Exodus Movement Inc (EXOD) 2025 Q3 法說會逐字稿

Hi, everyone. Welcome to Exodus' Third Quarter 2025 earnings call. I'm your host, Elizabeth Shores, and joining us again are Exodus' Co-Founder and CEO, J.P. Richardson; and CFO, James Gernetzke.

大家好。歡迎參加 Exodus 2025 年第三季財報電話會議。我是主持人伊麗莎白·肖爾斯，再次做客我們節目的是 Exodus 的聯合創始人兼首席執行官 J.P. Richardson 和首席財務官 James Gernetzke。

During today's call, we may make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance.

在今天的電話會議中，我們可能會發表一些前瞻性聲明。公司提醒投資者，任何前瞻性聲明都涉及風險和不確定性，並不能保證未來的績效。

Actual results may vary materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-Q filed with the Securities and Exchange Commission, available on the Investor Relations portion of our website. We do not undertake any obligation to update forward-looking statements.

由於各種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。這些因素在我們的獲利新聞稿和我們最近向美國證券交易委員會提交的 10-Q 表格中的前瞻性聲明中有所描述，這些文件可在我們網站的投資者關係部分查閱。我們不承擔更新前瞻性陳述的任何義務。

Now you can feel free to visit our social media accounts on X or Reddit to submit any questions you may have about this quarter for our Investor Relations team after our call. And now our CEO will discuss our developments and our quarter. Take it away, JP.

現在，您可以在電話會議結束後訪問我們在 X 或 Reddit 上的社交媒體帳號，向我們的投資者關係團隊提交您對本季可能存在的任何問題。接下來，我們的執行長將討論公司的發展和本季業績。JP，請開始吧。

Thank you, Elizabeth, and thank you, everyone, for joining us this morning. I'm excited about the positive momentum in our business. We had a good quarter. Exodus posted over $30 million in revenue this quarter. That's a 51% year-over-year growth as consumers and industry partners continue to get value from Exodus products.

謝謝伊莉莎白，也謝謝各位今天早上光臨。我對我們業務的積極發展勢頭感到興奮。我們這個季度表現不錯。Exodus本季營收超過3000萬美元。由於消費者和產業合作夥伴持續從 Exodus 產品中獲得價值，因此年增了 51%。

We'll speak more to that value later in this call.

我們稍後會在本次電話會議中更詳細地討論這個價值。

Exodus is a company of builders. We've described many of the technologies we have built such as passkeys in previous calls. These products have laid the foundation for the next great wave of innovation in money. Exodus is building completely beyond the boundaries of a crypto wallet. We are building toward a future where people use Exodus as an app, not just to invest and save their money, but to make payments and transfer money in the broader financial system.

Exodus是一家建築公司。我們在先前的電話會議中已經介紹過我們開發的許多技術，例如通行金鑰。這些產品為下一波金融領域的創新浪潮奠定了基礎。Exodus 的構建完全超越了加密錢包的界限。我們正在努力建立一個未來，在這個未來中，人們不僅將 Exodus 用作投資和儲蓄的應用程序，而且還將其用於在更廣泛的金融系統中進行支付和轉移。

It's a future where with one tap, you can send $20 to your mom across the world, a future where you can easily use crypto wealth to buy groceries, all without any crypto complexity. Many of these experiences will be powered with stablecoins, payments with stablecoins and purchases with cards using stablecoins.

未來，只需輕輕一點，你就可以給遠在世界另一端的母親匯款 20 美元；未來，你可以輕鬆地使用加密貨幣購買雜貨，所有這一切都無需任何復雜的加密貨幣知識。這些體驗中的許多都將由穩定幣提供支持，包括使用穩定幣進行支付以及使用穩定幣卡進行購物。

Now I'm excited to share with you our acquisition of Grateful that we announced this morning. The tools that Grateful ship will be helpful to us as we work to produce useful products to consumers and merchants across the payment space. Grateful has built a merchant checkout experience built on stablecoins. In addition, we've built a payments app on passkeys and stablecoins to pair with this merchant experience.

