you're sort of seeing that in in in the results and some of the other data points that I shared for us this isn't all about you know total size of the number of members on the network although we do expect to continue to grow the total size of the members on the network but we're focused on adding markets, not just adding markets for the sake of saying, hey, we can flow money here and there, but adding quality participants that have meaningful flows, participants that want the benefit of a multilateral framework like this, participants that have good reach into businesses, enterprises, consumer retail, etc.

謝謝你的提問，彼得。這位是傑里米·阿萊爾。我們對CPN的進展非常滿意。我們顯然是在春季宣布的。我們上線後，反應非常好。我想說兩件事，首先，我們一直非常注重確保這一點。我們擁有優秀的產品和營運體系，我們對此充滿信心，相信它們能夠擴大會員規模和激活量，因此我們在這方面取得了很大進展，這一點從結果以及我分享的其他一些數據點中也可以看出。這不僅關乎網路上的會員總數，儘管我們確實希望網路會員總數能夠繼續成長，但我們的重點是拓展市場，不僅僅是為了拓展市場而拓展市場，而是為了拓展高品質的參與者，這些參與者擁有有意義的資金流動，他們希望從這樣的多邊框架中受益，他們能夠很好地觸及企業、公司、消費者零售等領域。

So sort of quality, not quantity, I would say. And ultimately we want to make sure, and this is part of the when we talk about eligibility and the eligibility reviews we're looking at a lot of things we're looking at, how strong is their local liquidity against kind of local banking systems and currencies and their ability to meet the SLAs of the network. And things like that, so we're underwriting for quality, operational capabilities and the like, and we're again very pleased with the progression and the progression of PPV, both the kind of monthly PPV and the annualized PPV run rate that that we shared.

所以我覺得應該要注重品質而不是數量。最終，我們希望確保，這也是我們在談論資格和資格審查時所考慮的諸多因素之一，例如，他們的本地流動性相對於當地銀行系統和貨幣的強度，以及他們滿足網絡服務水平協議的能力。諸如此類的事情，所以我們對品質、營運能力等進行承保，我們再次對 PPV 的發展和進步感到非常滿意，無論是我們分享的月度 PPV 還是年度 PPV 運行率。

On monetization, just for the follow-up, I might add a couple of points. The first is to say we're focused now on growing the network. We're not focused on monetizing the network or extracting value. We want the network to grow so that it's creating value for all participants in an increasing way, and that's how networks grow and become valuable over time. There are many opportunities for very small fees which benefit these new. More efficient internet scale architectures you want to charge much lower fees than traditional models and build businesses at much higher scale.

關於獲利模式，作為後續補充，我可能要補充幾點。首先要說明的是，我們現在專注於發展人脈。我們並不專注於網路貨幣化或榨取價值。我們希望網路不斷發展壯大，從而為所有參與者創造越來越多的價值，而網路正是透過這種方式隨著時間的推移而發展壯大並變得有價值。有很多機會可以以非常低的費用獲得這些新機會。更有效率的網路規模架構，讓你能夠收取比傳統模式低得多的費用，並以更高的規模建立業務。

I would just add very quickly, the members on the network can make money. This is, these are flows where they have fees for their users and for the businesses that use this and for and obviously for ultimately the kind of currency flows that happen as well and so. This is I think an attractive platform that adds value to these members' products, services and offerings where they can certainly generate value and we want to scale that up, so, more to come there we're excited about integratingar into CPN, and kind of new infrastructure that can support, these mainstream payments flows on the network.

我只想快速補充一點，該網絡的成員可以賺錢。也就是說，這些流程會向使用者和使用流程的企業收取費用，而且顯然最終也會向發生的各種貨幣流動收取費用。我認為這是一個很有吸引力的平台，它能為這些成員的產品、服務和產品增值，讓他們能夠創造價值，我們希望擴大規模，所以未來會有更多進展。我們很高興能將它整合到 CPN 中，並建立​​一種新的基礎設施，以支援網路上的主流支付流程。

Thank you, Jeremy. That's a very useful point.

謝謝你，傑瑞米。這是一個非常有用的觀點。

Thank you.

謝謝。

Your next question comes from the line of Jeff Cantwell with Seaport Research. Please go ahead.

你的下一個問題來自 Seaport Research 的 Jeff Cantwell。請繼續。

Hey, thank you. I wanted to ask you on, in October, Chris Waller from the Fed spoke at a payments innovation conference and he said that this is a new era for the Federal Reserve and payments and that D FY slash crypto, the world is no longer on the fringes of the financial system, and that the Fed intends to be an active part of that revolution. I'm curious what your reaction was to that. And do you think Serco has a seat at that table as the Fed starts, likely starts to look more closely at crypto here. Thanks.

嘿，謝謝。我想問一下，10 月份，美聯儲的克里斯·沃勒在一次支付創新會議上發表了講話，他說這對美聯儲和支付來說是一個新時代，世界不再處於金融體系的邊緣，美聯儲打算積極參與這場變革。我很想知道你對此有何反應。你認為隨著聯準會開始（很可能）更加密切關注加密貨幣，Serco 是否能在聯準會的決策桌上佔有一席之地？謝謝。

Thanks for the question, Jeff. So we're 100% in alignment with Governor Waller, and you know today Circle's infrastructure, whether it be our stablecoin network infrastructure, USDC itself, our cross chain infrastructure, ours. Actually fundamental to this on-chain and Defi-based financial system that's emerging. And in fact, we maintain a very strong leadership position in the Defi-based on chain world, and our competitive strength there has grown over time.

謝謝你的提問，傑夫。所以，我們與沃勒州長完全一致，而且你知道，如今 Circle 的基礎設施，無論是我們的穩定幣網路基礎設施、USDC 本身，還是我們的跨鏈基礎設施，都是我們自己的。實際上，這對於正在興起的基於鏈上和去中心化金融（DeFi）的金融體系至關重要。事實上，我們在基於區塊鏈的 DeFi 領域保持著非常強大的領導地位，而且我們在該領域的競爭實力也隨著時間的推移而不斷增強。

the bigger idea, which Governor Waller is getting at is that the ability to kind of take what we think of as the building blocks of the financial system. And move those into code and smart contracts and tokenized assets that run on the internet is like a wholesale architecture shift and it represents a major change in the actual underlying design of the global financial system from digital cash instruments like stablecoin money to financial contracts. And financial market primitives all expressed in code, and that is at the very heart of the thesis of circle.

沃勒州長想要表達的更重要的觀點是，我們有能力將我們認為的金融體系的基石加以利用。將這些資產轉移到運行於網路上的程式碼、智慧合約和代幣化資產中，就像一次徹底的架構轉變，它代表著全球金融體系底層設計的重大變革，從穩定幣等數位現金工具轉向金融合約。金融市場的基本原理都是用程式碼表達的，而這正是「循環」理論的核心所在。

We keep talking about building the internet financial system. We believe there is a large scale change and there will be this large internet financial system. We see it already, sort of forming today. And Circle intends to be the leading internet platform company for this new internet financial system age. So it's very encouraging that the leaders of central banks, that the leaders of global institutions are seeing this as well and are, affecting policy, but also technology and business practices that are really aimed in this direction.

我們一直在討論建立網路金融系統。我們相信將會出現大規模的變革，並會形成一個龐大的網路金融體系。我們已經看到它正在逐漸形成。Circle的目標是成為這個全新網路金融系統時代領先的網路平台公司。因此，令人非常鼓舞的是，各國央行的領導人、全球機構的領導人也看到了這一點，並且正在影響政策，以及真正朝著這個方向發展的技術和商業實踐。

Great, I appreciate that. And then, a follow-up I had for you is you're at 29% market share this quarter. Last quarter you had 28%, so your shares stepping up there. Do you mind just talking more about where the sharing gains are materializing for you guys? I'm curious if you're seeing any notable change in the US demand for USDC in particular post the passing of the Genius Act and whether that clarity has been helping out in any way with the share gains you're seeing here. Thanks.

太好了，非常感謝。另外，我還想問你一點，你本季的市佔率為 29%。上個季度你的收益率是 28%，所以你的股票正在上漲。你們能否詳細談談你們在哪些方面實現了共享收益？我很好奇，在《天才法案》通過後，您是否觀察到美國對USDC的需求出現了任何顯著變化，以及這種明確性是否對您目前看到的市場份額增長起到了任何幫助。謝謝。

Sure, I'm happy to take that. So, we, as noted, we saw very strong growth in Q3.

