Circle Internet Group Inc (CRCL) 2025 Q4 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Circle Internet Group's 4th quarter in full year 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session.

女士們、先生們，早安，感謝你們的耐心等待。我叫凱爾文，今天我將擔任你們的會議接線生。在此，我謹代表 Circle Internet Group 歡迎各位參加 2025 年第四季及全年業績電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。

(Operator Instructions)

（操作說明）

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

謝謝。現在我將把電話交給資本市場和投資者關係副總裁約翰安德魯斯。請繼續。

Thank you, operator, and good morning. I'd like to welcome you to Circle's fourth quarter and full year 2025 earnings conference 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 年第四季及全年業績電話會議。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. The transcript of this call will be posted on that website once available.

今天早些時候，我們已在Circle投資者關係網站investor.circle.com上發布了獲利新聞稿和獲利簡報。本次電話會議的文字記錄將在發布後同步上傳至該網站。

I do need to remind everyone that our earnings press 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.

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。

You should not rely on these forward-looking statements as predictions of future events. 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. Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings.

您不應將這些前瞻性陳述作為對未來事件的預測。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。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 release and earnings presentation,

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可比較GAAP財務指標的調節表可在盈利報告和盈利報表中找到。

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 Allaire. Jeremy.

這些資訊發佈在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·阿萊爾。傑里米。

Thank you, John, and good morning, everyone. I want to start this morning talking a little bit about what I'm seeing in terms of this extraordinary transformation that's underway. I'm speaking not just about the changes we're seeing from blockchains and stablecoins, but the broader backdrop of technology acceleration, software powered technology acceleration, and artificial intelligence.

謝謝你，約翰，大家早安。今天早上我想先談談我所看到的這場正在發生的非凡變革。我指的不僅是我們從區塊鏈和穩定幣中看到的變化，而是技術加速、軟體驅動的技術加速和人工智慧這更廣泛的背景。

I believe we are in the earliest stages of a very deep and very fundamental transformation of the way the global economic system functions and works. Not only will our global economic system become more internet native, but it's also going to become dramatically more automated.

我認為我們正處於全球經濟體系運作方式發生深刻而根本性變革的初期階段。我們的全球經濟體係不僅會更依賴互聯網，而且還會變得更加自動化。

We are entering a world where, in my view, likely 10s or hundreds of billions of AI agents will interact and perform economic functions over the internet. If we look at the past decades, we've seen this progression, and this progression has been accelerating. This progression has been one where we build more and more software native infrastructure, more and more data and transactions on the internet.

在我看來，我們正在進入一個可能有數百億甚至數千億人工智慧代理商透過網路互動並執行經濟功能的世界。回顧過去幾十年，我們已經看到了這種發展趨勢，而且這種發展趨勢還在加速。這個發展過程就是我們在網路上建立越來越多的軟體原生基礎設施，處理越來越多的資料和交易。

The progression from the internet of information into an internet of software distribution, interactive media, and commerce, all made possible through the adoption of web, cloud, and mobile platforms, has created extraordinary value over time. Beginning around 2013.

透過採用網路、雲端運算和行動平台，互聯網從資訊互聯網發展成為軟體分發、互動媒體和商業互聯網，隨著時間的推移，這創造了巨大的價值。大約從2013年開始。

We began to see another transition this time into the value era of the Internet where early blockchain platforms emerged. Later, through the innovation of fiat-backed stablecoins, we saw the birth of a transformative internet native money layer.

我們開始看到網路進入價值時代，早期的區塊鏈平台也隨之出現，標誌著網路的另一個轉型。後來，隨著法幣支持的穩定幣的創新，我們見證了具有變革意義的網路原生貨幣層的誕生。

Now as we've achieved regulatory clarity and as the technology has matured, we're now seeing these developments directly colliding with another major platform shift, which is the adoption of AI platforms. This value era, this combination of economic operating systems and an internet native money layer with artificial intelligence, agentic economic activity and automation.

現在，隨著監管的明朗化和技術的成熟，我們看到這些發展正與另一個重大的平台轉變——人工智慧平台的採用——直接碰撞。這個價值時代，是經濟操作系統與網路原生貨幣層、人工智慧、智慧經濟活動和自動化結合的時代。

Seems likely to drive the greatest acceleration of economic activity we've ever seen in human history. And we're really just at the beginning. Our aim at Circle has always been to build a new Internet financial system, to build a software infrastructure that powers it, and we're more excited than ever to have that opportunity today.

這很可能推動人類歷史上前所未有的經濟活動加速發展。而我們其實才剛起步。Circle 的目標始終是建立一個全新的網路金融系統，建立一個為其提供動力的軟體基礎設施，而今天我們比以往任何時候都更興奮地擁有了這個機會。

Let's talk about our key highlights in Q4. Our stablecoin network continued to grow. We saw USDC end the year around $75 billion in circulation, up 72% year on year. Despite some of the declines that we saw in Q4 due to the crypto market correction.

讓我們來談談第四季的主要亮點。我們的穩定幣網路持續成長。我們看到，USDC 年底的流通量約為 750 億美元，年增 72%。儘管由於加密貨幣市場調整，我們在第四季度看到了一些下滑。

We also saw tremendous ongoing growth in the amount of transactions happening on our network, with on-chain USDC volume hitting nearly $12 trillion representing 247% year on year growth. This continues to reflect the growing velocity and utility of digital dollars on the internet. Q4 delivered very strong financial results. We realized $770 million in total revenue and reserve income in the quarter, up 77% year on year.

我們也看到網路上的交易量持續大幅成長，鏈上 USDC 交易量接近 12 兆美元，年增 247%。這持續反映出數位貨幣在網路上日益增長的速度和實用性。第四季財務業績非常強勁。本季我們實現了7.7億美元的總收入和儲備金收入，年增77%。

Adjusted EBITDA for the quarter was $167 million up 412% year on year, with an adjusted EBITDA margin of 54%. Overall for the quarter we had very strong yearly growth across the board. Importantly, our platform continues to expand. We launched the test net of arc, our layer one blockchain network, and we're on track to launch Main Net this year.

本季調整後 EBITDA 為 1.67 億美元，年增 412%，調整後 EBITDA 利潤率為 54%。本季整體而言，我們各項業務都實現了非常強勁的年成長。重要的是，我們的平台正在不斷擴展。我們已經啟動了第一層區塊鏈網路 arc 的測試網，而我們正按計劃於今年啟動主網。

Circle Payments Network continues to see very strong volume growth and participant expansion as we continue to see traction in real-world payments and cross-border settlements. We're also adding new products. We introduced Stable FX in beta, our new on-chain FX app, and X reserve, which supports continued expansion of USDC across a wide range of blockchain ecosystems.

隨著我們在現實世界的支付和跨境結算領域持續獲得發展動力，Circle Payments Network 的交易量和參與者數量持續強勁成長。我們還在增加新產品。我們推出了測試版的 Stable FX，我們新的鏈上外匯應用程序，以及 X 儲備，它支援 USDC 在各種區塊鏈生態系統中的持續擴展。

And we now support USDC on over 30 different blockchain networks with interoperability being a key piece of Circle's platform strategy. Mainstream adoption continues to deepen across a broad range of leading enterprises and institutions. Intuit and Circle are partnering for Intuit to bring low cost programmable money through Circle's technology to its millions of consumers and businesses.

現在，我們支援在 30 多個不同的區塊鏈網路上使用 USDC，互通性是 Circle 平台策略的關鍵組成部分。主流應用程式正在眾多領先企業和機構中不斷加深。Intuit 和 Circle 正在合作，Intuit 將透過 Circle 的技術，為數百萬消費者和企業提供低成本的可編程資金。

Visa continues to expand its integration of circle stablecoins, announcing the launch of USDC settlement that permits US Visa card issuers and acquirers to settle outside of normal banking hours using USDC.

Visa 繼續擴大其對 Circle 穩定幣的整合，宣布推出 USDC 結算，允許美國 Visa 卡發卡機構和收單機構在正常銀行營業時間之外使用 USDC 進行結算。

And earlier this month, Circle and Polymarket, the largest prediction market in the world, announced a formal partnership where Polymarket will continue to advance its use of USDC as the core collateral and settlement asset for their markets, demonstrating our very strong position as the leading regulated stablecoin network.

本月初，Circle 和全球最大的預測市場 Polymarket 宣佈建立正式合作夥伴關係，Polymarket 將繼續推進 USDC 作為其市場核心抵押品和結算資產的使用，這表明我們作為領先的受監管穩定幣網絡擁有非常強大的地位。

Now these are just the tip of the iceberg. Major enterprises and financial institutions continue to integrate and support USDC in their businesses. We saw firms as diverse as Cash App, Gusto, Deal, Interactive Brokers, JPMorgan, and Mastercard launched products and offerings that took advantage of USDC.

但這只是冰山一角。各大企業和金融機構繼續在其業務中整合和支援 USDC。我們看到 Cash App、Gusto、Deal、Interactive Brokers、摩根大通和萬事達卡等眾多公司推出了利用 USDC 的產品和服務。

Right now we're seeing more activity from startups, enterprises, and financial firms than we've ever seen in our history.

目前我們看到的新創公司、大型企業和金融公司的活躍程度，比我們歷史上任何時候都要高。

The stablecoin market continues to grow strongly, and our position in that market continues to strengthen as well. Fiatbacked stablecoins grew $85 billion in a year with 46% year on year growth. Within that market, our competitive position remains strong,

穩定幣市場持續強勁成長，我們在該市場的地位也持續增強。由法幣支持的穩定幣一年內成長了 850 億美元，年增 46%。在該市場中，我們的競爭地位依然強勁。

and we continue to maintain a significant share. Importantly, it's a market that despite the efforts of many other firms to enter and compete, is really a market of two major issuers. And this reflects the very durable network effects that we maintain that are significant barriers to entry and adoption.

我們繼續保持著相當大的市場份額。重要的是，儘管許多其他公司努力進入市場並與之競爭，但這個市場實際上是由兩家主要發行商主導的市場。這反映了我們所堅持的非常持久的網路效應，這些效應構成了進入和採用的重大障礙。

Looking at growth in actual transaction volumes, Circle's share of transaction volume grew from 39% in the third quarter to nearly 50% in the fourth quarter. This is based on Visa's published analysis, which works to eliminate internal transactions, exchange wallet rebalancing, and bots to really capture the volume that better reflects real economic activity.

從實際交易量的成長來看，Circle 的交易量份額從第三季的 39% 成長到第四季的近 50%。這是基於 Visa 公佈的分析，該分析旨在消除內部交易、交易所錢包再平衡和機器人，從而真正捕捉到更能反映真實經濟活動的交易量。

You can also note that while there have been a number of other stablecoins entering the market over the past year, their usage in real transactions is effectively zero.

您還可以注意到，雖然過去一年中出現了許多其他穩定幣，但它們在實際交易中的使用量實際上為零。

As noted in my introductory comments, Circle's network grew strongly with 3.5x year on year growth in on-chain transaction volume, and notably, CCTP, a critical infrastructure for interoperable usage of USDC, grew 3.7x year over year to over $41 billion of volume in the fourth quarter.

正如我在開篇評論中提到的，Circle 的網絡發展強勁，鏈上交易量同比增長 3.5 倍，尤其值得一提的是，作為 USDC 互操作使用的關鍵基礎設施的 CCTP，在第四季度同比增長 3.7 倍，交易量超過 410 億美元。

I know that competition is a major topic for many, so I want to talk again about the durable network effects that Circle maintains. Foundationally, Circle's competitive position has been built on trust. As an audited public company with a deep commitment to compliance, as a firm regulated across jurisdictions around the world and with the highest levels of transparency possible.

我知道競爭是很多人關注的重要議題，所以我想再談談 Circle 所維持的持久網路效應。Circle 的競爭地位從根本上來說是建立在信任之上。作為一家經過審計的上市公司，我們對合規有著堅定的承諾；作為一家在全球多個司法管轄區受到監管的公司，我們力求做到最高程度的透明度。

We enjoy the trust of major financial institutions, payments companies, enterprises, developers, and end users around the world, and that trust shows up in our fundamental liquidity with $75 billion of USDC in circulation and unmatched liquidity infrastructure that in Q4 supported $163 billion of minting and redemption volume.

我們贏得了全球主要金融機構、支付公司、企業、開發者和終端用戶的信任，這種信任體現在我們基本的流動性上，目前流通中的 USDC 達 750 億美元，並且擁有無與倫比的流動性基礎設施，在第四季度支持了 1630 億美元的鑄造和贖回量。

That minting and redemption, that promise to create and redeem a digital dollar one for one at scale and through banking systems around the world, is completely unmatched by any other player in the market.