現在我很高興地與大家分享我們今天早上宣布的對 Grateful 的收購消息。Grateful 提供的工具將對我們有所幫助，因為我們致力於為支付領域的消費者和商家生產有用的產品。Grateful 建立了一個基於穩定幣的商家結帳體驗。此外，我們還開發了一款基於通行金鑰和穩定幣的支付應用程序，以配合這種商家體驗。

The Grateful payments app will go live next month in Argentina and Uruguay. Finally, Grateful is a company of builders themselves. The Grateful acquisition is bringing crypto builders and company founders into the fold at Exodus. And that's a positive development that we intend to make into a habit.

Grateful支付應用程式將於下個月在阿根廷和烏拉圭上線。最後，Grateful 公司本身就是由建築工人組成的公司。收購 Grateful 將加密貨幣建立者和公司創辦人納入 Exodus 的陣營。這是一個積極的進展，我們打算將其培養成一種習慣。

Now shifting gears to our traditional crypto business and XO Swap. We've gotten more traction with recent names signed, including MetaMask. While some of the notable recent signings are still in the integration phase, we are expanding across the industry with 16 signed partnerships, 10 of which are already producing. We've been tracking these producing partners in our monthly treasury updates. In September, we served 37% of exchange provider volume to XO Swap industry partners, up from 26% in the previous month.

現在，讓我們把重心轉移到我們傳統的加密貨幣業務和 XO Swap 上。我們最近簽下了一些公司，包括 MetaMask，取得了更大的成功。雖然最近一些值得關注的簽約項目仍處於整合階段，但我們正在透過簽署 16 項合作協議，在整個行業內不斷擴張，其中 10 項合作項目已經開始生產。我們在每月財務報告中一直在追蹤這些生產合作夥伴的情況。9 月份，我們為 XO Swap 產業合作夥伴提供了 37% 的交易提供者交易量，高於上個月的 26%。

Also on this topic, since there were a lot of questions about MetaMask after the last call, this integration is not yet producing revenue, but MetaMask recently posted on X that they are expecting Bitcoin support soon.

關於這個主題，由於上次電話會議後有很多關於 MetaMask 的問題，目前這項整合尚未產生收入，但 MetaMask 最近在 X 上發布消息稱，他們預計很快就會支援比特幣。

And as a result, we are optimistic about the prospects for our white label services with continued traction and success since launch. It's gratifying to see Exodus extend our services across the industry. Every new partnership validates our technology and drives benefits from scale.

因此，我們對白標服務的前景持樂觀態度，並相信自推出以來，該服務將持續獲得發展動力和成功。看到 Exodus 將我們的服務擴展到整個行業，我感到非常欣慰。每一項新的合作關係都驗證了我們的技術，並帶來了規模效益。

Now let's talk about tokenization. Tokenization is another area where Exodus works consistently to be on the leading edge because I strongly believe that tokenization of assets, particular stocks, is the future of financial markets.

現在我們來談談分詞。代幣化是 Exodus 一直努力保持領先的另一個領域，因為我堅信資產（特別是股票）的代幣化是金融市場的未來。

We announced that we are exploring a Bitcoin dividend. As those plans have progressed, our team has thought through a number of other crypto-like value-added activities that we could power for our shareholders utilizing our Exodus token within our Exodus products. But first things first.

我們宣布正在探索比特幣分紅方案。隨著這些計劃的推進，我們的團隊已經思考了許多其他類似加密貨幣的增值活動，我們可以利用我們的 Exodus 代幣在我們的 Exodus 產品中為我們的股東提供支援。但首先，還有一些事情要做。

We are working through the steps for a potential Bitcoin dividend, and James is going to have more on that later. Now we partnered with Superstate to extend the Exodus common stock token to the Solana blockchain. So now Exodus is on two blockchains, Solana and Algorand with more to come. Enabling Solana is only the first step. All of you who know me well know how excited I am to be moving towards an on-chain stock trading. And it's a priority for Exodus to be in front when U.S companies start trading. So I'm excited to see the world of Solana and Exodus investment community come together. The time is now.

我們正在研究比特幣分紅的相關步驟，詹姆斯稍後會對此進行更詳細的介紹。現在我們與 Superstate 合作，將 Exodus 普通股代幣擴展到 Solana 區塊鏈。現在 Exodus 已在 Solana 和 Algorand 兩條區塊鏈上運行，未來還將支援更多區塊鏈。啟用 Solana 只是第一步。熟悉我的人都知道，我對邁向鏈上股票交易有多興奮。對 Exodus 來說，當美國公司開始交易時，搶佔先機是重中之重。所以我很高興看到 Solana 和 Exodus 投資社區走到了一起。現在就是時候了。

Now let's talk about the industry and market briefly. And while the price of Bitcoin or Ethereum crypto assets supported our overall economic environment for the quarter, we see stablecoin and real-world asset tokenization adoption as key catalysts in the Exodus world future.