當然，我很樂意接受。正如之前提到的，我們在第三季看到了非常強勁的成長。

That growth, has come from, yes, the regulatory clarity, but also the overall just advancements in the technology and all of that combined is leading towards more market activity, more major financial institutions, payments firms, neobanks, large enterprises who are implementing stablecoin in their products and services. We mentioned a number of major firms that we saw in the quarter and that, so.

這種成長確實源於監管的明朗化，但也源於技術的整體進步，所有這些因素結合起來，正在推動更多的市場活動，更多的大型金融機構、支付公司、新型銀行和大型企業在其產品和服務中採用穩定幣。我們提到了本季我們看到的一些主要公司，就是這樣。

That is effectively a very strong set of tailwinds, and in a world where not just in the US but in Europe, in Asia, places like Hong Kong, UAE where, stablecoins are being regulated, the mainstream players who are coming in want to work with an infrastructure that has the trust, transparency, liquidity, and compliance that a firm like Circle has.

這實際上是一系列非常強勁的順風，在當今世界，不僅在美國，而且在歐洲、亞洲、香港、阿聯酋等地，穩定幣都在受到監管，進入市場的主流參與者都希望與像 Circle 這樣的公司所擁有的、具有信任、透明度、流動性和合規性的基礎設施合作。

Ans so we've long held that that kind of infrastructure approach as this becomes a mainstream phenomenon, not just because of regulation, but because of the technology advantages that it would advantage circle, and I think, as you look at our share gains year over year and then the absolute growth in recent periods, it reflects that.

答：因此，我們一直認為，隨著這種基礎設施建設方式成為主流現象，不僅是因為監管，更是因為它帶來的技術優勢，它將使整個產業受益。我認為，當你觀察我們逐年增長的市場份額以及最近一段時間的絕對增長時，你會發現這一點。

Okay, thank you very much. Congrats on the results.

好的，非常感謝。恭喜取得好成績。

Thank you, Jeff.

謝謝你，傑夫。

Your next question comes from the line of Joseph vafi with Canaccord Genuity. Please go ahead.

你的下一個問題來自 Joseph vafi 與 Canaccord Genuity 的連結。請繼續。

Hey guys, good morning and congrats on all the terrific progress. Was wondering if we could kind of drill down a little bit on arc here. Number one, I know Jeremy, I'm pretty excited in your exploration. I'm a native token here. We just double click on that, what you're looking at, what would be some of the reasons you would move forward with it versus not and implications both ways, and then I have a quick follow-up.

各位，早安，祝賀你們的巨大進步。我想知道我們能否稍微深入探討一下弧形結構。首先，我知道傑里米，我對你的探索感到非常興奮。我是這裡的本地令牌。我們只需雙擊它，看看你正在看的內容，你會選擇繼續推進還是不推進的原因，以及兩個選項的影響，然後我還有一個快速的後續問題。

Yes, no problem. A couple of things the first, and I mentioned this briefly in my comments as well, which is, ARC network is being designed and built in collaboration with, a lot of major institutions, and you'll note if you go and look at the actual arc announcement, the range of financial infrastructure companies, global banks, firms in capital markets, asset issuers, asset managers.

好的，沒問題。首先有兩件事，我在之前的評論中也簡要提到過，那就是 ARC 網路是與許多主要機構合作設計和建設的，如果你去看一下 ARC 的官方公告，你會注意到參與的金融基礎設施公司、全球銀行、資本市場公司、資產發行商和資產管理公司等都包含在內。

But from all around the world, from Asia to the Middle East to Europe to the United States to Latin America, and so one of the fundamental principles is we want a network that is distributed, that has operators from around the world, from different geographies and geoeconomic systems.

但來自世界各地，從亞洲到中東，從歐洲到美國，再到拉丁美洲，因此，其中一個基本原則是，我們想要一個分散式網絡，擁有來自世界各地、不同地理位置和地緣經濟體系的營運商。

And we want to create ways for those participants, including the developers that build applications on arc and the end users that are driving and growing the usage of arc. We want to create stakeholder incentives and we want to create governance methods for the evolution of the network. Now this is relatively common in the blockchain network space, but at this moment in time when we're trying to bring together these mainstream companies and leading firms in the digital asset ecosystem as well, we really see the potential benefit of a native token for arc that can provide utility for users of the network that can align incentives around the growth of the network and that provides a concrete way for stakeholders to participate in governance around choices in terms of the technology and its upgrades, choices in terms of the expansion of the operators on the network as well.

我們希望為這些參與者創造途徑，包括在 Arc 上建立應用程式的開發人員以及推動和發展 Arc 使用的最終用戶。我們希望創造利害關係人的激勵機制，並希望為網路的演進創造治理方法。現在這在區塊鏈網路領域相對常見，但此刻，當我們試圖將這些主流公司和數位資產生態系統中的領先企業聚集在一起時，我們確實看到了 Arc 原生代幣的潛在好處，它可以為網絡用戶提供實用性，可以圍繞網絡增長協調激勵機制，並為利益相關者提供參與治理的具體方式，包括技術及其升級方面的選擇，以及網絡運營商的擴展方面的選擇。

And so we're actively evaluating a token for arc and we'll share more about that as that comes together, but based on the arc public test net launch and the engagement we're seeing from developers already, we're really excited about this. We think it can be. A critical infrastructure for Circle, but also a critical infrastructure for the entire global ecosystem that are trying to build mainstream scale applications on these networks and operating systems.

因此，我們正在積極評估 Arc 的代幣，一旦有更多進展，我們會分享更多資訊。但根據 Arc 公共測試網的推出以及我們已經看到的開發者的參與度，我們對此感到非常興奮。我們認為有可能。對於 Circle 而言，這是一個關鍵的基礎設施；對於試圖在這些網路和作業系統上建立主流規模應用程式的整個全球生態系統而言，這也是一個關鍵的基礎設施。

That's great, really exciting. And then, just what does the intersection, I know it's early days, the intersection of CPN and Arc look like, at this point or in the near future. Thanks very much.

太棒了，真是令人興奮。那麼，CPN 和 Arc 的交集，我知道現在還為時過早，在目前或不久的將來會是什麼樣子呢？非常感謝。

Yeah, so a couple things, The first is that we have with arc now and TestNet we are activating the arc as an infrastructure in TestNet across all of Circle's products and services and so we'll during Test net we'll continue to make sure that everything is available. We just announced in the last day, our tokenized money market fund product USYC went live on our test net and so we want to make sure that that full suite is there.

是的，有幾件事。首先，我們現在有了 Arc 和 TestNet，我們正在 TestNet 中啟動 Arc 作為 Circle 所有產品和服務的基礎架構，因此在 TestNet 期間，我們將繼續確保一切可用。我們昨天剛剛宣布，我們的代幣化貨幣市場基金產品 USYC 已在我們的測試線上線，因此我們希望確保該套件的全套功能都已到位。

And then secondly, directly to your question, we think that our arc network can be a very important infrastructure for CPN providing a best in class infrastructure with low costs with settlement finality. And ultimately with great FX infrastructure as well, you'll note in the arc test net announcement there were a large number of non-dollar currency issuers launching on our test net, and a number of those are already up and running on the test net.

其次，直接回答您的問題，我們認為我們的弧形網路可以成為 CPN 非常重要的基礎設施，以低成本提供一流的基礎設施，並確保結算的最終性。最後，憑藉強大的外匯基礎設施，您會在 ARC 測試網公告中註意到，有大量非美元貨幣發行機構在我們的測試網上推出，其中一些已經上線運行。

So whether these are JPY or real or peso or Australian currencies, other currencies. We want to grow the number of local currencies and that's important because if we can establish a seamless real-time atomically swappable currency exchange and embed that as a primitive that could be used by members on CPN that could be a very powerful capability and so arc as a platform for stablecoin finance and arc as a sort of enterprise grade and regulatory ready infrastructure for fis aligns very well with the ultimate goals for CPN.