這種數位美元的鑄造和兌換，這種大規模地透過世界各地的銀行系統一對一地創建和兌換數位美元的承諾，是市場上任何其他參與者都無法比擬的。

In Q425, we saw distribution and network usage grow as noted to nearly $12 trillion of on-chain transaction volume, continued growth in meaningful wallets using USDC, and our product platform continuing to expand.

2025 年第四季度，我們看到分銷和網路使用量成長，鏈上交易量接近 12 兆美元，使用 USDC 的重要錢包數量持續成長，我們的產品平台也不斷擴展。

The breadth of infrastructure we provide, the breadth of liquidity services that we provide, and with new applications like CPN and Stable FX, our whole product platform is not something others in our market are able to replicate.

我們提供的基礎設施範圍之廣、流動性服務範圍之廣，以及像 CPN 和穩定外匯這樣的新應用，使得我們的整個產品平台成為市場上其他公司無法複製的。

And crucially, acting as a market neutral infrastructure, not competing with our customers and our partners, and building widely accessible and usable technology across as many platforms as possible have been keys to our competitive success as well.

至關重要的是，作為市場中立的基礎設施，不與我們的客戶和合作夥伴競爭，並在盡可能多的平台上建立廣泛可訪問和可用的技術，也是我們競爭成功的關鍵。

Moving on to our platform expansion. Circle's platform has really evolved from being a stablecoin network to being a comprehensive platform and infrastructure partner for on-chain finance spanning our three platform pillars.

接下來，我們來談談平台擴充。Circle 的平台已經從一個穩定幣網路發展成為一個涵蓋我們三大平台支柱的鏈上金融綜合平台和基礎設施合作夥伴。

Arc and our developer infrastructure, which includes the tools, the operating systems, and the on-chain protocols and infrastructure to enable the internet financial system to flourish. Our digital assets and services, which includes USDC and EURC,

Arc 和我們的開發者基礎設施，包括工具、作業系統以及鏈上協定和基礎設施，使互聯網金融系統得以蓬勃發展。我們的數位資產和服務，包括 USDC 和 EURC，

the world's leading regulated digital dollar and digital EUR, tokenized funds such as USYC, and liquidity services such as Circle Mint and X Reserve that ensure liquid and available stablecoins around the world.

全球領先的受監管數位美元和數位歐元、USYC 等代幣化基金以及 Circle Mint 和 X Reserve 等流動性服務，確保全球穩定幣的流動性和可用性。

And our apps CPN is a rapidly growing application service from Circle for payments, and in BetaN Stable FX, an application service for FX. We continue to invest in our platform and our infrastructure to expand what we can provide to companies around the world.

我們的應用程式 CPN 是 Circle 推出的快速成長的支付應用程式服務，而 BetaN Stable FX 則是一款外匯應用程式服務。我們將繼續投資於我們的平台和基礎設施，以擴大我們能夠為世界各地公司提供的服務範圍。

With arc and our developer infrastructure, we're seeing very strong progress. Arc TestNet launched in Q4 with over 100 companies in banking, capital markets, digital assets, technology, commerce, and payments, all leading brands actively testing, evaluating, and working with us to bring this into commercial production.

借助 Arc 和我們的開發者基礎設施，我們看到了非常強勁的進展。Arc TestNet 於第四季度推出，吸引了 100 多家銀行、資本市場、數位資產、技術、商業和支付領域的領先品牌參與，他們積極測試、評估並與我們合作，以期將該產品投入商業生產。

We've had near 100% uptime since the launch of our test net with an average of half a second for transaction settlement finality, over $166 million total transactions, and we're now averaging around $2.3 million daily transactions in our Test net environment. We're on track to launch Main Net in 2026, and we're thrilled with the progress we're making.

自測試網路上線以來，我們的正常運行時間接近 100%，交易結算最終完成時間平均為半秒，總交易額超過 1.66 億美元，目前測試網環境的每日平均交易額約為 230 萬美元。我們正按計畫推進，將於 2026 年推出主網，我們對目前的進展感到非常興奮。

More exciting things to come in terms of technology, partnerships and our ultimate main net launch. I also want to touch a little bit more on CCTP. Obviously, we've had very strong year on year growth, very strong growth in the number of transactions that are happening over this network, but I want to call your attention to the market share for CCTP.

在技​​術、合作關係以及最終的主線上線方面，未來還將有更多令人興奮的事情發生。我還想再稍微談談 CCTP。顯然，我們實現了非常強勁的同比增長，透過該網絡進行的交易數量也實現了非常強勁的增長，但我希望大家關註一下 CCTP 的市場份額。

You can see here that for USDC CCTP is nearly all of the traffic that flows from moving USDC across blockchains, but we also reached more than 50% of all bridge volume, not just of USDC but of all assets across chains that we track. And in fact in January that volume reached 62%.

您可以在這裡看到，對於 USDC CCTP 來說，幾乎所有在區塊鏈之間轉移 USDC 的流量都來自它，但我們也達到了所有橋接交易量的 50% 以上，不僅是 USDC，還有我們追蹤的所有跨鏈資產。事實上，1 月這一比例達到了 62%。

CCDP is becoming a critical infrastructure for how value moves on the Internet, and we're excited with our advancements in CCTP and the advancements in our interoperability infrastructure through our acquisition of Interop labs. Through these advancements, we're building new capabilities that are really aimed at helping asset issuers of all types.

CCDP 正在成為網路上價值流動的關鍵基礎設施，我們對 CCTP 的進步以及透過收購 Interop labs 實現的互通性基礎設施的進步感到非常興奮。透過這些進步，我們正在建立新的能力，這些能力真正旨在幫助各類資產發行人。

Whether you're issuing tokenized stocks, tokenized funds, tokenized bank deposits, and new stablecoins, to be able to take advantage of this tremendous interoperability infrastructure to enable your assets to travel on these highways that Circle has built to move value on the internet more seamlessly.

無論您是發行代幣化股票、代幣化基金、代幣化銀行存款還是新的穩定幣，您都可以利用 Circle 構建的強大互通性基礎設施，使您的資產能夠在互聯網上更順暢地流動價值。

We view interoperability infrastructure as a huge opportunity for us. And we also saw strong growth in Circle's other digital assets in the fourth quarter. EURC reached $310 million representing 3.8x year on year growth and has already grown 25% since quarter end to $389 million as of February 20, this reflects the growing demand for regulated EUR denominated stablecoins, and EURC remains the largest EUR stable coin.

我們認為互通性基礎設施對我們來說是一個巨大的機會。第四季度，Circle 的其他數位資產也實現了強勁成長。截至 2 月 20 日，EURC 的市值已達 3.1 億美元，年增 3.8 倍，自季末以來已成長 25%，達到 3.89 億美元。這反映了市場對受監管的歐元計價穩定幣的需求不斷增長，EURC 仍然是最大的歐元穩定幣。

USYC, our tokenized money market fund, has also grown strongly since Q3. We acquired USYC in January of last year. We integrated it into Circle and we developed a new product and distribution strategy around it focused on tokenized collateral on digital asset exchanges. With the relaunch of USYC, we've seen accelerating growth driven by demand for USYC as collateral on leading exchanges like Binance and others.

自第三季以來，我們的代幣化貨幣市場基金 USYC 也實現了強勁成長。我們在去年一月收購了USYC。我們將其整合到 Circle 中，並圍繞它開發了新的產品和分銷策略，重點是數位資產交易所的代幣化抵押品。隨著 USYC 的重新推出，我們看到其成長速度加快，這主要得益於幣安等領先交易所對 USYC 作為抵押品的需求。

USYC assets ended the year at approximately $1.5 billion and have continued to grow to now over $1.7 billion in assets since quarter end. In our apps pillar, Circle Payments network continues to scale. We have 55 financial institutions enrolled. That's up from 29 in the third quarter.

USYC 的資產在年底約為 15 億美元，並且自季度末以來持續增長，目前已超過 17 億美元。在我們的應用程式業務板塊，Circle Payments 網路持續擴展。我們目前已有55家金融機構加入。這比第三季的29個有所增加。

We have 74 financial institutions that are currently in eligibility reviews, and we continue to maintain a strong pipeline with interest from hundreds of banks, payments firms, and others all around the world.

我們目前有 74 家金融機構正在進行資格審查，我們持續保持著強勁的合作管道，吸引了來自世界各地數百家銀行、支付公司和其他機構的注意。

We've continued to expand the markets where CPN is available with live flows now in 14 markets across the Americas, EEA, and APAC, and importantly, CPN volumes continue to ramp with annualized volume based on a trailing 30 day period as of February 20th reaching $5.7 billion. That's growing approximately 68% from our third quarter earnings update.

我們不斷擴大 CPN 的服務市場，目前已在美洲、歐洲經濟區和亞太地區的 14 個市場提供即時流量服務。更重要的是，CPN 的交易量持續成長，截至 2 月 20 日，過去 30 天的年化交易量已達 57 億美元。這比我們第三季的獲利預測成長了約 68%。

We are aggressively investing in product development for CPN and have a strong pipeline of upcoming country launches and anticipate adding 11 new markets in the coming months. We also launched stable FX in production beta. This extends our application layer by combining institutional grade FX execution with on-chain atomic settlement, enabling 24/7 capital efficient currency conversion and simplified risk management.

我們正在積極投資CPN的產品開發，並擁有強大的即將推出的國家/地區產品線，預計在未來幾個月內新增11個市場。我們也推出了穩定版 FX 的生產測試版。它將機構級外匯執行與鏈上原子結算相結合，擴展了我們的應用層，從而實現了全天候高效的資金貨幣兌換和簡化的風險管理。

We have stablecoin issuers from many jurisdictions participating in this, and we're excited to bring this application online alongside arc, which will benefit the entire digital asset ecosystem and provide key infrastructure as we continue to scale CPN as well. I want to talk specifically about AI at Circle.

我們有來自多個司法管轄區的穩定幣發行機構參與其中，我們很高興能與 arc 一起推出此應用程序，這將惠及整個數位資產生態系統，並在我們繼續擴展 CPN 時提供關鍵的基礎設施。我想具體談談Circle的AI技術。

We are seeing an explosion of developer activity around AI and it's becoming an important driver for Circle's platform, and we believe an important and potentially significant driver for USDC adoption.

我們看到圍繞人工智慧的開發者活動爆炸性地成長，這正在成為 Circle 平台的重要驅動力，我們相信它也是 USDC 採用的重要且可能具有重大意義的驅動力。

We have a number of initiatives here. As many of you may have seen, when OpenClaw, the new open source autonomous agent system, came out, we quickly responded and ran an agent-only hackathon where agents competed with each other to build innovative applications with USDC, and agents themselves voted on the winners, and we saw incredible engagement on this.

我們這裡有一些舉措。正如你們許多人可能已經看到的，當新的開源自主代理系統 OpenClaw 發佈時，我們迅速做出反應，舉辦了一場僅限代理參與的黑客馬拉松，代理們互相競爭，使用 USDC 構建創新應用程序，代理們自己投票選出獲勝者，我們看到了令人難以置信的參與度。

We're also building systems to better support agentic payments. In fact, we just went into test net release of a new capability with Circle Gateway that allows for agents to autonomously and programmatically automate cross-chain USDC transactions with a transaction cost of 1/1000 of a penny.

我們還在建立系統，以更好地支援代理支付。事實上，我們剛剛推出了 Circle Gateway 的一項新功能的測試網路版本，該功能允許代理商自主地、以程式設計方式自動執行跨鏈 USDC 交易，交易成本僅為 1/1000 美分。

This is live on our test net, and we're thrilled with what this is going to enable in terms of agentic payments and monetization models on the internet. We believe that no other payment system in the world can do this. We're also investing in helping developers who are building AI agents and are using AI for their own development to build faster and smarter the circle products.

這項功能已在我們的測試網路上上線，我們對它將在互聯網上的代理支付和貨幣化模式方面所帶來的變革感到非常興奮。我們相信世界上沒有任何其他支付系統能夠做到這一點。我們也在投資幫助那些建立 AI 代理並使用 AI 進行自身開發的開發者，以更快、更聰明地建立 Circle 產品。

We're bringing our capabilities as an infrastructure provider into skills libraries and providing servers that allow developer tools and AI agents to directly use Circle products, and we're seeing great uptake on this now. Inside Circle, AI is also becoming foundational infrastructure across all of our functions. We began our work with AI like many companies over the last two years, and our investments there are accelerating.