現在我們簡單談談產業和市場狀況。雖然比特幣或以太坊加密資產的價格在本季度支撐了我們整體的經濟環境，但我們認為穩定幣和現實世界資產代幣化的採用是 Exodus 世界未來發展的關鍵催化劑。

I'd like to reiterate once again that Exodus is already a leader in key components of this future. Our multichain self-custodial wallet technology, our exchange aggregator that powers swaps across blockchains and our groundbreaking common stock tokens all demonstrate our deep experience across many different rails. So it remains our long-term goal for Exodus to become the last and best app that consumers will ever need for their finances.

我想再次重申，Exodus 已經在未來關鍵組成部分中處於領先地位。我們的多鏈自託管錢包技術、支援跨區塊鏈交易的交易所聚合器以及我們突破性的普通股代幣，都體現了我們在多個不同領域的深厚經驗。因此，我們的長期目標仍然是讓 Exodus 成為消費者在理財方面所需的最後也是最好的應用程式。

So I'd like to quickly say thank you to everyone that's joined us on this journey.

所以，我想快速地感謝所有陪伴我們走過這段旅程的人們。

James, over to you to discuss our finances.

詹姆斯，接下來由你來討論我們的財務狀況。

Great. Thanks, JP. Let's jump in. So Q3 revenue came in at $30.3 million. That's a 51% increase from a year ago. And one of the items driving this growth is the higher digital asset prices, which we've seen over the last 12 months as we've had a very favorable backdrop for our industry. Q3 swap volume totaled $1.75 billion. That's an increase of 82% from the prior year quarter and as B2B swaps contributed $496 million. That's 28% of our quarterly volume.

偉大的。謝謝，JP。讓我們開始吧。因此，第三季營收為3,030萬美元。比一年前成長了51%。推動這一成長的因素之一是數位資產價格上漲，過去 12 個月來，由於行業環境非常有利，我們看到了這一點。第三季互換交易總額為17.5億美元。這比上一季成長了 82%，其中 B2B 互換貢獻了 4.96 億美元。這占我們季度交易量的28%。

Key drivers to the overall volume increase here included higher digital asset prices and the emergence of very meaningful volume from our XO Swap partnerships. Non-exchange-related revenue increased to over 10% of our revenue. That's the first time that we've seen that in quite some time. This primarily reflects improvements in staking, specifically in Solana staking. And we've also seen traction from our XO Pay product in the United States.

推動整體交易量成長的關鍵因素包括數位資產價格上漲以及我們 XO Swap 合作夥伴關係帶來的非常可觀的交易量。非交易所相關收入佔總收入的10%以上。這是我們很久以來第一次看到這種情況。這主要反映了質押的改進，特別是 Solana 質押的改進。我們的 XO Pay 產品在美國也取得了不錯的迴響。

From a user front, our monthly active users ended at 1.5 million. That's similar to the end of last quarter and down 6% from the previous year. Quarterly funded users ended at 1.8 million, and that's up 6% from last quarter and up 20% from a year ago.

從用戶數來看，我們的每月活躍用戶數最終達到 150 萬。這與上一季末的情況類似，比上年同期下降了6%。本季付費用戶數達 180 萬，較上一季成長 6%，比去年同期成長 20%。

So -- and as a reminder, QFUs counts funded users. Those are users that have put their money on the Exodus platform, and that demonstrates the real stickiness of the XO wallet and the loyalty shown by those users who've trusted us to put their money on our platform.

所以——再次提醒一下，QFU 統計的是獲得資助的用戶數量。這些用戶已經將資金投入到 Exodus 平台，這證明了 XO 錢包的真正黏性，以及信任我們並將資金投入我們平台的用戶所表現出的忠誠度。

And as we look at the Grateful acquisition, our payment strategy is spearheaded by this acquisition. Grateful is a talented outfit that helps us implement and refine aspects of our software for mass consumption. Additionally, the benefit of Grateful that gives us is a great deal of flexibility with our go-to-market strategy across jurisdictions, including targeted rollouts and feature testing.