所以無論是日圓、雷亞爾、比索、澳元，還是其他貨幣。我們希望增加本地貨幣的數量，這很重要，因為如果我們能夠建立一個無縫的實時原子可互換貨幣交易所，並將其作為CPN成員可以使用的基本功能嵌入其中，這將是一個非常強大的功能，因此，arc作為穩定幣金融平台，以及arc作為企業級和監管就緒的金融基礎設施，與CPN的最終目標非常契合。

So we have the application, in other words, the application layer CPN is building on our stablecoin and digital asset network with USCC and EURC and USYC, and they're all able to build on and take advantage of our operating system with Arc.

所以，換句話說，我們有了應用程序，應用層 CPN 是在我們的穩定幣和數位資產網絡 USCC、EURC 和 USYC 的基礎上構建的，它們都能夠基於我們的 Arc 操作系統進行構建並加以利用。

Your next question comes from the line of Devin Ryan with Citizens. Please go ahead.

你的下一個問題來自 Citizens 的 Devin Ryan。請繼續。

Great, thanks. Good morning, everyone. A couple of follow-ups here. First on the circle payment network, obviously great to see the momentum in the pipeline there up, pretty materially from the last update. Just love to get a sense of kind of the catalysts to convert that pipeline kind of on the timeline, if you can give us anything there and what may close over the next quarter or two versus what is kind of more initial exploratory phase, and then. Anything on partnership economics and then as you do scale the pipeline, do you have the capacity or should we expect to see some more costs come in? Thanks.

太好了，謝謝。各位早安。這裡還有幾個後續問題。首先是 Circle 支付網絡，顯然很高興看到該網絡的發展勢頭強勁，與上次更新相比有了相當大的提升。我只是想了解一下推動該項目按時間順序發展的催化劑，如果您能提供一些信息，以及哪些項目可能在未來一兩個季度內完成，哪些項目仍處於初步探索階段，那就太好了。關於合作經濟效益方面，隨著專案規模的擴大，你們是否有能力承擔這些成本，還是應該預期會出現更多成本？謝謝。

I'll take the first part of that and have Jeremy Fox geen take the second part of it just in terms of the catalysts the building these kind of member based, payment networks, is, obviously always a classic chicken and egg, right? You want to make sure that you've got, flows on both sides and so a lot of our focus as we have gotten this started is get those quality flows from originators in major markets to destinations around the world and we're starting to see that and that's showing up in some of the numbers that we've also shared per my earlier comments, more and more firms who are involved in money movement who are involved in cross border money movement whether they be banks or cross border payments firms or even you know large enterprises that just deal with the complexity of how they collect and remit and move money for whether it's a creator or a supplier, all of those want to take advantage of the speed and capital efficiency.

我將負責第一部分，然後讓傑里米福克斯負責第二部分，就構建這種基於會員的支付網絡的催化劑而言，這顯然始終是一個經典的先有雞還是先有蛋的問題，對吧？你要確保資金雙向流動，所以我們在啟動這項業務之初，重點就是確保主要市場的資金發起者能夠向世界各地的目的地提供高品質的資金流動。我們已經開始看到這一點，正如我之前提到的，我們分享的一些數據也印證了這一點。越來越多的參與資金流動的公司，無論是銀行、跨境支付公司，或是大型企業，無論是資金發起者或供應商，都希望利用跨境資金流動的速度和效率。

And cost efficiency of you know stablecoin infrastructure and so you know we're that's where we're seeing the catalyst we're seeing the catalyst from established firms that are seeing that if they can internalize how they move money, it actually frees up capital, reduces the amount of collateral that they have to have, creates more capital efficiency, and it can deliver a faster, better product user experience as well.

你知道，穩定幣基礎設施的成本效益，所以我們看到催化劑就在這裡，我們看到成熟的公司意識到，如果他們能夠將資金轉移方式內部化，實際上就能釋放資本，減少他們必須擁有的抵押品數量，創造更高的資本效率，並且還能提供更快、更好的產品用戶體驗。

So those are the kind of business motivators that people have, and obviously for us we're very focused on making sure that we've got high-quality participants across the network so that. By, trying to metcast law, every new node on the network exponentially increases the value of the network. We want these FIs who are becoming members to, immediately feel the benefits and the uplift that they get bidirectionally as well in using in using this network.

所以這些就是人們的商業動機，顯然，我們非常注重確保我們的網路中擁有高品質的參與者。透過嘗試應用元預測定律，網路上的每個新節點都會使網路的價值呈指數級增長。我們希望這些加入該網路的金融機構能夠立即感受到雙向使用該網路所帶來的好處和提升。

So those are catalysts from a, what are the business drivers for people who are coming on and the things that, the kinds of things that we're focused on. As we evaluate, onboarding new members in terms of the kind of outlook for growth on that and or partnership models and investments, I'll turn that over to Jeremy Fox Geen.

所以這些都是催化劑，來自那些加入我們的人的商業驅動因素，以及我們關注的重點。在評估如何接納新成員，以及這種模式和投資對成長前景的影響時，我將把這個問題交給傑里米·福克斯·格林。

Thanks, Jeremy and Devin, and you're first just addressing the cost piece of your question.

謝謝 Jeremy 和 Devin，你們首先回答的只是問題中的成本部分。

Obviously as the network grows and accelerates its growth, so too are the costs inherent, for example, in onboarding those FIs through the risk and compliance reviews and ongoing monitoring and things like that. So yes, there will be more cost associated with that.

顯然，隨著網路的發展和加速成長，相應的成本也會增加，例如，透過風險和合規性審查以及持續監控等方式來接納這些金融機構。所以，是的，這會增加更多成本。

It's kind of within our overall cost envelope and as a techno company. Obviously we're building this in a very scalable infrastructure-driven way with sort of AI technologies built in wherever possible to ensure that as we scale and grow, we're not doing so by adding people, we're doing so in a very cost-effective, cost-efficient manner, which is very congruent to our sort of overall strong operating leverage inherent in every part of our model.

這在我們整體成本預算範圍內，而且我們是一家科技公司。顯然，我們正在以高度可擴展的基礎設施驅動方式構建這一體系，並儘可能地內置人工智能技術，以確保隨著我們規模的擴大和增長，我們不會通過增加人員來實現，而是以非常經濟高效的方式實現，這與我們模式中每個部分固有的強大運營槓桿非常一致。

Excellent thank you very much. And then as a follow-up, obviously as you're having more conversations with potential partners and customers and those are scaling pretty materially here, are you learning anything about kind of on the demand side.

太好了，非常感謝。然後，作為後續，顯然隨著您與潛在合作夥伴和客戶的對話越來越多，而且這些對話的規模也相當大，您是否了解到需求方面的任何資訊？

Anything that could influence kind of the product roadmap from here and then you know kind of tied to that there's been a lot of M&A headlines in the space right now so just if you can touch on kind of M&A conversations or interest at the moment or even kind of what's coming to you thanks.

任何可能影響產品路線圖的事情，以及與此相關的其他事情，目前該領域有很多併購新聞，所以如果您能談談目前的併購討論或興趣，或者您未來的計劃，那就太好了。

Sure, so I would say a couple of kind of things thematically a critical need that that firms that are looking to build on stablecoin payments they're looking for strong direct liquidity between, the stablecoin and the stablecoin network and local markets and so that's been a key focus for us, basically ensuring that our liquidity network is as strong as possible, we mint and redeem at scale through major financial market centers around the world.

當然，我想說的是，從主題上看，一個關鍵需求是，那些希望基於穩定幣支付的公司需要穩定幣與穩定幣網絡和本地市場之間強大的直接流動性，因此這一直是我們的重點，基本上是確保我們的流動性網絡盡可能強大，我們通過世界各地的主要金融市場中心大規模地鑄造和贖回穩定幣。

We're increasing the number of significant in banks that are that are kind of plugged into our infrastructure in these major markets and sort of if you think about that that's sort of like the width and the efficiency of the pipes how efficient and cost efficient is it to be able to move capital through those pipes and so that's been a big differentiator for us and we're now able to build on top of that these other abstractions, whether they be FX abstractions, settlement credit abstractions, the CPN orchestration coordination capabilities, and then obviously for many of the firms who are this is new to them, there’s the digital asset native ecosystem who are leaning in, and then there's all these firms that are new to this.