我們將自身作為基礎設施提供者的能力融入技能庫中，並提供伺服器，使開發者工具和人工智慧代理能夠直接使用 Circle 產品，目前我們看到這方面得到了很好的推廣。在 Circle 公司內部，人工智慧也正在成為我們所有職能部門的基礎架構。過去兩年，我們和許多公司一樣開始涉足人工智慧領域，我們在該領域的投資正在加速成長。

We're making core AI infrastructure and automation a critical component that's embedded into all of our operations, agentic infrastructure, specialized tooling, and specific AI playbooks. We're building the governance that will allow all of our employees to self-serve, develop, deploy, and use AI agents across their functions.

我們將核心人工智慧基礎設施和自動化打造為關鍵組成部分，並將其嵌入到我們所有的營運、代理基礎設施、專用工具和特定的人工智慧劇本中。我們正在建構一套治理體系，讓所有員工都能在各自的職能部門中自助服務、開發、部署和使用人工智慧代理。

And we're deepening AI integration across every aspect of our product development, design, engineering, and deployment life cycle and seeing very strong results. Our product velocity is accelerating, and I anticipate that to continue alongside the exponential improvements we're seeing from AI coding agents.

我們正在深化人工智慧在產品開發、設計、工程和部署生命週期各個方面的集成，並看到了非常顯著的成效。我們的產品迭代速度正在加快，我預計隨著人工智慧編碼代理的指數級改進，這種速度還會繼續加快。

Now my own belief is that AI platforms, AI agents, and blockchain-based economic operating systems will support trustworthy, automated, transparent, and hyper efficient infrastructures that are going to be the underpinnings of the future of the global economic system.

現在我個人認為，人工智慧平台、人工智慧代理和基於區塊鏈的經濟作業系統將支援值得信賴、自動化、透明和超高效的基礎設施，這些基礎設施將成為未來全球經濟體系的基礎。

And I believe that this is going to be one of the most accelerated periods of technology transformation in the history of the world, and it really is just thrilling to be here building core infrastructure that can help to underpin this new economic system.

我相信這將是世界歷史上技術變革加速發展的時期之一，能夠在這裡建立支撐這一新經濟體系的核心基礎設施，真的令人興奮不已。

I've never been more excited about Circle's market position, platform stack, and our growth opportunities. With that, let me turn it over to Jeremy Fox-Geen, our CFO, to take you through the financial results.

我從未像現在這樣對 Circle 的市場地位、平台架構和成長機會感到如此興奮。接下來，我將把發言權交給我們的財務長傑里米·福克斯-格林，讓他為大家介紹一下財務表現。

Thank you, Jeremy and good morning everyone. I'm pleased to report we delivered strong financial results in the fourth quarter and full fiscal year, closing out an exceptional year of growth and momentum for Circle. I'll start by reviewing the quarter and then provide our forward guidance.

謝謝你，傑里米，大家早安。我很高興地宣布，我們在第四季度和整個財年都取得了強勁的財務業績，為 Circle 實現了卓越的成長和發展勢頭，完美地結束了這一年。我將首先回顧本季業績，然後給出我們未來的業績展望。

USDC in circulation was $75.3 billion at year end, up 72% year on year, and notably grew faster than the overall fiat-backed stablecoin market. USDC held within Circle's platform infrastructure or on-platform USDC grew 5.6 times year on year to $12.5 billion at year-end, representing 17% of total circulation.

截至年底，USDC 的流通量為 753 億美元，年增 72%，並且明顯高於整個法幣支持的穩定幣市場的成長速度。截至年底，Circle平台基礎設施內持有的USDC或平台內USDC年增5.6倍，達到125億美元，佔總流通量的17%。

The reserve return rate was 3.81% for the fourth quarter, down 68 basis points year on year, reflecting the decline in SOFA during this period. Total revenue and reserve income increased 77% year on year to $770 million for the quarter, as growth in average USDC in circulation and other revenue was partially offset by the lower reserve return rate.

第四季儲備金回報率為 3.81%，年減 68 個基點，反映出該時期 SOFA 的下降。本季總營收和儲備金收入年增 77% 至 7.7 億美元，原因是流通中的 USDC 平均成長和其他收入的成長被較低的儲備金返還率部分抵銷。

Total distribution, transaction and other costs increased 52% year on year to $461 million. I do want to remind you that distribution costs in the fourth quarter of 2024 included the previously disclosed one-time payments of $60 million to a large distribution partner.

分銷、交易和其他總成本年增 52%，達到 4.61 億美元。我想提醒各位，2024 年第四季的分銷成本包括先前披露的向大型分銷合作夥伴支付的 6,000 萬美元一次性款項。

Revenue less distribution cost margin was 40.1% in the fourth quarter, with a modest quarter on quarter increase of 0.6% points, primarily reflecting the impact from growth in other revenues. Other revenue increased to $37 million in the fourth quarter.

第四季扣除分銷成本後的收入利潤率為 40.1%，環比小幅增長 0.6 個百分點，主要反映了其他收入成長的影響。第四季其他收入增至3700萬美元。

Subscription and services revenue was $24.7 million in the fourth quarter, primarily from revenue associated with our blockchain network partnerships. Transaction revenue was $12.2 million primarily from blockchain rewards revenue, where our revenues from running a super validator on the Canton network increased substantially as Canton Coin began trading during the quarter.

第四季訂閱和服務收入為 2,470 萬美元，主要來自與我們的區塊鏈網路合作夥伴關係相關的收入。交易收入為 1,220 萬美元，主要來自區塊鏈獎勵收入，其中，隨著 Canton Coin 在本季度開始交易，我們在 Canton 網路上運行超級驗證器的收入大幅增加。

Total revenue and reserve income less distribution, transaction, and other costs grew 136% year over year to $309 million in the fourth quarter. Adjusted operating expenses grew 32% year on year to $144 million for the quarter as we continue to invest in growing our platform and distribution at this pivotal time for our industry.

第四季總收入和儲備收入減去分銷、交易和其他成本後年增 136%，達到 3.09 億美元。由於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，本季調整後的營運費用年增 32% 至 1.44 億美元。

Adjusted operating expenses include payroll taxes, including payroll taxes related to stock-based compensation, which were $8.4 million in the fourth quarter, while we had no such expense in the prior year period.

調整後的營運費用包括工資稅，其中包括與股票選擇權相關的工資稅，第四季為 840 萬美元，而去年同期我們沒有此類支出。

Beginning in the first quarter of 2026, we have amended the definition of adjusted operating expenses. First, to exclude stock-based compensation payroll tax expense to align with our treatment of stock-based compensation expense.

從 2026 年第一季開始，我們修改了調整後營運費用的定義。首先，排除股票選擇權薪資薪資稅費用，以與我們對股票選擇權費用的處理方式保持一致。

And second, to exclude certain one-time legal expenses, acquisition-related costs, and where relevant restructuring expenses, all of which totaled $2.9 million in the fourth quarter, as they reflect the same adjustments as in our adjusted EBITDA measure.

其次，為了排除某些一次性法律費用、收購相關成本以及相關的重組費用（所有這些費用在第四季度總計 290 萬美元），因為它們反映了與我們調整後的 EBITDA 指標相同的調整。

Based on this amended definition, adjusted operating expenses would have been $133 million in the fourth quarter and would have grown 28% year on year on a comparable basis. Adjusted EBITD grew 412% year on year to $167 million reflecting the operating leverage inherent in our model.

根據這項修訂後的定義，第四季調整後的營運費用將為 1.33 億美元，以可比口徑計算，年增 28%。調整後 EBITD 年增 412% 至 1.67 億美元，反映了我們模式中固有的營運槓桿作用。

The prior year adjusted EBITDA data included the one-time distribution payment that I previously mentioned. Adjusted EBITDA doll margin was 54% in the fourth quarter. I want to take a moment to briefly recap our FY25 guidance and results. First, our guidance philosophy.

上一年度的調整後 EBITDA 資料包含了我之前提到的一次性分配款項。第四季調整後 EBITDA 美元利潤率為 54%。我想花點時間簡要回顧一下我們 2025 財年的業績預期和結果。首先，我們的指導理念。

We are building our business for long-term success, and moreover, several of our most impactful performance drivers are visible to the market in real time. As such, we do not give detailed quarterly or full financial guidance. We guide only on certain metrics to help our investors better understand our expected performance trajectory.

我們正在建立一項能夠實現長期成功的業務，而且，我們幾個最具影響力的業績驅動因素都能即時地被市場所看到。因此，我們不提供詳細的季度或完整的財務指引。我們僅根據某些指標提供指導，以幫助投資者更了解我們預期的業績軌跡。

We will update this guidance when we expect our performance to materially deviate from guidance. USDC in circulation at year end grew 72% year on year. FY25 other revenue of $110 million exceeded our guidance of $90 million to $100 million. Fourth quarter results came in better than expected, largely driven by a $7 million benefit as Canton Coin began trading.

當我們預期業績將與預期有重大偏差時，我們將更新此預期。年底流通中的USDC年增72%。2025財年其他收入為1.1億美元，超過了我們先前9,000萬美元至1億美元的預期。第四季業績優於預期，主要得益於 Canton Coin 開始交易帶來的 700 萬美元收益。

FY25 RLDC margin of 39.4% exceeded our guidance of approximately 38%. 4th quarter margin came in better than expected, driven by the combination of other revenue outperformance, as well as a sustained reserve margin. FY25 adjusted operating expenses of $508 million was in line with guidance.

2025財年RLDC利潤率為39.4%，超過了我們先前約38%的預期。第四季利潤率好於預期，這得益於其他收入的超預期表現以及持續的儲備利潤率。2025財年調整後營運支出為5.08億美元，與預期相符。

Let me conclude with comments on our guidance for FY 2026.

最後，我想就我們對 2026 財年的業績指引做一些說明。

We do not give guidance on USDC circulation or growth. We are at the beginning of meaningful shifts in the global markets for money, and we expect both long-term growth and quarter on quarter variability. As previously noted, we would anticipate USDC to grow at a 40% keger over a multi-year through cycle.

我們不提供有關USDC流通或成長的指導。我們正處於全球貨幣市場發生重大轉變的開端，我們預期長期成長和季度波動都將持續存在。如前所述，我們預計 USDC 將在未來幾年內以 40% 的速度成長。

We anticipate FY26 of the revenue to be between $150 million and $170 million. We anticipate the FY26 RLDC margin to be between 38% and 40%. We anticipate the FY26 adjusted operating expenses to be between $570 million and $585 million reflecting growing investment in building our platform capabilities and global partnerships.

我們預計 2026 財年的營收將在 1.5 億至 1.7 億美元之間。我們預計 2026 財年 RLDC 利潤率將在 38% 至 40% 之間。我們預計 2026 財年調整後的營運支出將在 5.7 億美元至 5.85 億美元之間，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。

As noted before, beginning in the first quarter of 2026, adjusted operating expenses will exclude payroll tax expense related to stock-based compensation, which totaled $20.6 million in FY25, as well as certain one-time legal expenses, acquisition-related costs, and where relevant restructuring expenses, all of which totaled $10 million in FY25.

如前所述，從 2026 年第一季開始，調整後的營運費用將不包括與股票選擇權相關的工資稅支出（2025 財年總計 2,060 萬美元），以及某些一次性法律費用、收購相關成本和相關重組費用（2025 財年總計 1,000 萬美元）。

Our 2026 guided range reflects this definitional change, as does the FY25 comparable figure on this slide of $478 million. Overall we have delivered a strong close to a critical year for circle with meaningful growth and strong profitability. We are only just beginning to attack the opportunity before us, and we remain excited about our future.

我們 2026 年的預期範圍反映了這一定義變化，本頁幻燈片中 2025 財年的可比數字 4.78 億美元也反映了這一變化。總體而言，我們為Circle的關鍵一年畫上了圓滿的句號，實現了顯著增長和強勁盈利能力。我們才剛開始把握眼前的機遇，我們對未來充滿信心。

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

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。有了這位接線生，我們現在可以開始電話會議的問答環節了。

(Operator Instructions)

（操作說明）

Devin Ryan, Citizens.

德文·瑞安，市民。

Good morning. Thanks for taking the questions here. I want to start on kind of this agentic evolution. I think it's a compelling case, and just want to get a sense of how you think from a timing perspective this plays out and does it start with, trading liquidity and then progressing to payments and borrowing and lending, or how do you see that?