當我們檢視對 Grateful 的收購時，會發現我們的支付策略正是由這次收購所引領的。Grateful 是一家才華橫溢的公司，幫助我們實現和改進軟體的各個方面，使其能夠大規模應用。此外，Grateful 為我們帶來的好處是，我們在跨司法管轄區的市場推廣策略方面擁有很大的靈活性，包括有針對性的推廣和功能測試。

And on to our balance sheet. It remains a source of strength for us. As of September 30, digital asset -- digital and liquid assets totaled $315 million, and Exodus maintains a debt-free position. And while we increased our Bitcoin to 2,123 Bitcoin. With regards to our strategy, the Grateful acquisition provides a beachhead in the traditional payment space that can be augmented through development and successive acquisitions as we broaden our capabilities.

接下來是我們的資產負債表。它始終是我們的力量泉源。截至 9 月 30 日，數位資產（包括數位資產和流動資產）總計 3.15 億美元，Exodus 保持零負債。同時，我們的比特幣數量增加到了 2,123 個比特幣。就我們的策略而言，收購 Grateful 為我們在傳統支付領域奠定了基礎，隨著我們能力的拓展，可以透過發展和後續收購來增強這一基礎。

Meanwhile, the Grateful team's focus on simple, efficient and multichain payment experience for merchants and customers gives us inroads to pursue new regions and new users in conjunction with our existing multichain software.

同時，Grateful 團隊專注於為商家和客戶提供簡單、高效和多鏈支付體驗，這使我們能夠結合現有的多鏈軟體，開拓新的地區和新的用戶群。

On the dividend front, we filed an information statement on Friday. So as previously reported, we are currently exploring the possibility of issuing Bitcoin dividends to our stockholders. We believe that issuing the right to receive a Bitcoin -- right to receive a dividend in BTC will allow us to leverage a core asset to reward our public stockholders directly and to promote business objectives such as the adoption of Exodus products and services and promoting the advantages of common stock tokens.

關於股息方面，我們已在週五提交了資訊聲明。正如之前報導的那樣，我們目前正在探索向股東發放比特幣股息的可能性。我們相信，發行獲得比特幣的權利——即獲得比特幣股息的權利——將使我們能夠利用核心資產直接獎勵我們的公眾股東，並促進業務目標的實現，例如推廣 Exodus 產品和服務，以及宣傳普通股代幣的優勢。

As part of this process, we are seeking to amend our charter to allow Exodus to declare and pay dividends as only -- to only our publicly listed Class A common stock. And we believe that this charter amendment will allow flexibility in our capital allocation strategy and potentially maximize the value of any potential dividend through targeted distributions to our Class A stockholders given that our founders -- sorry, JP, hold over 96% of our Class B common stock.

作為此過程的一部分，我們正在尋求修改我們的章程，​​以允許 Exodus 僅向我們公開上市的 A 類普通股宣布和支付股息。我們相信，這項章程修正案將使我們的資本配置策略更具靈活性，並有可能透過向 A 類股東定向分配來最大限度地提高任何潛在股息的價值，因為我們的創始人——抱歉，是 JP——持有我們 96% 以上的 B 類普通股。

But any potential dividend remains subject to Board approval and the charter amendment is subject to completion. So for additional information on the charter amendment, please refer to the preliminary information statement filed with the SEC on November 7.

但任何潛在的股利仍需董事會批准，且章程修正案仍需完成。因此，有關章程修訂的更多信息，請參閱 11 月 7 日向美國證券交易委員會提交的初步資訊聲明。

And now let's go back to Elizabeth to begin questions and answers from our analysts.

現在讓我們回到伊莉莎白，開始分析師的問答環節。

(Operator Instructions) Andrew Harte, BTIG.

（操作說明）Andrew Harte，BTIG。

Congratulations on the Grateful acquisition. I'm hoping maybe you can just unpack a little more. How quickly do you think you can have Grateful integrated into the XO wallet and platform? And any financial details you can share or expectations around Grateful as well would be really helpful. Thank you.

恭喜 Grateful 完成收購。我希望你能再詳細解釋一下。您認為 Grateful 最快需要多長時間才能整合到 XO 錢包和平台中？如果您能分享一些財務細節或對 Grateful 的期望，那就太好了。謝謝。

Thanks, Andrew. So yes, the Grateful acquisition is super exciting for us. And so to answer your question, we are going to go live with Grateful next month. So going to start in Uruguay. And the reason for that is that down in South America during the -- its summer there now or will be summer here shortly and down in South America.