我們正在增加這些主要市場中連接我們基礎設施的重要銀行的數量。如果你仔細想想，這就好比管道的寬度和效率，以及透過這些管道轉移資本的效率和成本效益。這對我們來說是一個很大的差異化優勢。現在，我們能夠在此基礎上建構其他抽象概念，例如外匯抽象、結算信貸抽象、CPN 編排協調能力等等。顯然，對許多公司來說，這還是個新領域，但數位資產原生生態系統正在積極參與其中，而其他公司則對這方面還不太熟悉。

This is really where technologies like arc come in, and a big motivator for us with arc is we've looked for years at what does it take for a traditional FY or traditional enterprise to build an application, deploy it to use these networks, and to do that. In as simple, safe, and well assured process as possible. So with arc, for example, deterministic settlement finality in subsecond transaction costs of around 1 penny, the fees paid on the network are actually in USDC and other stable coins over time.

這正是 Arc 等技術發揮作用的地方，而我們選擇 Arc 的一個重要原因是，多年來我們一直在研究，對於傳統的企業或傳統公司來說，建立應用程式、將其部署到這些網路並實現這一目標需要付出怎樣的努力。盡可能採用最簡單、最安全、最可靠的流程。例如，Arc 可以在亞秒級交易成本（約 1 美分）內實現確定性結算最終性，網路上支付的費用實際上是隨著時間的推移以 USDC 和其他穩定幣的形式支付的。

And to confidentiality features, these are critical features that people need to make this work for them and this is, really the classic evolution from an early adopter set of technology infrastructure, an early adopter mentality which has largely been focused on speculating, and a mainstream scaling phase where the infrastructure needs to map to the mainstream needs and those are the things that we're doing up and down the entire product stack, not just in CPN, but the entire product stack that we're building for all of these mainstream institutions around the world who are looking to build on this infrastructure.

至於保密功能，這些都是人們需要的關鍵功能，才能讓這項功能為他們所用。這實際上是從早期採用者的技術基礎設施（早期採用者的心態，這種心態主要集中在投機上）到主流擴展階段的經典演變，在這個階段，基礎設施需要與主流需求相匹配。這些正是我們在整個產品堆疊中所做的，不僅限於 CPN，而是我們為世界各地所有希望在此基礎設施上進行構建的主流機構構建的整個產品堆疊。

And then just taking the M&A part of your questions when we've talked about M&A and our internal M&A strategy, right, we see M&A as and its use as accelerative to our core offerings. So we have offerings in the blockchain space, in the digital asset space, and then in the application space. On top of all of those with the Circle Payments network we've done 3 deals, closed 3 deals so far this year, and we would expect to continue to do M&A to accelerate within each of those spaces.

然後，就您提出的併購問題而言，當我們談到併購以及我們的內部併購策略時，我們認為併購及其應用可以加速我們的核心業務發展。因此，我們在區塊鏈領域、數位資產領域以及應用領域都有產品和服務。除了與 Circle Payments 網路達成的這些交易之外，我們今年已經完成了 3 筆交易，我們預計會繼續進行併購，以加速在這些領域的發展。

We do not anticipate using M&A to diversify for diversification's sake.

我們預計不會為了多元化而多元化，從而利用併購來實現多元化。

1 last comment there is we've been building infrastructure in this whole space for a very long time and so, and there are other firms who want to be in the space but need to catch up, and so naturally you're sort of seeing people who are trying to find teams and technology and other things out there, we've built everything that we do, historically, more or less organically as Jeremy noted, we've acquired IP and teams and others, and we'll continue to look at opportunities as noted, but we feel very good about our kind of innovation curve itself and our direct IP generation. We actually recently noted that we had 25 patents generated from the novel engineering and research and development of Circle.

最後一點是，我們在這個領域已經建立基礎設施很長一段時間了，所以，其他一些公司也想進入這個領域，但需要迎頭趕上，因此，你自然會看到有人試圖尋找團隊、技術和其他資源。正如傑里米指出的那樣，我們所做的一切，從歷史上看，或多或少都是自然而然地構建起來的，我們收購了知識產權、團隊和其他資源，我們將繼續尋找機會，但我們對自身的創新曲線和直接知識產權的創造感到非常滿意。我們最近注意到，Circle 的創新工程、研發和創新成果已獲得 25 項專利。

I appreciate.

謝謝。

Your next question comes from the line of John Tordero with Needham. Please go ahead.

你的下一個問題來自約翰·托德羅和尼達姆的著作。請繼續。

Great, thanks for taking my question and congrats on the results here. I have wanted to follow-up. First, on the on-platform performance, we've been continuously pretty pleasantly surprised with the USCC on circle platform here up to $10.2 billion. I just trying to frame this up. I would think most of this is for payments cross border money movement versus kind of crypto native, any kind of, maybe percentages or just framing that up and give us a little bit more color, is that the right way to think about it that we're, that moves more towards some of the payment verticals versus some of the crypto native stuff and then I have a follow-up on ARC.

太好了，謝謝你回答我的問題，也恭喜你取得這樣的成績。我一直想跟進此事。首先，就平台表現而言，USCC 在 Circle 平台上的表現一直讓我們感到非常驚喜，交易額高達 102 億美元。我只是想把這件事理清。我認為這大部分是關於跨境資金流動支付，而不是加密貨幣原生應用，任何形式的，也許是百分比，或者只是把它框起來，給我們一些更詳細的說明，我們這樣思考是否正確，這更多地傾向於一些支付垂直領域，而不是一些加密貨幣原生應用，然後我還有一個關於 ARC 的後續問題。

Sure, so John, we don't break out the on platform by say use case directly, but what I can say is for circle what we've been focused on is building partnerships with firms that want to build on top of our technology stack, ideally end to end on our technology stack, taking advantage of our wallets, our circle mint, our core liquidity, and increasingly, these other developer services and infrastructure like CPN. So we've very much focused on firms that want to build on our infrastructure and we focus on building partnerships with firms that are going to be growth oriented, meaning we want to do deals with and build strong economic relationships with firms who have a credible path to driving growth, and so those have been the focuses, and when we look at the partnerships that have helped us grow on platform, they all fit that criteria overall.

當然，John，我們不會直接按用例細分平台上的情況，但我可以說的是，對於 Circle 而言，我們一直專注於與希望在我們技術棧之上構建產品的公司建立合作關係，理想情況下是完全基於我們的技術棧，利用我們的錢包、Circle Mint、核心流動性，以及越來越多地利用 CPN 等其他開發者服務和基礎設施。因此，我們非常注重那些希望在我們基礎設施上進行建設的公司，我們專注於與那些以成長為導向的公司建立合作關係，這意味著我們希望與那些擁有可靠成長路徑的公司達成交易並建立牢固的經濟關係，這些一直是我們的重點，當我們審視那些幫助我們在平台上發展的合作夥伴關係時，它們總體上都符合這些標準。

In some cases just to give you a little bit more color, in some cases these are partnerships with firms that have tens or hundreds of millions of users. And those users are in oftentimes in in what I'll kind of call like financial super apps where they offer, wallets, they offer payments, they offer trading, investing and other things and so we don't see through into the all of the behavior users and how much of it is for you know peer to peer transfers versus you know investments and other things as well so but the nature of this is we're really going after partnerships with platforms that have good distribution and our growth oriented in in what they can do with us.

為了讓大家更清楚地了解情況，在某些情況下，這些合作關係是與擁有數千萬甚至數億用戶的公司建立的。這些用戶經常使用我稱之為金融超級應用的平台，這些平台提供錢包、支付、交易、投資和其他服務。因此，我們無法了解使用者的全部行為，也無法區分其中有多少是點對點轉賬，又有多少是投資或其他用途。但關鍵在於，我們真正尋求的是與擁有良好分銷管道的平台建立合作關係，而我們的成長目標在於他們能與我們一起做些什麼。

That's very helpful. And then my follow-up on arc, as you mentioned, the fees are paid in USDC and other stablecoins, and then also just those transaction fees are so de minimis, and I can't imagine a token would be for gas fees or anything of that like.

那很有幫助。關於 Arc，正如你所提到的，手續費是用 USDC 和其他穩定幣支付的，而且這些交易手續費非常低，我無法想像代幣會用於支付 gas 費之類的費用。

You kind of framed it up as maybe like a governance token. Is that the right way to think about it? And I know it's early, but just maybe some more of the potential like economic accrual or utility outside of, yeah, I guess just what would the other potential utility be if it's not for the gas side.