早安.感謝您回答這些問題。我想從某種意義上來說，開始探討這種能動性演化。我認為這是一個很有說服力的論點，我只是想了解您從時間安排的角度來看，這件事是如何發展的，它是從流動性交易開始，然後發展到支付、借貸，還是您是如何看待的？

And then how do you make sure that USDC is in the middle of that? And can arc perform relative to other layer ones technically to support this thanks.

那麼，如何確保美國數位貨幣委員會（USDC）處於其中的核心地位呢？而且，從技術上講，弧光性能可以相對於其他層進行支持，謝謝。

Thank you. It, it's a great question and it's something that we are spending a lot of time on, when we designed arc and announced and rolled out the Test net, we talked specifically about this agentic economic activity as a fundamental design center for how we saw autonomous software, autonomous agents, and others conducting economic activity on the internet.

謝謝。這是一個很好的問題，也是我們投入大量時間研究的問題。當我們設計 Arc 並宣布和推出測試網絡時，我們專門討論了這種代理經濟活動，將其作為我們如何看待自主軟體、自主代理和其他在互聯網上進行經濟活動的基本設計中心。

And you know it kind of speaks to the bigger backdrop of the early vision of the company which is programmable money and what that allows and machine intermediated money and what that allows and we're really seeing this convergence happen as we speak

你知道，這其實體現了公司早期願景的更宏大背景，即可編程貨幣及其帶來的機遇，以及機器中介貨幣及其帶來的機會。我們現在正親眼目睹這種融合的發生。

and so, we. Started our journey not just in the design of art but with USDC by making sure that we're participating in all of the key standards for agentic payments and value movement helping contribute to what's called the X 402 standard, the agentic payment standard from Google, we're part of the AI agent consortium, so we've been engaged and involved, but something happened.

所以，我們也是如此。我們的旅程始於藝術設計，也始於與 USDC 的合作，確保我們參與代理支付和價值運動的所有關鍵標準，為所謂的 X 402 標準（Google的代理支付標準）做出貢獻。我們是 AI 代理聯盟的成員，所以我們一直積極參與其中，但後來發生了一些事情。

Really a month ago, which is these, this turning point with clawed code, what's now called open claw, and we really saw this kind of incredible leap in the ability for the average person.

實際上就在一個月前，也就是現在所謂的 Open Claw，出現了 Clawed Code 的轉折點，我們真正看到了普通人能力的驚人飛躍。

But also sophisticated developers to spin up agents to do an incredibly wide array of tasks and obviously we're all seeing that out in the market and what's been interesting to see is that there's been this direct and immediate pick up where AI agents are realizing, and the developers of those AI agents are realizing that agent to agent.

但也有技術嫻熟的開發者​​能夠快速建立代理程式來執行種類繁多的任務，顯然我們都在市場上看到了這一點，有趣的是，人工智慧代理程式已經實現了直接而迅速的普及，而這些人工智慧代理程式的開發者也實現了代理程式之間的相互協作。

Transactions need a reliable, low cost, trusted medium of exchange and so virtually all of the AI payments infrastructure that we're seeing the agent type activity is happening with blockchains, it's happening with USDC so that's been very encouraging and we're doubling down on that in a pretty significant way now, I think.

交易需要可靠、低成本、值得信賴的交換媒介，因此我們看到的幾乎所有人工智慧支付基礎設施，包括代理類型的活動，都是基於區塊鏈的，例如 USDC，這非常令人鼓舞，我認為我們現在正在以相當大的力度加倍投入。

To other parts of your question, what, what's the ramp on this? I mean, I think this is one of the great known unknowns or however you might want to put it, which is what is the, are we having a kind of take-off moment? The Collison brothers yesterday talked about, Q1 26' might be the take-off moment for the singularity.

至於你問題的其他部分，這個坡道是什麼？我的意思是，我認為這是已知的一大未知數，或者不管你怎麼稱呼它，那就是，我們是否正處於某種起飛時刻？科里森兄弟昨天談到，2026 年第一季可能是奇點出現的起飛時刻。

We may look back at that and I think the technology shifts that we've been experiencing are indicative of a kind of take-off and. And that leads to the uses which is, AI agents consuming work from other AI agents, the kind of collaboration amongst AI agents distributing out work to humans.

我們回顧過去時，我認為我們正在經歷的技術變革預示著一種起飛和發展。這就引出了人工智慧代理的用途，即人工智慧代理接收其他人工智慧代理的工作，以及人工智慧代理之間的協作，並將工作分配給人類。

Humans consuming from AI agents, all of these are happening. We've seen AI agent marketplaces launched just in the past weeks where AI agents can employ human workers to conduct tasks and be compensated in USDC as the as the medium of exchange. We're seeing, AI job boards where AIs can hire each other and use USDC as the way to make these payments.

人類透過人工智慧代理獲取訊息，所有這些都在發生。在過去幾周里，我們已經看到人工智慧代理市場上線，人工智慧代理商可以僱用人類工人來執行任務，並以 USDC 作為交易媒介獲得報酬。我們看到，人工智慧招聘網站可以在人工智慧之間互相僱用，並使用 USDC 作為支付方式。

So, this is happening very organically, and I think from our perspective, as businesses, build. And startups build products around agentic economic activity. The natural place that they're going to do that is with stablecoins and on blockchains, which leads to part of your other question, which is really around arc. Arc is purpose built for this moment.

所以，這一切都是自然而然發生的，我認為從我們企業的角度來看，就是在建構未來。而新創公司則圍繞著能動經濟活動來建構產品。他們自然會選擇在穩定幣和區塊鏈上實現這一點，這也引出了你的另一個問題，這個問題實際上與 Arc 有關。Arc 是為這一刻而生的。

Arc is built with a validation and consensus model that can support scale. Arc is built with an economic model where we can drive the cost of transactions. In high performance kind of channels down to 11,000 of a penny and in fact we just went in T Net last week with a feature that is designed for autonomous agents called Circle Gateway,

Arc 採用驗證和共識模型構建，可支援規模化。Arc 的建構是基於一個經濟模型，我們可以控制交易成本。在高效能通道中，精度可以低至 11,000 便士，事實上，我們上週剛在 T Net 上推出了一項名為 Circle Gateway 的功能，該功能專為自主代理而設計。

which is a feature that would allow autonomous agents to hold a balance and spend not just on AR but on other networks and have a transaction cost of 11,000 of a penny and get that value moved in less than a second. To all these other apps and services that are out on these networks, so we're building the primitives, we're building it at the operating system level, the infrastructure level,

這項功能將允許自主代理持有餘額，不僅可以在 AR 上消費，還可以在其他網路上消費，交易成本為 11,000 便士，並且可以在不到一秒的時間內轉移該金額。對於網路上的所有其他應用程式和服務，我們正在建立基礎元件，我們在作業系統層級、基礎設施層級進行建置。

we're building the tooling, and we're really engaged in actually marketing to agents that are autonomously out there and want to build. So a lot more to come from us here, and we're really pleased and I think we again.

我們正在開發工具，我們真正致力於向那些自主創業並希望建立業務的代理商進行市場推廣。所以接下來我們還有很多東西要分享，我們真的很高興，而且我認為我們再次…

We talk about money velocity and how effectively, networks and infrastructure like what we've built will lead to higher and higher amounts of money velocity and my own view, which is, in my opening comments as well as in a world of tens or even hundreds of billions of AI. The velocity of money is just going to be multiple orders of magnitude higher than it is today in the existing economic system.

我們談論資金流通速度，以及像我們建造的這樣的網路和基礎設施將如何有效地帶來越來越高的資金流通速度。我個人的觀點，正如我在開場白中所說，在一個擁有數百億甚至數千億人工智慧的世界裡，情況也是如此。在現有的經濟體系下，貨幣流通速度將會比現在高出幾個數量級。

And so, we're building a new economic infrastructure. We're building a new internet financial system, and I think we're very optimistic that Circle can play a really key role in this convergence between AI and stablecoins and blockchains.

因此，我們正在建造一種新的經濟基礎設施。我們正在建立一個新的網路金融系統，而且我們非常樂觀地認為，Circle 可以在人工智慧、穩定幣和區塊鏈的整合中發揮非常關鍵的作用。

Yeah, thank you, Jeremy. A great response and it would be fascinating to follow this evolution. Maybe this is a faster follow-up, but on just arc token, any update on kind of the considerations there, how that's evolving, and then any sense of timing of when you might make a decision on whether you would launch a token for arc.

謝謝你，傑瑞米。反應非常好，我很期待觀察這個發展趨勢。也許這是一個更快的後續問題，但就 Arc 代幣而言，關於這方面的考慮因素、進展情況，以及何時可能決定是否發行 Arc 代幣，有什麼最新進展嗎？

Yeah, a couple of things I could say. I think we're continuing to explore the arc token. It's, I think, a very good exploration. We're getting a very good understanding of how a token can play a key role in providing stakeholder incentives, governance, security, utility, and other things on the ark network.

是的，我有幾點想說。我認為我們正在繼續探索弧形代幣。我認為這是一次非常好的探索。我們正在深入了解代幣如何在 Ark 網路上發揮關鍵作用，為利害關係人提供激勵、治理、安全、實用性以及其他方面。

And so. That exploration continues, we aren't communicating about any specific timeline or other because we're still in that exploration, but as noted, we're making tremendous progress with arc, and we're making very strong progress towards our main net,

所以。探索仍在繼續，我們目前不談任何具體的時間表或其他事項，因為我們仍在探索階段，但正如前面提到的，我們在Arc項目上取得了巨大的進展，並且在主網建設方面也取得了非常強勁的進展。

and we're very excited to see that, come into play and we expect to see some amazing companies participating in running the arc infrastructure, deploying apps on the arc infrastructure, and. And also providing foundational infrastructure to asset issuers and AI agents, a wide array of use cases on it.

我們非常高興看到這一點發揮作用，我們期待看到一些優秀的公司參與運行 Arc 基礎設施，在 Arc 基礎設施上部署應用程序，以及。此外，它還為資產發行方和人工智慧代理提供基礎架構，並有廣泛的應用案例。

So we're pleased with the progress and of course as we have more to say about that, we'll share that publicly. Okay, excellent thanks so much.

我們對目前的進展感到滿意，當然，如果以後有更多消息要公佈，我們會公開分享。好的，太好了，非常感謝。

Joseph Vafi, Canaccord Genuity

Joseph Vafi，Canaccord Genuity

Hey guys, great progress. Just, yeah, maybe we'll just, talk regulatory backdrop a little bit, Jeremy and Jeremy, Genius has been, in place now for a couple of quarters. Just wondering what kind of tangible signs of progress you've seen directly from Genius, and then, the follow-up would be on clarity, where we sit now, your views on it, clearly the stablecoins are kind of. In the middle of the compromise and discussion there, so your comments and thoughts there. Thanks.

嘿，夥計們，進展很棒。嗯，或許我們可以稍微談談監管背景，傑里米，傑里米，Genius 已經實施了幾個季度了。我只是想知道您從 Genius 那裡直接看到了哪些切實進展的跡象，然後，後續問題是關於清晰度，我們目前的處境，您對此的看法，顯然穩定幣的情況是這樣的。在雙方妥協和討論的過程中，歡迎提出您的意見和想法。謝謝。

Sure. So first on genius has absolutely continued to be a tailwind for our business and I think the sector as a whole. It has, created this legal foundation for major institutions to come into this market. We've seen follow-on guidance from the likes of the SEC and the CFTC as they're clarifying.

當然。因此，First on Genius 絕對一直是我們業務的順風，我認為對整個行業來說也是如此。它為大型機構進入這個市場奠定了法律基礎。我們已經看到美國證券交易委員會和美國商品期貨交易委員會等機構發布了後續指導意見，以進行澄清。

How effectively what would be genius compliant stablecoins can be used as collateral on CFTC markets, the recent SEC guidance in terms of the kind of haircut treatment on stablecoins for broker dealers, which is a big breakthrough in terms of how stablecoins can be used in capital markets, and I would just say, broadly banks, payments companies, tech firms, large enterprises around the world are leaning in.