謝謝你，安德魯。所以，是的，收購 Grateful 對我們來說非常令人興奮。所以，回答你的問題，我們下個月將正式推出 Grateful 功能。所以，我們將從烏拉圭開始。原因在於，南美洲現在是夏季，或很快就會是夏季，而南美洲則是夏季。

And so there's a lot of activity that happens down in Uruguay and Argentina. So Grateful is an Argentinian and Uruguayan team. And so we'll launch there next month and in addition with the Grateful app. So you'll see merchant services, merchant checkout experiences and the app itself will all be live next month.

因此，烏拉圭和阿根廷一帶有很多活動。So Grateful 是一支由阿根廷人和烏拉圭人組成的隊伍。因此，我們下個月將在那裡推出，此外還將推出 Grateful 應用程式。所以，商家服務、商家結帳體驗以及應用程式本身都將在下個月上線。

And James, you probably have more on the finances.

詹姆斯，你可能更了解財務方面的事情。

Yes, exactly. So Andrew, thanks for the question. I would say that we didn't release the amounts, but just so you get an understanding of the size, they are a smaller team down there, and it's not a very large acquisition from a financial perspective.

是的，正是如此。安德魯，謝謝你的提問。我想說，我們沒有公佈具體金額，但為了讓大家了解規模，他們那裡的團隊規模較小，從財務角度來看，這並不是一筆非常大的收購。

But I think what it really does show is just that as we have been very public about our M&A strategy, as we've talked about -- as our team has gone out and looked at acquisition targets that we have all different types and the fact that we saw -- we really do appreciate and value the technology and that they've built. They just happen to be very rather early on their journey.

但我認為這真正表明的是，正如我們一直公開談論我們的併購策略一樣，正如我們所說——我們的團隊已經考察了各種類型的收購目標，而我們看到的事實是——我們確實欣賞和重視他們所擁有的技術和成就。他們恰好還處於旅程的早期階段。

They had essentially just gotten to their product launch stage when we started getting -- talking to them in earnest about the acquisition. So from a financial perspective, it's not that great, but from -- sorry, not that large. But from a technology perspective, we think it's going to be pretty impactful.

當時他們基本上才剛進入產品發布階段，我們就開始和他們認真地討論收購事宜。所以從財務角度來看，它並不算太好，但──抱歉，規模也不大。但從技術角度來看，我們認為它會產生相當大的影響。

Really helpful. And then just as my other question, James, you talked about a larger percentage of revenues coming from non-aggregation sources. I think you called out staking in XO Pay in particular. As we think about the opportunity for that revenue line item to continue growing in these different sources, can you just break down some of the puts and takes in there and how you see that line item evolving over time?

真的很有幫助。詹姆斯，就像我之前問的另一個問題一樣，你提到過來自非聚合來源的收入比例越來越高。我認為你特別提到了 XO Pay 的質押機制。當我們考慮如何讓這部分收入在不同的來源中持續成長時，您能否詳細分析其中的一些利弊，以及您認為這部分收入會如何隨時間演變？

Yes. So I think I have generally been fairly consistent. I think that we'll always see aggregation, exchange aggregation in particular, be a rather large part of our revenue stack, if you will, to mix technological and finance terms.

是的。所以我覺得我整體上還算比較穩定。我認為，聚合，特別是交易所聚合，將始終是我們收入結構中相當大的一部分（如果將技術和金融術語結合起來使用的話）。

I look at the aggregator kind of as the glue because whether you're talking about a stablecoin going from Amazon stablecoin to Walmart stablecoin, that aggregator is kind of the glue that's going to power a lot of the different experiences that we see in the future.

我認為聚合器就像黏合劑一樣，因為無論是從亞馬遜穩定幣到沃爾瑪穩定幣，聚合器都像黏合劑一樣，為我們未來看到的許多不同體驗提供動力。

But to your point, I mean, the Grateful acquisition, the stable coins and the technology and dealing with merchants and things like that, that's not necessarily going to be swapped. So I think as -- especially as we acquire other companies, I think you'll see and develop new, more stablecoin and more payment rails type products. I think you could start seeing -- there's a lot of other opportunities that aren't necessarily exchange related. But I generally believe that, that exchange will be a large part of the revenue.