你把它描述成一種治理代幣。這種思考方式正確嗎？我知道現在還為時過早，但或許可以再探討一下它在其他方面的潛在價值，例如經濟效益或實用性，嗯，我想，如果不是天然氣方面，它的其他潛在用途是什麼？

As I said earlier we're looking broadly at utility, economic incentives, stakeholder participation and governance across the full ecosystem that will engage with arc, and we are exploring a token for arc network that aligns with trying to accomplish all those things, but there's not a lot more I can say right now.

正如我之前所說，我們正在廣泛地關注與 arc 互動的整個生態系統的實用性、經濟激勵、利益相關者參與和治理，我們正在探索一種與 arc 網絡相一致的代幣，以努力實現所有這些目標，但我現在不能透露太多。

Certainly as we continue this exploration, we'll be able to share considerably more assuming that continues to go well.

當然，隨著我們繼續探索，如果進展順利，我們將能夠分享更多資訊。

Understood. Appreciate it. Thanks for taking my questions and congrats again.

明白了。謝謝。感謝您回答我的問題，再次恭喜您。

Thank you.

謝謝。

Your next question comes from the line of Ken Shakowsky with Autonomous Research. Please go ahead.

你的下一個問題來自 Autonomous Research 的 Ken Shakowsky。請繼續。

Hey, good morning. Thanks for taking the questions. I wanted to ask about the other revenue subscription revenue stepped up nicely quarter over quarter. So how much of that is driven by adding the five new chains that you talked about versus some of the other recurring revenue sources, and then maybe on the transaction revenue within other revenue, that ticked down slightly quarter over quarter. Despite showing really strong growth across the various metrics, so maybe a little more detail on why the decline, quarter to quarter, thanks so much.

嘿，早安。謝謝您回答問題。我想問一下其他收入狀況，訂閱收入環比成長良好。那麼，其中有多少成長是由您提到的新增五家連鎖店帶來的，又有多少成長是由其他一些經常性收入來源帶來的？此外，交易收入在其他收入中也略有下降，與上一季相比略有下降。儘管各項指標均呈現強勁成長，但能否詳細解釋季度環比下滑的原因？非常感謝。

So thank you, excuse me, and thank you for the question. There there's a lot that goes on in this. So let me try and unpick some of the pieces. Yes, it's sort of, as you said, strong growth in subscription and services revenue, primarily that is revenues from our blockchain network partnerships, as we said before, that revenue stream has two components.

所以，謝謝，不好意思，也謝謝你的提問。這裡面有很多事情發生。那麼，讓我試著來分析一下其中的一些細節。是的，正如你所說，訂閱和服務收入實現了強勁增長，這主要是來自我們區塊鏈網路合作夥伴關係的收入，正如我們之前所說，該收入來源有兩個組成部分。

There are upfront, revenues from the various integrations that we do, and then there are ongoing revenues. For maintaining those now, the pace and progress of the upfront can depend upon a whole number of different factors. And so we've historically, and we'll do so again, described that business is lumpy. And so we had a very strong quarter and we've had a long pipeline of fees, and we've been working very hard to execute upon those.

收入分為前期收入（來自我們進行的各種整合）和持續收入。為了維持這些現狀，前期投入的速度和進展可能取決於許多不同的因素。因此，我們過去一直認為，而且將來也會再次這樣認為，商業活動是不均衡的。因此，我們本季業績非常強勁，我們有很多待處理的費用，我們一直在努力執行這些費用。

And so the upfront fees is the largest part of that bucket, but we're seeing strong growth in the underlying recurring revenues within subscription services, which we're very happy about. You note the decline in transaction revenues, rightly from $5.8 million last quarter to $4.7 million this quarter, and then you comment on the underlying growth of so many other things.

因此，預付費用是這部分收入中最大的一部分，但我們看到訂閱服務中的潛在經常性收入實​​現了強勁增長，對此我們非常高興。您注意到交易收入下降，從上個季度的 580 萬美元降至本季度的 470 萬美元，這是正確的，然後您評論了許多其他方面的潛在增長。

There's a wide variety of elements within transaction revenues, and yes, we are seeing strong underlying growth in many of them. The decline quarter on quarter is best thought of as a spike in the prior quarter, a spike in redemption revenues associated with our USYC tokenized money market fund product. After we have made that acquisition, we repositioned that product to be used.

交易收入包含多種要素，而且我們看到其中許多要素都實現了強勁的潛在成長。季度環比下降最好理解為上一季的激增，即與我們的 USYC 代幣化貨幣市場基金產品相關的贖回收入激增。收購完成後，我們重新定位了該產品的用途。

As collateral within the digital asset markets and through that repositioning we saw a very large amount of redemptions leading to a spike in redemption fees in the second quarter which masks the underlying growth trends in the other products and Services within that, notably USYC itself has returned to growth.

作為數位資產市場的抵押品，透過這種重新定位，我們看到了大量的贖回，導致第二季贖回費用飆升，這掩蓋了其他產品和服務的潛在成長趨勢，特別是 USYC 本身已經恢復成長。

It has grown at 200% from the end of last quarter to today and now stands as the second largest tokenized money fund product in the world.

從上個季度末到今天，它的成長率達到了 200%，現在已成為全球第二大代幣化貨幣基金產品。

Great, that's helpful, Jeremy. And then for my follow-up, I wanted to ask about the implied 4Q guide just because we're getting a few questions on it. For RLDC there's some assumptions we all have to make there, but to reach the full year. Guy that implies quite a bit of sequential step down in margins. Maybe you could talk about what's driving this step down. We would have thought that the performance on circle on platform USDC and then some of the other revenue at a high margin that RLDC margins would actually improve over time, but maybe there's some dynamics in the market related to rewards and distribution costs, so any thoughts there any help there would be very helpful.

太好了，這很有幫助，傑里米。然後，作為後續問題，我想詢問一下關於第四季度業績指引的隱含訊息，因為我們收到了一些相關的問題。對於 RLDC 來說，我們都必須做出一些假設，但要達到全年目標。這暗示著邊距會逐步減少。或許你可以談談導致這轉變的原因。我們原本以為，隨著 USDC 平台上 Circle 的表現以及其他一些高利潤收入的出現，RLDC 的利潤率實際上會隨著時間的推移而提高，但也許市場中存在一些與獎勵和分銷成本相關的動態，所以任何想法或幫助都將非常有幫助。

Thank you.

謝謝。

Thank you, and that's a great question. And again, I'm going to say there's a lot of different pieces moving around in the underlying there, which can make it quite difficult to unpick. We're very pleased to have seen strong sequential RLDC revenues against a backdrop over the last few years of that declining. We've long said that networks have network effects and we see this both in sort of growth of off-platform USDC and in certain of our economic agreements.

謝謝，這是一個很好的問題。我再次強調，這背後有很多不同的因素在起作用，這使得理清頭緒變得相當困難。在過去幾年RLDC收入持續下滑的大背景下，我們非常高興地看到RLDC收入實現了強勁的連續成長。我們一直認為網路具有網路效應，我們在非平台 USDC 的成長以及我們的一些經濟協議中都看到了這一點。

There can be some lumpiness within those, which kind of gets to the point on the guidance, on our philosophy to guidance overall, we've consistently said that we want to be as clear and transparent with you as we have a line of sight into. So we take a sort of modestly conservative posture. We don't bake in everything we hope is going to happen or everything we're working on, and we're working on an awful lot of things. We bake into sort of our line of sight on what we feel confident that is going to be delivered, and we would always look to meet or outperform.

其中可能存在一些不盡人意之處，這其實也涉及到指導原則，就我們整體的指導理念而言，我們一直強調，我們希望盡可能清晰透明地向你們提供資訊。所以我們採取了較保守的立場。我們不會把所有希望發生的事情或我們正在做的所有事情都考慮進去，而我們正在做的事情實在太多了。我們會將我們認為能夠實現的目標納入我們的視野，並且我們會始終努力達到或超越這些目標。

Okay, thanks.

好的，謝謝。

Jeremy.

傑里米。

Your next question comes from the line of Dan Dolev with Mizuho. Please go ahead.

你的下一個問題來自 Dan Dolev 與瑞穗銀行的合作計畫。請繼續。

Hey guys, thanks for taking my question. So overall really strong 3Q kind of touching on that question from before, if the bookcase is the TAM is growing and that could have set, rate declines, you do seem to you're talking about guiding down Q4.