符合天才標準的穩定幣在CFTC市場上作為抵押品的有效性如何？美國證券交易委員會最近就經紀交易商穩定幣的減記處理發布了指導意見，這對於穩定幣在資本市場的使用方式而言是一項重大突破。我想說的是，總的來說，世界各地的銀行、支付公司、科技公司和大型企業都在積極參與其中。

And wanting to weave we've stablecoins into the product strategies and so it's also spilling over into international markets where you know international regulators are also saying okay well we now need to kind of acknowledge genius compliance stablecoins as the sort of good stable coins that could be allowed in their markets

我們希望將穩定幣融入產品策略，因此它也正在向國際市場擴展。國際監管機構也表示，他們需要認可這些合規性極佳的穩定幣，認為它們是可以在其市場中流通的優質穩定幣。

and that's really strong from our perspective so we think it's been very positive and will continue to be positive as it goes effective and as some of these OCC licenses start to come through as well which will impact large issuers like Circle on clarity. I mean clarity is very close to the finish line right now. I know.

從我們的角度來看，這確實非常強勁，因此我們認為它一直非常積極，並且隨著其生效以及一些 OCC 許可證的陸續發放，這種積極影響將會持續下去，這將對 Circle 等大型發行機構的透明度產生影響。我的意思是，清晰度現在已經非常接近終點了。我知道。

We're very close to the issues. There's a lot that's been reported. I think the most recent reporting seems accurate, which is that the crypto industry and the banking industry are working, day over day, week over week at a staff level and with the White House to come up with some compromise language around, the different kinds of rewards that people can get for holding stablecoins or using stablecoins

我們非常了解這些問題。已經有很多報道了。我認為最新的報道似乎準確無誤，即加密貨幣行業和銀行業正在日復一日、週復一周地與白宮及其工作人員合作，試圖就持有或使用穩定幣所能獲得的各種獎勵達成一些妥協方案。

and how they use them. And my sense is that everybody wants to figure this out. There's a lot in this for banks, capital markets, asset managers, the crypto industry as well. And so right now I'm cautiously optimistic about it, but obviously DC is DC and all the dynamics of the spring and everything else, it, it's not my job to handicap. There are probably, analysts at some of your firms that can do that better,

以及他們如何使用它們。我的感覺是，每個人都想弄清楚這件事。這對銀行、資本市場、資產管理公司以及加密貨幣產業來說都意義重大。所以現在我對它持謹慎樂觀的態度，但顯然華盛頓特區就是華盛頓特區，春季的各種動態以及其他一切，這不是我的職責去預測。你們公司裡可能有些分析師能做得更好。

but, we're cautiously optimistic and we do think that with Clarity Act, if it does come to pass on a bipartisan basis, is another significant unlock for building in this space, and we can certainly talk about that in the future, but we think it's a. Very significant unlock for the development of this market and the use of blockchains in a far broader range of applications as well.

但是，我們持謹慎樂觀態度，我們認為，如果《清晰法案》能夠以兩黨合作的方式獲得通過，這將是推動該領域發展的另一個重大突破，我們將來當然可以討論這個問題，但我們認為這是一個…這對推動該市場的發展以及區塊鏈在更廣泛的應用領域中的使用來說，是一個非常重要的突破。

Sure, thanks very much, Jeremy.

當然，非常感謝你，傑瑞米。

You're welcome.

不客氣。

John Tordero, Needham

約翰·托德羅，尼德姆

Hey, thanks for taking my question. I guess just going back to arc and then maybe CCTP in there as well. It seems like the evolution of these could long-term become kind of asset agnostic. AR could be just a broad asset tokenization platform for assurance of equity Some of the other assets I guess just,

嘿，謝謝你回答我的問題。我猜還是回到Arc，然後可能還會加上CCTP。從長遠來看，這些策略的演變似乎可能會變得與資產類型無關。AR 可能只是一個廣泛的資產代幣化平台，用於確保權益。至於其他一些資​​產，我猜只是…

yeah Jimmy, what are your thoughts on kind of that evolution long-term if we could just grow a little bit more into the long-term vision part.

吉米，你對這種長期發展有什麼看法？如果我們能更專注於長遠願景，你會怎麼想？

Yeah, absolutely. So the conceptual model for art for us is this is an economic operating system. It is a distributed economic operating system. That distributed economic operating system is going to be operated by a collection of known.

是的，絕對的。所以對我們來說，藝術的概念模型就是一個經濟操作系統。它是一種分散式經濟操作系統。此分散式經濟操作系統將由一組已知的人員操作。

Leading financial infrastructure companies, including Circle that will run the infrastructure to support the compute, the transactions, and the like, and the data on these networks, and it's designed for, prudentially sound financial activity and economic activity. We think that's necessary to build the real world economy on the internet.

包括 Circle 在內的領先金融基礎設施公司將運行基礎設施來支援計算、交易等以及這些網路上的數據，其設計旨在促進審慎穩健的金融活動和經濟活動。我們認為這是在網路上建構現實世界經濟的必要條件。

Within that though, we want to make sure that as a safe and sound and secure foundation that it has several things that are important to financial system actors. We want to make sure that it has the single best, most capital efficient liquidity for digital dollars in the world and so marrying what we do with USDC to what we're able to do with the technology in arc, we believe we can create the most capital efficient

但在此基礎上，我們希望確保它作為一個安全、穩健、可靠的基礎，具備對金融體系參與者而言重要的幾個要素。我們希望確保它擁有全球最佳、資本效率最高的數位美元流動性，因此，將我們在USDC方面所做的工作與我們在Arc技術方面所能做到的事情相結合，我們相信可以創造出資本效率最高的數位美元。

and fast digital dollar kind of liquidity model in the world. The second, which relates to another part of it, is we really think about arc as a liquidity and distribution hub for other asset issuers. And so we're building technology and this technology builds on the incredible distribution we've already created with CCTP We're building technology that would allow an asset issuer,

以及世界上快速成長的數位美元類型的流動性模式。第二點，與另一部分有關，那就是我們真正將 arc 視為其他資產發行人的流動性和分銷中心。因此，我們正在開發這項技術，這項技術建立在我們已透過 CCTP 創建的強大分銷網絡之上。我們正在開發的技術將使資產發行者能夠…

whether it's a tokenized equity, a tokenized fund, a tokenized bank deposit, other stablecoin issuers, and any kind of asset that can be imagined that can be tokenized to be able to be issued on arc. And then be able to turn on liquidity and distribution on other blockchain networks.

無論是代幣化股權、代幣化基金、代幣化銀行存款、其他穩定幣發行方，或是任何可以想像的、可以代幣化的資產，都可以在 Arc 上發行。然後就可以在其他區塊鏈網路上啟用流動性和分發功能。

So if I'm issuing a tokenized stock and I want that tokenized stock to be able to run on Robinhood's L2 and on Coinbasees, on chain exchange and on, some other tokenized environment that supports these assets, the people who are issuing assets really need to know that they can do it in a safe way, in a liquid way, and have that kind of distribution

因此，如果我發行代幣化股票，並且希望這些代幣化股票能夠在 Robinhood 的 L2 交易平台、Coinbase 交易所、鏈上交易所以及其他支持這些資產的代幣化環境中運行，那麼發行資產的人確實需要知道，他們可以以安全、流動性強的方式進行發行，並實現這種分銷模式。

and so we've built the highways. CCTP in January was, over 60% of all traffic moving across these different networks. And with the new technologies that we're bringing into arc around this, we believe that we can light up those highways for any asset issuer. And so again, back to the vision side, big picture, this is a general-purpose OS for economic activity on the internet.

於是我們就修建了高速公路。1 月 CCTP 佔所有跨這些不同網路傳輸流量的 60% 以上。憑藉我們正在引入的新技術，我們相信能夠為任何資產發行人開闢道路。所以，再回到願景方面，從宏觀角度來看，這是一個用於網路經濟活動的通用作業系統。

As we come into the market in this environment where we have demands from people who want to build, very cost efficient, capital efficient AI transactions, we have demands from people who want to build tokenization applications and get liquidity and distribution for those, we think arc and our interoperability infrastructure will be very well suited for that environment.

在當前市場環境下，人們有需求建立成本效益高、資本效率高的AI交易，也有需求建立代幣化應用程式並獲得流動性和分銷管道，我們認為Arc及其互通性基礎設施將非常適合這種環境。

That's great. That's very helpful. And then I guess just as a follow-up, going back to the agentic AI comments, I would agree with you, just with the way some Of the crypto equities have been trading

那太棒了。那很有幫助。然後，我想補充一點，回到你之前關於人工智慧的評論，我同意你的觀點，尤其是考慮到一些加密貨幣股票的交易方式。

and then just The crypto token market in general Is a is agentic AI and payments and all that within those Ecosystems, do you see the excitement Kind Of Extending beyond stablecoins in arc, could this Be a General Tailwind for the sector?

然後，就整個加密代幣市場而言，它涉及智能體人工智慧、支付以及所有這些生態系統，您是否看到這種興奮情緒會擴展到穩定幣之外，這是否會成為該行業的普遍利好因素？

I mean, I think this is, one of the most exciting, obviously I'm biased, but I think this is one of the most exciting kind of points of convergence out there. If I'm a developer building AI agent and I want to build AI agents that can, enter into contracts with other agents that can enter into contracts with humans that might have disputes that need proof of data or things that happen.

我的意思是，我認為這是最令人興奮的融合點之一，當然我可能帶有偏見，但我認為這是最令人興奮的融合點之一。如果我是一名開發者，正在建立人工智慧代理，並且我想建立能夠與其他代理簽訂合約的人工智慧代理，這些代理又能夠與人類簽訂合同，而這些合約可能會產生糾紛，需要數據或事件的證據。

That need to execute those contracts and move money if I'm thinking about building an organization that is mostly consists of some humans and some AI agents and I want to build the underlying governance mechanisms for how that's going to work, blockchain infrastructure is going to be how that happens. We need cryptographic proof. It's the only thing that will allow us to trust the activity

如果我打算建立一個主要由一些人和一些人工智慧代理組成的組織，並且我想建立其運作方式的底層治理機制，那麼執行這些合約和轉移資金的需求，區塊鏈基礎設施將是實現這一目標的方式。我們需要密碼學證明。這是唯一能讓我們相信這項活動的方法。

and the data and the transactions of these agents and so we're seeing that in our developer activity we're seeing that in the arc developer engagement where startup founders who are coming in from the AI space are realizing like this is kind of a backplane. That is really helpful, and if you go back and think about other big platform shifts, there was sort of sometimes there's these sort of two sides of the coin

以及這些代理商的數據和交易，因此我們在開發者活動中看到了這一點，在 Arc 開發者參與度中看到了這一點，來自人工智慧領域的創業者意識到這有點像一個背景板。這真的很有幫助，如果你回顧其他大型平台的更迭，你會發現有時候事情就像一枚硬幣的兩面。

and you had the rise of mobile, which was obviously the surface area for creating applications and that corresponded to the rise in cloud platforms which could actually be the back end and scale the back end for mobile and so they work kind of hand in hand and so I very much believe starting now,

隨著行動裝置的興起，這顯然為應用程式的創建提供了平台，而雲端平台的興起也與之相呼應，雲端平台實際上可以作為後端，並擴展行動裝置的後端功能，因此它們是相輔相成的。所以我堅信，從現在開始，

really starting now in 2026 that AI platforms and these blockchain operating system platforms will be kind of hand in glove for people who want to build for this new AI driven economic system. Thanks for all that and congrats on the strong quarter, guys. Thank you.

從現在到 2026 年，人工智慧平台和這些區塊鏈作業系統平台將真正成為建構這種新型人工智慧驅動經濟體系的人們的得力助手。感謝大家的付出，恭喜你們本季業績優異！謝謝。

Peter Christiansen, Citi

彼得‧克里斯蒂安森，花旗集團

Thank you. Good morning. Impressive and rapid progress on a number of fronts here, and the competitive mode looks stronger than ever. Jeremy, I was wondering if you could provide some underlying color on CPN on boarding and flow and flows, perhaps, initial use cases, sense of stickiness, growth per FY partner, that sort of thing.

謝謝。早安.在許多方面都取得了令人印象深刻的快速進展，而且競技模式看起來比以往任何時候都更強大。Jeremy，我想請你介紹一下 CPN 在用戶註冊和流程方面的一些基本情況，例如初始用例、用戶黏性、每個財年合作夥伴的成長等等。

And then, as a follow-up regarding, the conversation on agenda commerce, which looks incredibly compelling. How should investors think about this opportunity transforming circle's operating slash financial model? Thank you.

然後，作為後續，關於議程商業的討論看起來非常有吸引力。投資人該如何看待這個改變 Circle 營運/財務模式的機會？謝謝。

Sure, so on CPN. As you saw from the results, we are seeing very steady and very strong growth in the kind of key things that we're focused on now which is, when we launched this, last June it was at sort of state zero with no financial institutions or just a couple and the technology just getting off the ground. We have been progressing through product iterations.