但正如你所說，我的意思是，Grateful 的收購、穩定幣、技術以及與商家打交道等等，這些不一定會被交換。所以我認為，尤其是在我們收購其他公司之後，你會看到並開發更多新的、更穩定的幣種和支付軌道類型的產品。我認為你可能會開始意識到——還有很多其他機會，這些機會不一定與外匯交易有關。但我總體上認為，這種交流將佔收入的很大一部分。

Owen Rickert, Northland.

歐文‧里克特，北地。

What does the monetization model look like for Grateful? Are you guys going to be earning fees on merchant payment volume or stablecoin yield spreads? I guess can you just provide some more color on that?

Grateful 的獲利模式是怎樣的？你們打算透過商家支付額還是穩定幣殖利率差價來賺取費用？我想請您再詳細解釋一下？

Yes, absolutely. So short term, we don't care as much about the merchant payment experience in terms of monetizing it. It's more about the utility and getting merchants to realize that if you have a checkout experience with stablecoins, you're going to save a lot of money compared to spending fees on credit card exchanges. So while we will experiment with some, I think, smaller takes anywhere up to 50 bps in some cases, the aspect for us is not the merchant experience.

是的，絕對的。所以短期內，我們並不太關心商家的支付體驗能否帶來效益。更重要的是實用性，要讓商家意識到，如果使用穩定幣結帳，與支付信用卡手續費相比，可以節省很多錢。所以，雖然我們會嘗試一些較小的調整，我認為在某些情況下調整幅度可以達到 50 個基點，但對我們來說，重點不在於商家的體驗。

The monetization piece that really becomes, I think, interesting is for consumers to actually start holding crypto assets to hold stablecoins to provide yield through stablecoins and to provide other value-added services.

我認為真正有趣的是，消費者開始持有加密資產，持有穩定幣，透過穩定幣獲得收益，並提供其他增值服務。

I mean if you can imagine that if you have people all over Latin America and the United States using a wallet, they're holding their money, they're holding their stablecoins. That opens up a whole suite of monetization capabilities.

我的意思是，你可以想像一下，如果整個拉丁美洲和美國的人們都在使用錢包，他們把錢和穩定幣都存在錢包裡。這開啟了一整套獲利模式。

You could imagine things like mortgages. You can think any sort of loan capabilities. Things like that are really interesting to us to connect consumers with the money that they have with the utility that they will need. So that's how we think about it. And of course, not to mention that in time in the Grateful app, there's the possibility of even bringing in other crypto experiences like Swaps.

你可以想像一下抵押貸款之類的事情。您可以考慮任何類型的貸款能力。我們非常感興趣的是如何將消費者現有的資金與他們所需的服務連結起來。我們就是這麼想的。當然，更不用說，隨著時間的推移，Grateful 應用程式甚至有可能引入其他加密貨幣體驗，例如代幣互換。

So if you have stablecoins and you see all of a sudden that you want to buy some Bitcoin or Ethereum, that becomes another value-added service. But the key, again, is adding -- making sure that merchants really understand the utility and convenience and cost savings with stablecoins. That's the really important key here.

因此，如果您持有穩定幣，並且突然想購買一些比特幣或以太坊，那麼這便成為另一項增值服務。但關鍵在於要讓商家真正了解穩定幣的實用性、便利性和成本節約優勢。這才是關鍵所在。

Great. Super helpful. And secondly, I guess, how big is the opportunity in Latin America and potentially other emerging markets for these stablecoin-based payments?

偉大的。非常有用。其次，我想問的是，在拉丁美洲以及其他新興市場，基於穩定幣的支付方式究竟有多大的發展機會？

Well, it's huge. It's absolutely huge. I mean everybody down in Latin America, especially in countries like Argentina, right, we all know the stories of the high inflation of the Argentinian peso and how many consumers around there want to use stablecoins. They want to use the dollar. And so for us, this presents such a huge opportunity.

嗯，它非常大。它真是太大了。我的意思是，拉丁美洲的每個人，特別是像阿根廷這樣的國家，我們都知道阿根廷比索的高通膨率，以及那裡有多少消費者想要使用穩定幣。他們想使用美元。因此，這對我們來說是一個巨大的機會。

And I've been told that Tether is actually a household name down in places like Argentina. So given that Argentina is a country of over 100 million, Uruguay is a much smaller country of about 5 million, the opportunity is quite big to really present consumers all across Latin America with an easy and convenient way to hold and store and use dollars as a part of their daily lives. So I think the opportunity is ginormous.