各位好，感謝你們回答我的問題。所以總的來說，第三季表現非常強勁。這有點像是之前提到的問題，如果市場規模（TAM）正在成長，這可能會導致利率下降，而你似乎確實在談論下調第四季業績預期。

Other income and expenses are rising. I don't think we've heard like a really good explanation, but maybe my bigger question is you know what would be the pushback.

其他收入和支出也在增加。我覺得我們還沒聽到一個真正令人信服的解釋，但我更想問的是，你知道會有哪些阻力嗎？

To the skeptics in the industry who are saying look this is somewhat of a commoditized thing I think even the networks are saying there's going to be a lot of stablecoins like what would make USDC win in this market long-term. So maybe like a shorter-term question on this Q4 guide and then longer-term, more conceptual question would be great.

對於那些懷疑的人，他們認為這在某種程度上是商品化的東西，我認為就連加密貨幣網路也認為，未來會出現許多類似 USDC 的穩定幣，這將使 USDC 在這個市場中長期勝出。所以，或許可以先提出一個關於第四季指南的短期問題，然後再提出一個更長期、更概念性的問題。

Thank you.

謝謝。

Hey Dan, this is Jeremy, thanks for the question. I'll actually take the second part first, there's a fundamental misunderstanding, in the market, and that there is a sort of, there's a view that, hey, anyone can kind of pop out a stablecoin and therefore if it's a big company that pops out a stablecoin, that you know it's automatically going to be successful.

嗨，丹，我是傑里米，謝謝你的提問。我先說第二部分，市場上存在一個根本性的誤解，那就是有人認為，任何人都可以發行穩定幣，因此，如果是一家大公司發行穩定幣，那麼它就一定會成功。

We've actually seen the opposite historically. We've seen consortiums of major companies launch stablecoin products that effectively have zero circulation. We've seen very large players with huge numbers of users push on this to get very little traction and the misunderstanding is that stablecoin networks are like other Internet platform utilities, meaning they have network effects and those network effects come from the number of products and services and integrations to the network and so you know if I'm building a product and I want to support, stablecoin settlements and stablecoin payments.

從歷史上看，情況恰恰相反。我們已經看到一些大型公司組成的聯盟推出穩定幣產品，但這些產品的流通量實際上是零。我們看到一些擁有大量用戶的大型企業大力推廣穩定幣，但收效甚微。人們誤以為穩定幣網路與其他網路平台工具類似，也就是說它們具有網路效應，而這些網路效應來自於網路中產品和服務的數量以及整合。所以，如果你正在開發一款產品，並且想要支援穩定幣結算和穩定幣支付，那麼你需要了解這一點。

You're at a disadvantage if you don't support USDC because it has so much interoperability around the world, and we see that all the time. We see, major B2B firms adding USDC as the payment option without a deal with Circle, without any relationship with Circle. They're doing it because it's got the most reach and interoperability, so there's sort of the network utility that also ties to what I would describe as developer flywheels, which is developers want to build and integrate to things that are going to help them themselves provide utility directly to their users.

如果你不支援 USDC，你就處於劣勢，因為它在世界各地具有很強的互通性，我們經常看到這一點。我們看到，一些大型 B2B 公司在沒有與 Circle 達成協議，也沒有與 Circle 建立任何關係的情況下，就將 USDC 新增為付款選項。他們這樣做是因為它覆蓋面最廣、互通性最強，因此它具有一定的網絡實用性，這也與我所說的開發者飛輪效應有關，即開發者想要構建和集成那些能夠幫助他們直接為用戶提供實用功能的東西。

And so the reach of the network and the utility of the network compound each other. And then the other piece which is also not as well understood is that these digital currencies live and breathe by the liquidity that exists around them and so we have focused years on building, the best. Most widely integrated liquidity network for USDC, primary liquidity in major banking systems around the world, as well as secondary market liquidity so that it exists on brokerages, exchanges, payment apps, wallets through banks and others around the world.

因此，網絡的覆蓋範圍和網絡的效用是相輔相成的。還有一點也不太為人所理解，那就是這些數位貨幣的生存依賴於其周圍的流動性，因此我們多年來一直致力於打造最好的流動性。USDC 最廣泛的一體化流動性網絡，在全球主要銀行系統中提供一級流動性，以及二級市場流動性，因此 USDC 存在於世界各地的經紀商、交易所、支付應用程式、銀行錢包和其他管道。

That primary and secondary liquidity is also something with network effects. If you want to do something. And know that your counterparty is going to be able to be liquid in it and utilize it, that liquidity is really key. So those are big, those are very big and very powerful network effects, and the last piece of this is that there are also. Important kind of regulatory and infrastructure modes that exist, which is that it's a huge undertaking to ensure that you are well integrated and supervised by central banking regimes around the world and that's something that we've done the hard work on with over 55 licenses activated in more markets, bringing more markets online and so the infrastructure from that, the risk infrastructure from that, and then all these other network effects are really important and it explains the fact that we have continued to grow at the pace we have, that the amount of growth we've seen in the on-chain markets, in total transaction volumes in what Visa characterizes as quote real payment volumes, we've grown our share and despite there being more and more players.

一級和二級流動性也具有網路效應。如果你想做某事。要知道，你的交易對手能夠獲得足夠的流動性並加以利用，流動性才是關鍵。所以這些都是很大的、非常大且非常強大的網路效應，最後一點是，還有。現有的監管和基礎設施模式非常重要，確保與世界各地的中央銀行體系良好整合並受到其監管是一項巨大的工程，而我們已經為此付出了艱辛的努力，在更多市場激活了超過 55 個許可證，使更多市場上線，由此產生的基礎設施、風險基礎設施以及所有其他網絡效應都非常重要，這解釋了我們為何能夠持續保持如此快速的增長稱為「實際支付量」）的總交易量方面所取得的增長，儘管參與者越來越多，但我們的市場份額仍在增長。

As we look out over the next, 1,2 3 4 quarters, you're going to see a lot of noise from a lot of people who need to do a stablecoin, and I think you're going to be able to measure those every single day, and I would encourage people to measure the actual trading liquidity that exists in these other tokens, the actual number of wallets that hold these other tokens.

展望未來 1、2、3、4 個季度，你會看到很多需要穩定幣的人發出很多聲音，我認為你每天都可以衡量這些聲音，我鼓勵大家衡量其他代幣的實際交易流動性，以及持有這些代幣的錢包的實際數量。

And the distribution that's there and we're going to continue to see what we've seen. This is a winner take most market structure. It's not a winner take all market structure, but it's a winner take most market structure and you know the investments that you're seeing and I'm kind of bleeding into maybe JFG's other part of your question, Dan. We are leaning into this.

目前的分佈情況以及我們將繼續看到的現像都保持不變。這是贏家通吃的市場結構。這不是贏家通吃的市場結構，而是贏家通吃的大部分市場結構，你知道你看到的投資，我可能有點離題了，丹，我的問題可能和 JFG 的另一部分有點重疊了。我們正在積極推進這項工作。

We're seeing growth in major platform developments that we think are critical to winning the internet platform game in this space, and we're seeing a lot of commercial tailwinds all around the world, in every region, commercial tailwinds because of the technology progress and regulatory clarity, and we want to make sure that we are stepping into the, into that opportunity. So that we can continue to be an outsized, winner in this kind of upgrade of the financial system to the internet.

我們看到一些重要的平台發展正在成長，我們認為這些發展對於贏得這個領域的網路平台競爭至關重要。我們看到世界各地、各個地區都出現了許多商業上的利多因素，這些利好因素是由於技術進步和監管政策的明朗化所造成的。我們希望確保我們能夠抓住這個機會。這樣我們才能繼續在這種金融系統向網路升級的過程中成為巨大的贏家。

thank you Jeremy.

謝謝你，傑瑞米。

You hit on all the major points and that just one small follow-up on the piece about guidance, we are at the beginning of what can best really only be described as a mega trend, the growth and the building of the internet financial system, bringing internet capabilities and architectures into the world of money, and as you noted, Dan, the addressable markets here are huge.

您提到的要點都涵蓋到了，關於指導方面，我還有一點補充：我們正處於一個只能被稱作“超級趨勢”的開端，即互聯網金融系統的增長和建設，將互聯網的功能和架構引入貨幣世界。正如您所指出的，丹，這裡的潛在市場非常巨大。

We don't give full year or quarterly financial guidance other than on a few key metrics for that reason. Whenever you see an exponential growth curve and you zoom into the detail, particularly at the early end of that curve, you see a lot of fluctuations and variations, and we think that those shorter term fluctuations are best described as, missing the forest for the trees if one was to overly focus on them.