當然，CPN上也是這樣。正如您從結果中看到的，我們在目前關注的關鍵領域取得了非常穩定和強勁的成長。去年六月我們推出這項服務時，它還處於起步階段，沒有金融機構，或只有幾家，科技也剛起步。我們一直在進行產品迭代。

And then commercial iterations as noted, we now have 55 financial institutions on the network that's up sequentially considerably. The number of financial institutions wanting to add to the network continues to grow and be robust. And then the flows, which I can characterize a little bit more about, the flows have grown as well. So from a standing start to, an annualized TPV of about $5.7 billion as of last Friday.

然後，如同前面提到的，經過商業迭代，我們現在網路上已有 55 家金融機構，數量逐年大幅成長。希望加入該網路的金融機構數量持續成長，並且勢頭強勁。然後，我可以更詳細地描述一下流量，流量也增加了。因此，從零開始，截至上週五，年化總價值約為 57 億美元。

I think 68% since the last time we talked to you guys, we're very pleased with what we're seeing there. We are, a couple things I'd say is, there are more and more larger, types of firms that are, that have, can support larger flows, that we're very focused on, coming onto the network,

我認為，自從上次我們和你們談話以來，已經取得了 68% 的進步，我們對目前的情況非常滿意。我想說的是，有兩點值得關注：一是越來越多規模較大、能夠支持更大流量的公司加入我們的網絡，我們非常關注這些公司。

and that's a key goa from a product perspective, we want to increase the velocity of everything that happens, the velocity of how these members can join and implement and operationalize for a lot of financial institutions they've never dealt with blockchains, they've never dealt with stablecoins, and so kind of streamlining how they can do that, and.

從產品角度來看，這是一個關鍵目標，我們希望加快所有事情的進展速度，加快成員加入、實施和營運的速度。對於許多從未接觸過區塊鏈、從未接觸過穩定幣的金融機構來說，我們希望簡化他們參與區塊鏈和穩定幣的流程。

And then making sure that the highest demand corridors have good redundancies, have good players in those. But what we're seeing in terms of use cases is this is very much B2B, cross-border merchant settlement as major drivers, and we're Seeing that in the in the markets that you would not be surprised to see, businesses that are exporters out of Asia

然後確保需求最高的走廊有良好的冗餘，並且有優秀的參與者。但就應用案例而言，我們看到的主要驅動力是B2B跨境商家結算，而且這種情況在亞洲出口企業中尤其明顯，這並不令人意外。

and importers in both other emerging markets and developed markets, we're seeing some application flows that are very clearly can be south to south and north to south remittance applications. So we're seeing the use cases we want to see.

對於其他新興市場和已開發市場的進口商而言，我們看到一些申請流向非常明顯地體現了南向南和北向南的匯款申請。所以我們看到了我們想看到的用例。

There's certainly a lot more to come there, and we're, again very pleased with the success. I made the comment on the on the earnings call that we've got a lot of product investments here. We have ambitious goals here. In terms of what this can scale to be and, ultimately, obviously as this starts to get to more meaningful scale we can start to monetize this and our partners, are already starting to monetize this,

當然，未來還有很多工作要做，我們再次對所取得的成功感到非常滿意。我在財報電話會議上評論說，我們在這裡有很多產品投資。我們在這裡設定了遠大的目標。就其規模而言，最終，顯然隨著規模的擴大，我們可以開始從中獲利，而我們的合作夥伴也已經開始從中獲利了。

so that's a bit on CPN and then on, agentic and kind of the impact for us, you know. We think about this in a few ways. I think, one is just as a as a major new demand driver for the utility of our stablecoin network. So AI agents as consumers of this, as essentially.

所以，以上是關於 CPN 的一些內容，然後是關於代理商以及它對我們產生的影響，你知道的。我們從幾個方面來考慮這個問題。我認為，這就像是我們穩定幣網路實用性的一個主要新需求驅動因素。所以，人工智慧代理本質上就是這方面的消費者。

And customers in a sense that are driving stablecoin transaction volume, driving balances of stablecoins, driving stablecoins out into more use cases and businesses that are not crypto native but are kind of interacting with this new agentic economy.

從某種意義上說，客戶正在推動穩定幣的交易量，推動穩定幣的餘額增長，推動穩定幣進入更多用例和業務領域，這些用例和業務並非加密貨幣原生領域，但卻在某種程度上與這種新的代理經濟互動。

I think it it's a it's a way for us to kind of accelerate into other types of software based institutions that see that they need to have their products be consumable by AI agents and maybe with different pricing and economics and where again the standards that we're building around agentic payments could play a role, but also this can drive fundamentally traffic on arc. And growth on arc and over time as we've noted,

我認為，這可以幫助我們加速進入其他類型的軟體機構，這些機構意識到他們的產品需要被人工智慧代理使用，並且可能需要不同的定價和經濟模式，而我們正在圍繞代理支付構建的標準可以發揮作用，但這也可以從根本上推動 Arc 上的流量。正如我們所指出的，增長是弧形的，並且隨著時間的推移而增長。

we believe that arc can create new, kind of transaction based revenue streams and so the velocity of that, the scale of that is again early, but we think could be very significant over time, and those are a few of the things and I think.

我們相信 Arc 可以創造一種新的、基於交易的收入流，因此，這種收入流的速度和規模目前還處於早期階段，但我們認為隨著時間的推移，它可能會變得非常顯著，以上是我認為的一些方面。

We'll have more to say about this obviously as it progresses, but you know what we've seen literally just over the last three to four weeks has been really eye opening, and we've been, happy that we've had product and technology ready to go for and we have been working on some of the standards in this space now for some time, kind of ready to go for this kind of liftoff moment that seems to be happening.

隨著事態發展，我們當然會有更多發言，但你知道，過去三到四周我們所看到的景象確實令人大開眼界，我們很高興我們的產品和技術已經準備就緒，而且我們已經在這個領域制定了一些標準，為即將到來的這種騰飛時刻做好了準備。

Thanks, Super helpful. Thank you.

謝謝，非常有幫助。謝謝。

Dan Dolev, Mizuho

丹‧多列夫，瑞穗銀行

Hey team, Circle, Jeremy, great results here. Really nice to see That. Congrats. I wanted to ask you about the opportunities, specifically in prediction markets and your partnership with poly-market.

嘿，團隊、Circle、Jeremy，這裡取得了很棒的成果。看到這個真好。恭喜。我想問您一些機會，特別是預測市場方面的機會以及您與 Poly-Market 的合作關係。

Just in general, like, why is USDC so critical to, this very fast-growing segment and, what should we expect, in the coming, quarters and years from that very Interesting Partnership. Thank you.

總的來說，為什麼 USDC 對這個快速成長的領域如此重要？在接下來的幾個季度和幾年裡，我們應該對這項非常有趣的合作關係抱持著怎樣的期待？謝謝。

It's a great question, Dan. I mean, I think, when we think about the adoption of our stablecoin network and our broader infrastructure, we we're always kind of asked like, well, what are the killer apps and you know we're, we've lots of different killer apps that are emerging. We see cross border payments is one of those, obviously, historically, crypto trading, we're seeing agentic emerging, token. Organization

丹，你問得好。我的意思是，我認為，當我們考慮穩定幣網路和更廣泛的基礎設施的採用情況時，我們總是會被問到，那麼，有哪些殺手級應用？你知道，我們有很多不同的殺手級應用程式正在出現。我們看到跨國支付顯然是其中之一，從歷史上看，加密貨幣交易，我們看到代理商正在興起，代幣。組織

and so on, but prediction markets is absolutely one of those, we've been very fortunate that, we made, a big bets in the kind of on-chain ecosystem early on and so USDC is sort of systemic and critical to a lot of on-chain applications that were built over the past three four five years and poly market is one.

等等，但預測市場絕對是其中之一，我們非常幸運，我們很早就對鏈上生態系統進行了大手筆投資，因此 USDC 對於過去三四年裡構建的許多鏈上應用程序來說，都是系統性的、至關重要的，而 Poly Market 就是其中之一。

Those and so with poly market we've been able to work closely with them to kind of advance how they use our technology to improve the experience for their customers, improve what they can offer to their users, make it a more seamless experience. But what something like USDC does and our infrastructure does for prediction market like poly market is, people want to be able to move quickly.

因此，我們與 Poly Market 密切合作，推動他們運用我們的技術來改善客戶體驗、提升他們能為使用者提供的服務、打造更流暢的體驗。但是像 USDC 這樣的平台以及我們的基礎設施對於像 Poly 市場這樣的預測市場來說，能夠讓人們快速行動。

The sort of essence of markets in general, but prediction markets in particular, is these are information markets. And people want to be able to move quickly and so stablecoins give, end users and people who want to participate in these in these markets the ability to basically provide collateral and settlement at the speed of the internet

市場的本質，尤其是預測市場的本質，就是資訊市場。人們希望能夠快速行動，而穩定幣為終端用戶和希望參與這些市場的人提供了以網路速度提供抵押品和結算的能力。

and do that from lots of different wallets from lots of different markets all around the world so it opens up global access in a more seamless way. And it gives and it and it gives a firm like Poly market a good infrastructure to kind of store that and surface that to users. Now USDC is now offered as a way to fund your kwhi accounts.

而且可以從世界各地不同市場的許多不同錢包中進行交易，從而以更無縫的方式實現全球訪問。它為像 Poly 這樣的公司提供了一個良好的基礎設施，可以儲存這些資訊並將其呈現給用戶。現在，USDC 可以作為一種為您的 kwhi 帳戶充值的方式。

USDC underpins Coinbase's prediction markets. You can use USDC to get funds on the Kraken or Robinhood, and obviously, they're offering prediction markets. So there's more to see here. And we want to work with the leading players and make sure that the best digital dollars, whether for settlement or for collateral, are used in all these places and having the world's leading player kind of adopt this

USDC是Coinbase預測市場的基礎。你可以使用 USDC 在 Kraken 或 Robinhood 上獲取資金，顯然，它們都提供預測市場。這裡還有更多值得一看的東西。我們希望與行業領導者合作，確保在所有這些領域，無論是用於結算還是抵押，都能使用最優質的數位美元，並讓世界領先的參與者採納這一理念。

and build on this with us, we think is a very positive win and obviously everyone has been tracking the growth and success of Poly market, which has been pretty astounding and obviously still early days in these markets.

並以此為基礎與我們共同發展，我們認為這是一個非常積極的勝利，顯然每個人都在關注聚合物市場的成長和成功，這非常驚人，而且顯然這些市場仍處於早期階段。

Yeah, very impressive. Thank you.

是的，非常出色。謝謝。

Thanks, Dan.

謝謝你，丹。

Ken Worthington, JPMorgan

肯‧沃辛頓，摩根大通

Hi, good morning, and thanks for taking the question. USTC on circle platform roost is 17% in 4Q. As we think about 2026 and the new initiatives you have underway, what is a reasonable range of outcomes in terms of where that mix can go for Circle and what relationships or initiatives are likely to be the biggest drivers of incremental on-platform USDC, say, over the next 12 to 24 months?

您好，早安，感謝您回答這個問題。USTC 在 Circle 平台上的比例在第四季為 17%。展望 2026 年以及您正在進行的新舉措，對於 Circle 而言，這種組合的發展方向有哪些合理的預期結果？在未來 12 到 24 個月內，哪些關係或舉措可能會成為平台內 USDC 增量成長的最大驅動力？

Thanks Ken, we're very pleased with the, 5-X growth year over year and that, a couple things I think that the first is we're continuing we are continuing to build infrastructure products. That are valuable for kind of holding and using USDC and we're doing that across our wallets products we're doing that across products like Circle Gateway we're doing that in you know in in in Circle Mint

謝謝肯，我們對同比增長 5 倍感到非常滿意，而且我認為有兩點值得肯定，首先是我們正在繼續建立基礎設施產品。這些對於持有和使用 USDC 都很有價值，我們正在所有錢包產品中實現這一點，例如 Circle Gateway 和 Circle Mint。

and in in many places that we are we interface with customers and developers and people building on us and the fundamental premise here is that.