我還聽說，Tether 在阿根廷等地其實是家喻戶曉的品牌。鑑於阿根廷是一個擁有超過 1 億人口的國家，而烏拉圭是一個人口只有約 500 萬的小得多的國家，因此，向整個拉丁美洲的消費者提供一種簡單便捷的方式，讓他們能夠持有、存儲和使用美元，將其融入到日常生活中，這是一個相當大的機會。所以我認為這其中的機會非常巨大。

Kevin Dede, H.C. Wainwright.

凱文·迪迪，H.C. 溫賴特。

JP, I really appreciated your color sort of from the 20,000-foot perspective. I was wondering if you wouldn't mind maybe adding a little more to that and you're thinking about integrating Grateful with stablecoins and that possibility into the wallet for customers in the Western world where inflation isn't such a big deal or at least is not as bad as Argentina.

JP，我真的很欣賞你從宏觀角度看待問題的方式。我想問您是否不介意再補充一點，您是否考慮過將 Grateful 與穩定幣整合到錢包中，以便為西方世界的客戶提供服務，因為那裡的通貨膨脹並不嚴重，或者至少不像阿根廷那麼糟糕。

And then maybe you could talk a little bit how you'd incentivize your users, number one, to come to your platform; and number two, to actually use it when most people are pretty satisfied with their credit card. Understand the merchant perspective but just would love to hear your thinking on how users might approach it.

然後，或許您可以談談您將如何激勵用戶，第一，讓他們來到您的平台；第二，讓他們真正使用它，因為大多數人對他們的信用卡都相當滿意。我理解商家的觀點，但很想聽聽您對使用者會如何看待這個問題的看法。

Yes. Kevin, that's a great question. So when you think about Gen Z consumers or even younger Gen Alpha consumers, it's like I have an older son. And I remember when I had a conversation with him, and I said to him like, yes, we got to sign you up with a bank account and you're going to have to direct deposit and with your job and then you're going to have to -- he had to write a check at one point in time. And I remember he asked me, he said, what's a check?

是的。凱文，你問得好。所以，當你想到 Z 世代消費者，甚至是更年輕的 Alpha 世代消費者時，就好像我有一個大兒子一樣。我記得我和他談過一次，我說，是的，我們得幫你開個銀行帳戶，你得設定直接存款，還得跟你的工作單位對接，然後你還得——他之前還得寫過支票。我記得他問我，他說，什麼是支票？

I was like, wow, there's such a divide between older generations and younger generations, the Snapchat generation, the I want it now generation. These are the type that want to do all of their banking directly inside of an app, one app. And so that's the opportunity here.

我當時就想，哇，老一代和年輕一代，Snapchat一代和「我想要立刻得到」一代之間，存在著如此巨大的鴻溝。這類用戶希望所有銀行業務都能在一個應用程式中完成。所以，這就是我們面臨的機會。

And we're not -- to be very clear, we're going to integrate with credit cards and debit cards as well because the opportunity is that we want a person to be able to have dollars in their XO's wallet and be able to use them anywhere in the world. That's the key important aspect here is to be able to use it anywhere in the world and not have any friction.

而且，需要明確的是，我們還會整合信用卡和金融卡，因為我們希望用戶能夠在 XO 錢包裡存有美元，並在世界任何地方使用這些美元。關鍵在於能夠在世界任何地方使用它而不會遇到任何阻礙。

Because what we found if we go back to Exodus for a moment, right, Exodus was created to help people manage a portfolio of assets. That's where it started, right, to manage a portfolio of Bitcoin, Ethereum, Dogecoin and just any crypto assets.

因為如果我們回顧 Exodus，就會發現 Exodus 的創建初衷是為了幫助人們管理資產組合。事情就是這樣開始的，沒錯，就是管理比特幣、以太幣、狗狗幣以及任何加密資產的投資組合。

And we saw a future that someday that would involve stocks. And even though at the time, stablecoins were early, we knew that someday that would involve stablecoins. But at the end of the day, somebody just be able to buy Dogecoin at $1 and then turn it around and sell it for $4 later, like while that's cool and it helps make money for us, People want to be able to bring that additional or get utility from that additional value, right?