基於這個原因，除了少數幾個關鍵指標外，我們不提供全年或季度的財務預測。當你看到一條指數增長曲線，並放大細節觀察時，尤其是在曲線的早期階段，你會看到很多波動和變化，我們認為，如果過於關注這些短期波動，就會像只見樹木不見森林一樣，這是最好的描述。

Thank you. I really appreciate the perspective. it was very useful for investors too, so thanks, Jeremy and.

謝謝。我非常欣賞您的觀點。這對投資者也很有幫助，所以謝謝您，傑里米。

Jeremy.

傑里米。

Thank you, Dan.

謝謝你，丹。

Thank you.

謝謝。

Your next question comes from the line of Andrew Jeffrey with William Blair. Please go ahead.

你的下一個問題源自安德魯·傑弗瑞和威廉·布萊爾的對話。請繼續。

Hey, good morning, guys.

嘿，各位早安。

This is Adip Chatteri on for Andrew.

這裡是 Adip Chatteri 為 Andrew 報道。

Building up some prior questions, it sounds like maybe you're somewhat agnostic to a specific use case around the SEC and focus more on distribution. But if you had to pick what's the most imminent use case beyond crypto trading in your view, and What's sort of the near-term Visibility you have around USCC for non-crypto Activity taking off? Thanks.

根據之前的一些問題，聽起來你可能對美國證券交易委員會的具體用例不太在意，而更關注分發。但如果您必須選擇您認為除加密貨幣交易之外最迫切的應用場景，以及您認為 USCC 在非加密貨幣領域近期發展前景如何？謝謝。

Absolutely great question. So we are definitely not agnostic to the use cases of USDC. However, what we do often say is, stablecoin money is increasingly a general purpose, general architecture form of money. That is being used across a very wide range of use cases everything from small agent to agent payments to large capital markets transactions between major electronic markets firms to everything in between, we're obviously we're seeing major consumer retail acceptance platforms like Stripe and Shopify making an out of the box feature for payment acceptance but very specifically to get to the heart of your question, Andrew. we are seeing growth in cross-border and international payments with stablecoins that has been a driver for quite some time and it continues to drive growth that led to us building out an entire new pillar of our business with CPN where we're seeing mainstream flows wanting to use this as a superior money movement system.

問得好。因此，我們絕對不是對 USDC 的應用案例漠不關心。然而，我們常說的是，穩定幣貨幣正日益成為一種通用、通用架構的貨幣形式。它被應用於非常廣泛的場景，從小型代理商之間的支付到大型電子市場公司之間的大型資本市場交易，以及介於兩者之間的所有情況。顯然，我們看到像 Stripe 和 Shopify 這樣的大型消費者零售支付平台都提供了開箱即用的支付功能。但具體來說，為了回答你的問題，Andrew，我們看到跨境和國際支付使用穩定幣的成長，這長期以來一直是推動成長的動力，而這種成長勢頭仍在持續。這促使我們與 CPN 合作，建立了一個全新的業務支柱，我們看到主流資金流希望將其用作更優越的資金流動系統。

And so that is, very much a driver of activity and growth and partnerships. When I look at the partnerships that we're forming around the world, there are many in that space, and we're even seeing some of the biggest systemically important banks leaning into that to actually improve upon the way in which they do their own international money movement. We're seeing large enterprises who are looking at internal treasury management and how they can move money across geographies and deal with collections and disbursements across global markets as a growth driver.

因此，這在很大程度上推動了業務活動、成長和合作關係。當我審視我們在世界各地建立的合作夥伴關係時，會發現這個領域有很多合作，我們甚至看到一些最大的系統重要性銀行也開始重視這一點，以改善他們自身進行國際資金流動的方式。我們看到，大型企業正在審視內部資金管理，以及如何跨地域轉移資金，並在全球市場處理收款和付款，以此作為成長的驅動力。

And then we've talked in the past as well about sort of digital dollar as a store of value, so we continue to see demand for both firms and households who want to who want to hold USDC, and that if you look back at the Genius Act and really one of the goals that Secretary Besson. And other kind of promoters of that breakthrough in federal law, it really is about how do we kind of continue to export the dollar in these powerful ways.

我們過去也討論過數位美元作為價值儲存手段，因此我們繼續看到企業和家庭對持有 USDC 的需求，如果你回顧一下《天才法案》，就會發現貝松部長的目標之一就是…而其他推動聯邦法律突破的人士則認為，這其實關乎我們如何繼續以這些強而有力的方式輸出美元。

So we're certainly seeing those and then we're also starting to see, and this is something to kind of watch this space closely is traditional financial markets embracing stable coins. So traditional financial markets like clearing houses, derivatives exchanges that want to be able to use stable coins as collateral for relative margin and for settlement as an improvement over the way that works versus the traditional banking system.

所以我們當然看到了這些，而且我們也開始看到，這一點值得密切關注，那就是傳統金融市場正在接受穩定幣。因此，像清算所、衍生性商品交易所這樣的傳統金融市場希望能夠使用穩定幣作為相對保證金的抵押品和結算方式，以改善其與傳統銀行系統的工作方式。

So we're seeing that, we're seeing big pushes around that, we're seeing regulatory pushes around that. And you've seen us, announce partnerships with the likes of, Intercontinental Exchange, Deutsche Force Group, and others, and that's something that we are pressing on and related to that is essentially the number of traditional financial institutions that are launching.

所以我們看到，我們看到圍繞這方面的巨大推動力，我們看到圍繞這方面的監管推動力。您已經看到我們宣布與洲際交易所、德意志力量集團等公司建立合作關係，這也是我們正在努力的方向，而這與傳統金融機構的成立數量密切相關。

Smart contracts and digital tokens, i.e., token tokenized forms of investment products that already exist, and virtually every one of those products uses USDC as its primary cash leg and settlement leg. And so you know you have, firms like Aero Hash who works with works with us quite a bit and they face off against a lot of these tokenized issuers, for example, and driving the use of USDC there so it is diverse, but we are not agnostic we're leaning into the places where we're seeing both the most immediate product market fit and traction.

智慧合約和數位代幣，即已經存在的代幣化投資產品，幾乎每種產品都使用 USDC 作為其主要現金部分和結算部分。所以你知道，像 Aero Hash 這樣的公司與我們合作很多，他們與許多代幣化發行商展開競爭，例如，他們推動 USDC 在那裡的使用，使其多樣化，但我們並非不偏不倚，我們傾向於那些我們看到最直接的產品市場契合度和吸引力的地方。

And then also where we're seeing pull from the market to where parts of the market are really wanting to implement this infrastructure and I cannot underscore how significant the Genius Act has been. In terms of unlocking major institutions' willingness to start embracing and using this technology, and there's a knock-on effect with regulators around the world who are also looking to conform and ensure that, well-regulated issued products like USDC can work in their local markets as well, which is driving institutional access and demand in those in those global geographies also.

此外，我們也看到市場需求，部分市場參與者非常希望實施這項基礎設施，我再怎麼強調《天才法案》的重要性都不為過。就激發主要機構接受和使用這項技術的意願而言，這會產生連鎖反應，世界各地的監管機構也在尋求合規並確保，像 USDC 這樣監管完善的發行產品也能在其本地市場發揮作用，這也推動了這些地區機構的准入和需求。

Your next question comes from the line of James Yarrow with Goldman Sachs. Please go ahead.

你的下一個問題來自高盛的詹姆斯·亞羅。請繼續。

Thanks for taking the question and good morning. I just wanted to follow-up on the prior question. I'd love to just get a sense perhaps quantitatively if there's, any ability to contextualize how much USDC is being used in those use cases outside of crypto trading.

感謝您回答問題，早安。我只是想就之前的問題做個後續說明。我想了解一下，或許可以透過量化的方式來了解，是否有任何方法可以說明 USDC 在加密貨幣交易之外的其他應用程式場景中的使用量。

Defi and developing market access to dollars, specifically the two use cases which you just talked about our payments and capital markets. So are we seeing, is there any ability to sort of decide how much is being used there and perhaps you could compare it versus the IPO, or is this all on the com?