在我們所在的許多地方，我們都會與客戶、開發人員以及基於我們進行開發的人員互動，而這裡的基本前提是：

More and more major institutions, whether those are financial institutions or others are going to want to build on our infrastructure, and arc for example is a driver because arc is our infrastructure and it will be wired really well into Mint and wallets and Gateway and these other and these other infrastructures. And so these can all work together to drive more applications, more money flow,

越來越多的主要機構，無論是金融機構還是其他機構，都希望利用我們的基礎設施進行建設，例如 Arc 是一個推動因素，因為 Arc 是我們的基礎設施，它將與 Mint、錢包、Gateway 以及其他這些基礎設施很好地連接起來。因此，這些因素可以共同作用，推動更多應用開發，增加資金流動。

and more money stock, to use circle technologies, and that contributes to what can be on top USDC. And so in many respects it's just continuing to build these institutional partnerships with this wide diversity of companies that will continue to help us grow that. I would say.

以及更多的資金投入，用於使用循環技術，這有助於USDC達到頂峰。因此，在許多方面，我們只是繼續與各種各樣的公司建立這些機構合作夥伴關係，這將繼續幫助我們成長。我會這麼說。

You know that that's sort of the high level on that we're not guiding obviously anything on that but I think you know you've seen the direction of travel we continue to focus on building great infrastructure people want to build on and one other one other note is you know we have received conditional approval for Circles National Trust Bank, First National Digital Currency Bank.

你知道，這就是我們目前掌握的大致情況，我們顯然不會就此給出任何指導，但我想你已經看到了我們的發展方向，我們將繼續專注於建立人們願意在其上進行開發的優秀基礎設施。另外，還有一點要說明的是，我們已經獲得了 Circles National Trust Bank 和 First National Digital Currency Bank 的有條件批准。

That is obviously something that is important to USDC and USDC reserves and ultimately how we work with the OCC under the Genius Act. It's also something that can strengthen the custody infrastructure that we provide to market participants and so you can expect us to pursue that and I think as we as we build that as a kind of fiduciary and security and operational apparatus.

這顯然對 USDC 和 USDC 儲備金以及我們最終如何根據《天才法案》與 OCC 合作至關重要。這也有助於加強我們為市場參與者提供的託管基礎設施，因此您可以期待我們繼續推進這項工作，我認為隨著我們將其構建成一種信託、安全和運營機制，情況將會越來越好。

That has some of the protections that come with a trust bank, we think that is additive to our on-platform capabilities as we go out into future quarters.

我們認為，隨著我們進入未來的幾個季度，這將增強我們平台上的能力，因為它具有信託銀行的一些保護作用。

Yeah, and I just add on to that. Jeremy talked about the expansion of our platform infrastructure and the products that we have that make it more attractive for world leading enterprises to build upon Circle's platform and technology, but I'd also add all of the rest of the infrastructure that we've built that underpins what we do is part of that.

是的，我只是在此基礎上補充一些內容。Jeremy 談到了我們平台基礎設施的擴展以及我們擁有的產品，這些產品使世界領先的企業更有吸引力地在 Circle 的平台和技術上進行構建，但我還要補充一點，我們構建的所有其他支撐我們業務的基礎設施也是其中的一部分。

Our broad-based global banking and liquidity infrastructure is unmatched in the stablecoin space. The broad network of users and developers and other enterprises building on USDC only makes it more attractive for any one additional major enterprise to choose to use USDC. And of course we're positioned as neutral market infrastructure. We're not competing with any of the Enterprises and the developers who build on our infrastructure for their costs.

我們在穩定幣領域擁有無可比擬的全球銀行和流動性基礎設施。USDC 擁有龐大的用戶、開發者和其他企業網絡，這使得任何大型企業選擇使用 USDC 都更具吸引力。當然，我們的定位是中立的市場基礎設施​​。我們不會與任何企業以及在我們基礎設施上進行開發的開發者就成本問題展開競爭。

Great. Thank you very much.

偉大的。非常感謝。

Jeff Cantwell, Seaport Research

Jeff Cantwell，海港研究公司

Hey, thanks a lot. I'll ask both of mine upfront. I was wondering first if you can give us the building blocks for your other revenue guidance of 150 to 170 for this year. What is causing this step up? Do you mind just breaking that out for us versus 2025?

嘿，非常感謝。我會事先問我的兩個孩子。首先我想知道您能否提供您今年其他收入預期（150至170）的組成要素。是什麼原因導致了這種成長？您能否為我們單獨列出 2025 年與 2025 年的比較數據？

And then again on AR, just to kind of get a little more comfortable with the strategy and the rollout as you're getting closer to the main net launch. Do you mind giving us maybe at a high level what the rollout plan is post going to MainNet, and I guess I'm just curious, do you foresee a world where elements of arc and elements of CPN mesh together to deliver more value for clients and your customers? Thanks a Lot.

然後，在 AR 方面，我們又進行了一次測試，以便在接近主網發佈時，能夠更熟悉策略和推廣方案。能否簡單介紹一下上網主網後的推廣計畫？另外，我很好奇，您是否預見到 Arc 和 CPN 的元素會融合在一起，為客戶和用戶帶來更多價值？多謝。

Yeah, thank you. Maybe I'll take the second question and then Jeremy Fox-Geen can take the first question. So on arc Main net, a few things. The first is we're making great progress and as noted that the technology infrastructure through Testneet has been strong. The usage has been strong.

是啊，謝謝。或許我可以回答第二個問題，然後讓傑瑞米福克斯格林回答第一個問題。所以，關於 Arc 主網，有幾點需要說明。首先，我們取得了巨大進展，正如之前提到的，Testneet 的技術基礎設施非常強大。使用率一直很高。

The growth in transactions and activity and developer activity we're very pleased with when we think about that transition from test net to main net, there's a couple key things that that we're looking at. So one is, there are technologies that we still want to make sure are available to all of the users of arcwork before we go to MainNet, and I alluded to some exciting technologies,

考慮到從測試網到主網的過渡，我們對交易量、活躍度和開發者活躍度的成長感到非常滿意，但有幾點是我們正在關注的重點。首先，在上網主網之前，我們仍然希望確保所有 Arcwork 用戶都能使用某些技術，我之前也提到過一些令人興奮的技術。

so. These relate to things that these relate to things that are valuable to institutions doing tokenization are valuable to AI agents, doing activity on these networks. So we've got some technology delivery, but importantly, we've said publicly that the first phase of arc Mainnet is going to be what's called a proof of authority validation.

所以。這些與進行代幣化的機構有價值的事物有關，也與在這些網路上進行活動的 AI 代理有價值的事物有關。所以我們已經取得了一些技術成果，但重要的是，我們已經公開表示，Arc 主網的第一階段將是所謂的權威性證明驗證。

And that's really bringing on that first wave of strategic partners that are going to be working with us to run the arc network infrastructure, and we want to make sure that we have world-class financial infrastructure companies who are running the infrastructure with us.

這確實帶來了第一批戰略合作夥伴，他們將與我們合作運營 ARC 網路基礎設施，我們希望確保與我們一起運營基礎設施的是世界一流的金融基礎設施公司。

And so if you're a developer or you're an institution or you're an end user, you will understand that arc Network is run by some of the leading financial infrastructure companies of the world which can.

因此，無論您是開發人員、機構還是最終用戶，您都會明白 arc Network 是由世界上一些領先的金融基礎設施公司運營的，這些公司能夠…

Which is really key to not just trust and reliability but ultimately to governance and how we think about this going forward. So that's a key piece. The second is, we are working closely with the entire digital asset ecosystem across enterprise tools, custody, wallets, exchanges, everything that's out there to make sure that everyone is ready for that day one.

這不僅對信任和可靠性至關重要，而且最終對治理以及我們未來如何看待這個問題也至關重要。所以這是關鍵。第二點是，我們正在與整個數位資產生態系統密切合作，包括企業工具、託管、錢包、交易所等等，以確保每個人都為第一天做好準備。

And so we want to give everyone time to get all of their infrastructure ready. And that includes deep integration across Circle's existing product stack so that for example on day one when we go main net USDC liquidity for example is the best in the world, is the most capital efficient in the world, and becomes an attractive way for value flowing on the internet to kind of come through AR.

因此，我們希望給每個人時間準備好所有的基礎設施。這包括與 Circle 現有產品堆疊的深度集成，例如，在第一天，當我們上網主網 USDC 流動性時，它將是世界上最好的，是世界上資本效率最高的，並成為互聯網上價值通過 AR 流動的一種有吸引力的方式。

So there's work there. There's work with mainstream companies who are in that test net group that we announced, who are looking to commit to launch products on arc and making sure we have the right mix of use cases across capital markets, payments, FX.

所以那裡有工作機會。我們正在與那些在我們宣布的測試網小組中的主流公司合作，這些公司希望致力於在 Arc 上推出產品，並確保我們在資本市場、支付、外匯等領域擁有合適的用例組合。

Magentic and the like and so that's a key thing and getting those all ready and then to your last part of your question, arc is going to be a key infrastructure for CPN. Arc will provide a very strong infrastructure for speed, reliability, prudential safety and soundness, efficiency. It simplifies flows because people only need to hold a stablecoin in order to use it, but it also has all the interoperability features built in.

磁性材料等等，所以這是關鍵，要把這些都準備好。至於你問題的最後一部分，Arc 將成為 CPN 的關鍵基礎設施。Arc 將為速度、可靠性、審慎的安全性和穩健性以及效率提供非常強大的基礎設施。它簡化了流程，因為人們只需要持有穩定幣即可使用它，但它也內建了所有互通性功能。

So arc has best in class interoperability and so if an end point on CPN needs to interact with. A wallet that is on a different network, arc actually gives those members on CPN the ability to really easily get conversion into those other networks. And so arc becomes a backplane for CPN and relatedly stable FX, which is a key application that runs native. On arc will also become the FX backplane to support arc transactions.

因此，Arc 具有一流的互通性，因此如果 CPN 上的端點需要與之互動。arc 錢包位於不同的網路上，實際上讓 CPN 上的會員能夠非常輕鬆地將資金兌換成其他網路的資金。因此，Arc 成為 CPN 和相關的穩定版 FX 的背板，而 FX 是一個原生運作的關鍵應用程式。On arc 也將成為 FX 背板，以支援 arc 交易。

So a transaction between a EUR and a dollar or a EUR and a and a peso or a dirham and a peso, you pick what it is, we're bringing other stable coins onto arc and we're bringing other stable coins and market makers onto stable FX.

所以，無論是歐元兌美元、歐元兌比索、迪拉姆兌比索，或是其他貨幣對，你都可以選擇。我們正在將其他穩定幣引入 Arc，並將其他穩定幣和做市商引入穩定外匯市場。

And that's going to allow us to provide real-time atomically swapped liquidity across currencies which just speeds that conversion and settlement and settlement assurances reduces the amount of capital people have to tie up and the like and so arc, stable FX, CPN, and CircleMint kind of working together are going to support, I think, key things as we go into arc Mainnet.

這將使我們能夠提供跨貨幣的即時原子交換流動性，從而加快轉換和結算速度，並保證結算，減少人們必須投入的資金等等。因此，我認為，arc、穩定外匯、CPN 和 CircleMint 的協同工作將支持我們在進入 arc 主網時的一些關鍵事項。

And Jeff, I'll take the second, the first part of that question. So the other revenue that was $37 million $36.8 million in the quarter, and that was roughly $25 million from subscription and services revenue and $12 million from transaction revenue. Within those categories, within subscription and services revenue, the largest part of the Revenue we earn within that is revenues from our blockchain network partnerships

傑夫，我來回答第二個問題，也就是問題的第一部分。因此，該季度其他收入為 3,700 萬美元（實際為 3,680 萬美元），其中約 2,500 萬美元來自訂閱和服務收入，1,200 萬美元來自交易收入。在這些類別中，在訂閱和服務收入中，我們所獲得的收入最大一部分來自我們的區塊鏈網路合作夥伴關係。

which have both upfront and recurring elements we've talked about how the upfront, depending upon the number of integrations and the number of partnerships we strike can be a little bit lumpy quarter on quarter and how the underlying recurring are building up over time as we bring more and more of those online and we execute against that pipeline. Which is strong.

其中包含前期投入和經常性投入。我們已經討論過，前期投入取決於我們達成的整合數量和合作夥伴關係數量，可能會出現季度波動；而隨著我們不斷將更多項目上線並執行相關流程，潛在的經常性投入也會隨著時間的推移而積累。這很強。

Also within that are asset management fees on the USYC tokenized money market fund, which are relatively small today but obviously have potential going forward, within transaction revenues, there, there's a, as I think we've said before. There's a number of different pieces in that. There's fees from value-added products like fast redemption for USDC, for CCTP fast transfer.