我們看到了未來，而未來有一天，股票將會成為其中的一部分。儘管當時穩定幣還處於早期階段，但我們知道總有一天會涉及穩定幣。但歸根結底，有人可能以 1 美元的價格買入狗狗幣，然後過段時間以 4 美元的價格賣出，雖然這很酷，也能幫助我們賺錢，但人們希望能夠從這種額外的價值中獲得額外的效用，對吧？

Like people buy crypto assets with the intention of being able to get value from them later.

就像人們購買加密資產的目的是為了日後從中獲利。

So again, for the consumer, that becomes really powerful where you have one app that has all of your crypto in it. You have one app that has all of your stocks in it. You have one app that has all of your stablecoins and it's presented in such a way that you're not really thinking about, oh, is this stablecoin is on Solana? Is it on Ethereum? I don't know.

所以，對於消費者來說，這真的非常強大，因為你只需要一個應用程式才能擁有所有的加密貨幣。你只有一個應用程序，裡麵包含了你所有的股票資訊。你只需一個應用程式就能管理所有穩定幣，而且它的呈現方式讓你不會去想，哦，這個穩定幣是否在 Solana 上？它是基於以太坊嗎？我不知道。

I don't care as a consumer. I care about the convenience. I care about being able to use my dollars anywhere. I care about being able to take my Bitcoin and sell it right away so that I can buy a new PlayStation or whatever some Gen Z kid cares about. So that's how we think about it.

身為消費者，我並不在意。我看重的是便利性。我關心的是我的錢能在任何地方使用。我希望能夠立刻把我的比特幣賣掉，這樣我就可以買一台新的 PlayStation 或其他 Z 世代小孩喜歡的東西。我們就是這麼想的。

And again, just to be very clear, Exodus and Grateful will integrate with debit cards so that you can use these assets at the point of sale. So I just want to be very, very clear on that.

再次強調，Exodus 和 Grateful 將與借記卡集成，以便您可以在銷售點使用這些資產。所以我想把這一點說得非常清楚。

Yes. Thanks, JP. Appreciate it. James, a quick one for you. The Grateful deal, was that cash or stock?

是的。謝謝，JP。謝謝。詹姆斯，給你一個簡短的問題。Grateful 的交易是以現金還是股票支付的？

And did it come with a banking relationship in Uruguay and Argentina? And is that important?

它是否與烏拉圭和阿根廷的銀行建立了合作關係？這重要嗎？

It was a mix of cash and stock. And from the importance of the banking relationship, that is -- that was not a driving factor. Obviously, there are relationships on there, but that was not a driving factor. And just to add some color to what JP had mentioned earlier there, Kevin. Just as an anecdotal consumer, the other day, I went out and I went all day and swiped my card and I got charged 3% every time I did it.

支付方式包括現金和股票。而從銀行關係的重要性來看，這並不是驅動因素。顯然，這裡面存在著一些人際關係，但這並不是主要原因。凱文，我再補充JP之前提到的內容。就我個人而言，前幾天我出門逛了一整天，每次刷卡都被收取了 3% 的手續費。

So I think that we're seeing a very rapidly changing environment on just payments in general. And so I think that one of the highlights that Grateful does is it allows us to really broaden our capabilities and address numerous different payment rails and methods where we can add some value.

所以我認為，我們看到整個支付領域的環境正在發生非常快速的變化。因此，我認為 Grateful 的一大亮點在於，它使我們能夠真正擴展自身能力，並應對眾多不同的支付管道和方法，從而創造價值。

Yes. So to your point, James, just lastly, you're swiping your credit card and absorbing the 3% fee that used to be charged to merchants.

是的。所以，詹姆斯，最後再補充一點，你刷信用卡時要承擔以前商家收取的 3% 的手續費。

Exactly.

確切地。

(Operator Instructions) And it looks like there are no more questions. So thank you so much again to JP and James and our analysts. If you want, you can visit our social channels on X or Reddit to submit your questions for management for the quarter. And our Investor Relations team is always standing by.

（操作說明）看來沒有其他問題了。再次非常感謝JP、James以及我們的分析師。如果您願意，可以造訪我們在 X 或 Reddit 上的社交管道，向管理層提交您本季需要解答的問題。我們的投資人關係團隊隨時待命。

Now thanks again for joining us today, and we will see you next quarter.

再次感謝您今天收看我們的節目，我們下個季度再見。