DeFi 和美元市場准入的發展，特別是您剛才提到的兩個用例，即我們的支付和資本市場。所以，我們是否能夠確定那裡使用了多少資金，或許可以將其與 IPO 進行比較，還是這一切都取決於 .com？

So there is certainly growth happening in these cross border use cases and in fact there's some good third-party reporting on this. There's a third-party analyst firm Artemis, which has recently published some of the best data on growth in in business-to-business payments, international business to business payments. And the growth, through these periods, I don't know what the ending period is pretty recent, is very strong. it's reflective of what we're seeing in the partnerships that we're forming in the cross border, related payment space.

因此，跨境應用案例確實在成長，而且實際上也有一些不錯的第三方報告對此進行了闡述。第三方分析公司 Artemis 最近發布了一些關於企業對企業支付和國際企業對企業支付成長的最佳數據。在這些時期（我不知道具體是哪個時期，反正最近一段時間），成長非常強勁。這反映了我們在跨境支付相關領域所建立的合作關係所取得的成果。

We don't break out across our entire the entirety of our transactions that although. Almost by definition CPN flows are that because of the construct of the product, but the uses of USDC in international settlements go well beyond what is happening just inside of CPN.

雖然我們不會將所有交易都列出來。幾乎從定義上來說，CPN 的流動就是如此，因為該產品的結構如此，但 USDC 在國際結算中的用途遠遠超出了 CPN 內部發生的事情。

So we don't break it out, but there are very good third parties who are looking across the entire ecosystem, not just Circle, to size that growth and activation.

因此，我們不單獨列出這些數據，但有一些非常優秀的第三方機構正在關注整個生態系統，而不僅僅是 Circle，以評估這種成長和活躍度。

Okay, thanks a lot. I'd just like to touch on the potential that stablecoins could become interest-bearing in Congress's market structure bill. How should we think about the impacts on your business if interest were permitted?

好的，非常感謝。我想談談穩定幣有可能在國會的市場結構法案中獲得利息收益的問題。如果允許利息產生，我們應該如何考慮這對貴公司業務的影響？

So the key issue here is specifically not that stablecoins would become interest-bearing. I don't think there's anyone who's looking at revising the Genius Act and the prohibition on stablecoin issuers being able to pay interest, what's in discussion, I should say, in the market structure legislation. Is whether or not distributors of stablecoins, exchanges, brokerages, other, wallet products have the ability to use rewards as an incentive for people to use stablecoins on their platforms and that is permitted under the Genius Act and there's a real push from other parts of the industry, not the, not the digital asset side of the industry to amend not the Genius Act but to provide provisions in the market structure bill which would allow these stablecoin distributors to continue to continue this practice of offering rewards, we think that the language in the Genius Act is very good.

所以，這裡的關鍵問題並不是穩定幣是否會開始產生利息。我認為目前還沒有人考慮修改《天才法案》以及禁止穩定幣發行者支付利息的規定，而這正是市場結構立法中正在討論的內容。穩定幣分銷商、交易所、經紀商和其他錢包產品是否可以利用獎勵來激勵人們在其平台上使用穩定幣，這在《天才法案》中是允許的，但來自行業其他方面（並非數位資產領域）的強烈呼籲是修改《天才法案》，而是在市場結構法案中加入相關條款，允許這些穩定幣分銷商繼續提供獎勵。我們認為《天才法案》中的措詞非常好。

We think it creates a balanced approach here and it keeps. Importantly, it keeps, stablecoins considered as cash and cash equivalent instruments which is vital from a financial markets perspective, from prudential supervisory perspective as well, but I think we also believe that, there should be business model innovation in in in these kind of distribution platforms for how they engage with their customers and so we're also supportive of the industry's view on that as well.

我們認為這裡創造了一種平衡的方法，而且這種方法一直都很有效。重要的是，它仍然將穩定幣視為現金和現金等價物，這從金融市場和審慎監管的角度來看都至關重要。但我認為，我們也相信，這類分銷平台在與客戶互動方面應該有商業模式創新，因此我們也支持業界在這方面的觀點。

That's very helpful, thanks a lot.

這很有幫助，非常感謝。

Your next question comes from the line of Ken Worthington with JPMorgan. Please go ahead.

你的下一個問題來自摩根大通的 Ken Worthington。請繼續。

Hi, good morning. Thanks for taking the question. So you've announced a series of arrangements with high profile financial institutions to utilize USDC, and the fact that they're choosing USDC shows the power of your brand. What are you seeing in terms of the economics that they're asking of you? Are these new partners sort of getting full fare, or are you seeing the power of the network allowing you to negotiate, better economics for you in these arrangements than maybe what you had seen, in the earlier arrangements?

您好，早安。感謝您回答這個問題。所以你們已經宣布與多家知名金融機構達成一系列協議，使用 USDC，而他們選擇 USDC 的事實表明了你們品牌的實力。你覺得他們向你提出的經濟要求是什麼？這些新合作夥伴是否獲得了全額收益？或者您看到了網路的力量，使您能夠進行談判，從而在這些安排中獲得比您之前看到的更好的經濟效益？

Iit's a very good question and it and it relates to something I shared earlier which is that you know we have a very powerful global utility that in in some ways people can't afford not to support and integrate with if you're building a product that wants to be interoperable in this world you need to support USDC.

這是一個非常好的問題，它與我之前分享的內容有關，那就是，你知道，我們有一個非常強大的全球性公用事業，在某種程度上，如果你正在建立一個想要在這個世界實現互通的產品，你就需要支援 USDC，否則人們就無法承擔不支援和整合它的後果。

And if you need it, if you want a product that can easily move value in and out, the liquidity of USDC is essential. So we do have as noted, very strong network effects and when we think about partnerships, as I said earlier, we're very focused on we will invest in, so to speak, growth incentives with partners who can grow distribution.

如果你需要流動性，如果你想要一個可以輕鬆實現價值流入和流出的產品，那麼 USDC 的流動性至關重要。正如前面所提到的，我們確實擁有非常強大的網路效應，而且當我們考慮合作夥伴關係時，正如我之前所說，我們非常注重投資，可以說，我們會與能夠擴大分銷管道的合作夥伴一起，提供成長激勵措施。

That's where we're focused and so, the fact that someone adds the USDC support to their own product or service is not sufficient to get any economics. We need to see a real path, a win-win path where partners are going to lean. They're going to prefer our platform and network. They're going to advance it, they're going to market it, they're going to drive measurable growth, and only when we see that are we going to really, step in and try and get economic incentives in place and that's important we want this to be win-win partnerships that drive value and growth for both of us and you know we know today that you know our network and capabilities is essential for most products that are out there and but at the same time, we're trying to construct win partnerships with firms.

這就是我們關注的重點，因此，有人將 USDC 支援添加到自己的產品或服務中並不足以獲得任何經濟效益。我們需要看到一條切實可行的道路，一條合作夥伴願意共同努力的雙贏之路。他們會更喜歡我們的平台和網路。他們會推進項目，他們會進行市場推廣，他們會推動可衡量的成長，只有當我們看到這些成長時，我們才會真正介入並嘗試提供經濟誘因。這一點很重要，我們希望建立雙贏的合作關係，為雙方創造價值和成長。你知道，我們現在知道，我們的人脈和能力對於市面上大多數產品來說至關重要，但同時，我們也在努力與企業建立雙贏的合作關係。

But you know a very large number of the major brands that you see supporting USDC, there's not a direct economic incentive at all. These are just people who are choosing us because we are the most trusted, transparent, compliant, liquid, globally available in the world.

但你知道，你看到的很多支持 USDC 的大品牌，其實根本沒有直接的經濟誘因。這些人選擇我們是因為我們是世界上最值得信賴、最透明、最合規、流動性最強、全球覆蓋範圍最廣的公司。

Ladies and gentlemen, that does conclude our question-and-answer session. I will now turn the conference back over to John Andrews for closing comments.

女士們、先生們，我們的問答環節到此結束。現在我將把會議交還給約翰·安德魯斯，請他作總結發言。

Great, thank you everyone for taking the time to listen to us this morning. Obviously, the IR team here at Circle is standing by to engage with you in any follow-ups and we wish you all a good day.

太好了，感謝大家今天早上抽出時間收聽我們的節目。顯然，Circle 的投資者關係團隊隨時準備與您進行任何後續溝通，並祝您今天過得愉快。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接了。