此外，USYC 代幣化貨幣市場基金的資產管理費也包含在內，雖然目前相對較小，但顯然未來具有成長潛力；交易收入方面，正如我們之前所說，也存在一些問題。這其中包含許多不同的部分。對於 USDC 快速兌換、CCTP 快速轉帳等加值產品，會產生費用。

That's where you'll see fees over time from the circle payments network. In addition, we also run, validator infrastructure, and we mentioned that in my opening remarks is that this quarter in particular because of the trading.

隨著時間的推移，您將在那裡看到來自 Circle Payments 網路的費用。此外，我們還運行驗證器基礎設施，我在開場白中提到過，本季尤其如此，因為交易方面。

The listing of Canton Coin and the share price movement, we recognized unusually high revenue in this quarter, particularly for that. Now we're not guiding on those building blocks. All of these monetizing products and services only started in their monetizable form in really the fourth quarter of 2024 and the first quarter of 2025 and onwards.

廣交會幣的上市及其股價走勢，使得本季營收異常高，尤其是為此。現在我們不再以這些基本要素為基礎來指導了。所有這些獲利產品和服務實際上都是在 2024 年第四季和 2025 年第一季及以後才開始以可獲利的形式出現的。

So, it's very early days for these products. But given that collectively this revenue line's only a year old. We're very pleased with where we ended up with $110 million for the year.

所以，這些產品目前還處於非常早期的階段。但考慮到這條收入線總共只有一年的歷史。我們對最終的年度收入1.1億美元非常滿意。

Great, thank you.

太好了，謝謝。

Ken Shakowsky, Autonomous Research

Ken Shakowsky，自主研究

Hey, good morning. Thanks for taking the.

嘿，早安。謝謝你抽出時間。

Question. Circle seen some nice leverage on distribution costs. I wanted to focus there. I mean, the coin agreement is what it is, but I wanted to get your latest thinking on what's happening outside of Coinbase in terms of, distribution costs and how those conversations are going because, those non-Coinbase distribution costs have been pretty stable like the last couple of quarters.

問題。Circle在分銷成本方面獲得了一些不錯的優勢。我想把精力集中在那個方面。我的意思是，代幣協議就是這樣，但我想要了解你對 Coinbase 之外的最新看法，例如分銷成本以及相關討論的進展情況，因為在過去的幾個季度裡，非 Coinbase 分銷成本一直相當穩定。

So just any update there, would be great. Thank you.

所以，任何相關進展都非常感謝。謝謝。

Yeah, I can take, I can take part of that and if Jeremy wants to add anything, he can as well. I think, you know. We are in a really strong position because USDC has the strength of its network effects which is that if you're building a product or service and you want to have a compliant liquid available interoperable digital dollar, USDC is the top choice

是的，我可以接受，我可以接受其中的一部分，如果傑里米想補充什麼，他也可以。我想，你知道的。我們目前處於非常有利的地位，因為USDC擁有強大的網路效應。也就是說，如果您正在開發產品或服務，並且希望擁有合規、流動性強、可互通的數位美元，那麼USDC是您的首選。

and so, what we see is just Many products being built and launched that use USDC and connect to our stablecoin network and drive demand and drive liquidity and that's valuable for those products. Those products are tapping into essentially this globally available nearly free dollar payment system and so.

因此，我們看到的是許多產品正在開發和推出，這些產品使用 USDC 並連接到我們的穩定幣網絡，從而推動需求和流動性，這對這些產品來說是有價值的。這些產品實際上是利用了全球近乎免費的美元支付系統等等。

As that happens organically, that's kind of the organic developer driven institutionally driven flywheels that drives growth in USDC and in those institutions we don't need to go and do. Incentive deals or other things with

由於這種情況會自然而然地發生，這就像是推動 USDC 和那些機構發展的有機開發者驅動的飛輪，我們不需要主動去做。激勵協議或其他事項

and so we're, I think as we've said, we're disciplined about where we think it makes sense to have an incentive relationship where it makes sense where we can see that the partner can actually drive growth and can drive meaningful growth so we look at those as factors like where's the growth, where's the meaningful growth and I think that contributes to.

所以，正如我們所說，我們對建立激勵關係有著嚴格的判斷，只在合作夥伴能夠真正推動成長，並且能夠推動有意義的成長的地方才建立激勵關係。因此，我們會考慮成長點在哪裡，有意義的成長在哪裡，我認為這有助於實現目標。

The kind of strength of the fundamental kind of unit economics that we've been able to maintain here and that's sort of the big picture. Jeremy may have other comments to add. Yeah.

我們在這裡一直保持著這種基本的單位經濟效益，這才是問題的關鍵。傑里米可能還有其他補充。是的。

I'd add a couple of things to that important strategic narrative which is And we've said this, I think, before on these calls, which is growth in USDC through distribution partners, some of which is incentivized, also leads to a growth in the strength of the underlying network effects around USDC,

我想在這個重要的策略論述中補充幾點，那就是，我們之前在電話會議上也說過，USDC 透過分銷合作夥伴實現的成長（其中一些合作夥伴獲得了激勵），也會導致圍繞 USDC 的潛在網路效應的增強。

which I spoke about the elements of that earlier in this call, right, and that makes it more attractive for other market participants to independently build and use. USDC and provide USDC based products and services to their customers. The underlying point of that, which is any distribution relationship

正如我之前在電話會議中談到的，這些要素使得其他市場參與者更有動力獨立建構和使用。USDC 並向其客戶提供基於 USDC 的產品和服務。其根本要點在於任何分配關係

we have, also strengthens USDC that is not subject to any distribution relationship or indeed any incentive partnership, and that's a fundamental networks have network effects strength to our to our RLDC margin and our underlying economic.

我們也加強了 USDC，它不受任何分銷關係或激勵夥伴關係的約束，這是一個基本的網路效應，增強了我們的 RLDC 利潤率和我們的基本經濟實力。

Great. Thank you both.

偉大的。謝謝你們兩位。

James Fawcett, Morgan Stanley

詹姆斯‧福西特，摩根士丹利

Great, thank you so much. I want to go back to the comments you made about the AI hackathon and the like. How do you think about the to do list for Circle to become Integral to a lot of those evolving payment networks and that kind of thing,

太好了，非常感謝。我想回到你之前對人工智慧黑客馬拉松之類的評論。您認為Circle要成為眾多不斷發展的支付網絡的重要組成部分，需要完成哪些工作？

especially when, obviously there are other players or solutions like ether or crypto more generally just wondering, kind of what the pluses and minuses are and how you. Established position in the agent tech world. Thanks.

尤其是當還有其他參與者或解決方案，例如以太坊或更廣泛的加密貨幣時，我只是想知道，它們的優點和缺點是什麼，以及你如何。在代理技術領域確立了穩固的地位。謝謝。

Sure, thank you for the question. I think a couple of things I'd note. The first is that circle has. Invested heavily over the past, four to five years to make sure that our stablecoin network and that essentially the pipes that support the distribution liquidity and settlement of USCC. Are available on as many blockchain network platforms as possible.

當然，謝謝你的提問。我想提幾點。首先，圓具有以下特點。在過去的四、五年裡，我們投入了大量資金，以確保我們的穩定幣網絡以及支持 USCC 分銷流動性和結算的管道暢通無阻。盡可能在更多的區塊鏈網路平台上可用。

We're on over 30 blockchain networks, and that's key because developers who are building applications are going to build applications where their agents might anchor on Ethereum, as you note, they might anchor on Solana, they might anchor on Arc, they might anchor on a new chain that hasn't even come out. There's exciting new blockchains that are coming out

我們已連接超過 30 個區塊鏈網絡，這至關重要，因為開發人員在構建應用程式時，他們的代理可能會像您提到的那樣錨定在以太坊上，可能會錨定在 Solana 上，可能會錨定在 Arc 上，甚至可能會錨定在尚未推出的新鏈上。一些令人興奮的新區塊鏈正在湧現。

and I think we all believe that if you think about blockchain networks, these economic operating systems like we're in the early innings of these scaling out and scaling out to the kind of velocity of transactions that AI is going to demand and so one is we run across these networks today and in fact you know we've co-authored and participated in almost all of the key agentic payment standards.

我認為我們都相信，如果你思考區塊鏈網絡，這些經濟操作系統，就像我們正處於這些網絡擴展的早期階段，並擴展到人工智能將要求的交易速度，因此，我們今天運行在這些網絡上，事實上，你知道，我們共同編寫並參與了幾乎所有關鍵的代理支付標準。

And the denttic payment standards like export to and ERC 8004, it's a little jargon for those that aren't aware, but basically these are sort of agent related standards are almost all I think I saw a statistic and I may be wrong about this, but, essentially 99% of agentic payments, that are that have been measured over this recent period have been in USDC.

而像出口到 ERC 8004 這樣的代理支付標準，對於不了解的人來說可能有點專業術語，但基本上這些都是代理相關的標準。我記得我看到過一個統計數據，我可能記錯了，但基本上，最近一段時間以來衡量的代理支付中，99% 都是以 USDC 進行的。

So we have a first mover advantage by being on all of these networks, by being involved in the standards, by being deployed in these ways. We also make sure that all of our own APIs, all of our own protocols are surfaced directly as skills libraries to the agentic coding systems, and we as MCP servers so that AI developer tools can like seamlessly integrate to this.

因此，我們透過加入所有這些網路、參與標準制定以及以這些方式進行部署，獲得了先發優勢。我們還確保我們自己的所有 API 和所有協定都直接作為技能庫提供給智慧編碼系統，並作為 MCP 伺服器提供給人工智慧開發工具，以便人工智慧開發工具可以無縫整合到其中。

And so those are all things that we started making investments in some time ago that are paying off now as we get to this kind of lift off moment, so we feel good about those pieces and I think now.

所以這些都是我們之前開始投資的項目，現在隨著我們迎來這樣的起飛時刻，這些項目都開始獲得回報，所以我們對這些項目感到滿意，我認為現在…

I think, a lot of companies are really realizing like, let's say you're a fast company and you realize, well, maybe we're not going to sell end user seats but we're going to sell access to our capabilities as an API to AI agents.

我認為，很多公司都意識到，比如說，你是一家發展迅速的公司，你意識到，我們可能不會直接出售終端用戶席位，但我們會以 API 的形式向 AI 代理出售我們功能的存取權限。

A lot of companies are trying to figure out well how do you market to swarms of AI agents running around and. Are there marketplaces where AIs can find things they can use and so the sort of distribution in the AI agent world is like a new thing

許多公司都在努力思考如何向大量四處奔走的人工智慧代理商進行行銷。是否存在一些市場，人工智慧可以在那裡找到它們可以使用的東西？因此，人工智慧代理領域的這種分銷模式就像是一種新事物。

and you know we chose, as you noted, right after Maltbook launched we saw an opportunity to allow AI agents to compete in a hackathon amongst themselves to vote on things and that was the first of its kind. And I think was a powerful, marketing activity where that collection of AI agents are now well educated about USDC,

正如你所指出的，我們選擇在 Maltbook 推出後立即進行黑客馬拉松，讓 AI 代理彼此競爭，對各種事項進行投票，這是史無前例的。我認為這是一項強而有力的行銷活動，透過這項活動，現在這批人工智慧代理商已經對美國數位貨幣委員會（USDC）有了充分的了解。

and so there's more things like that that you'll expect to see us, do over time, and, but I, at a technology level just kind of coming back is, we believe that arc as an infrastructure both because of the USDC centric capability, the capital efficiency.

因此，隨著時間的推移，你們將會看到我們做更多類似的事情，但是，從技術層面來說，我們最終認為，弧線作為一種基礎設施，既是因為以 USDC 為中心的能力，也是因為資本效率。

The interoperability and the and the kind of cost efficiency of transactions are going to is going to be a very attractive high throughput infrastructure and we're going to be leaning into that. Thanks guys.

交易的互通性和成本效益將使高吞吐量基礎設施極具吸引力，我們將大力發展這項基礎設施。謝謝各位。

There are no further questions at this time, and with that, I will now turn the call over to John Andrews for closing comments. Please go ahead.

目前沒有其他問題了，接下來我將把電話交給約翰·安德魯斯，請他做總結發言。請繼續。

Great. Yeah, great, Kelvin, thank you so much. And for those who couldn't get through on the Q&A line, we'll happily follow-up with you over the course of the day. Again, we'd like to thank you for your attention and participation this morning and look forward to connecting Soon.

偉大的。好的，凱爾文，非常感謝你。對於那些未能透過問答熱線聯繫到的人，我們將在當天很樂意與您聯繫。再次感謝各位今天上午的關注與參與，期待很快與您再次聯繫。

Thanks everyone.

謝謝大家。

Thank you. Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。