00:00What's so interesting is the moon music around crypto has been pretty dire in the fourth quarter
00:04fiscal fourth quarter. But have people been turning and using stable coin even more adoption
00:09been growing because of this sort of volatility of people in exiting Bitcoin and wanting to hold
00:14USDC instead. Well thanks for having me on. And I would sort of start by just saying you know if
00:20you look at the arc of 2025 and the the the success of legislative initiatives like the Genius Act the
00:30awareness around stable coins as a key infrastructure that can be used in the financial system in payments
00:36and capital markets and incredible growth which are obviously showing up in our full year and Q4
00:42numbers. What we've seen in some respects is stable coins as a technology as a use case decoupling
00:50from you know digital asset markets or decoupling from you know just you know speculating on the
00:57price of Bitcoin or things like that. And that's something that we believe for a very long time is
01:01that blockchains stable coins. And now as we see this kind of collision of this with agentic
01:08capabilities and agentic computing are creating utility for businesses and financial institutions
01:14and households. And that's that's driving this shift. And so I think the market is just starting
01:19to understand there are you know internet financial platform and infrastructure companies that are
01:25building for this new economic system that's built around real world money like USDC and this and
01:32blockchain technology. And then there's a there's a different market which is certainly more speculative
01:38about about you know digital assets more broadly. Jeremy that's so interesting because look we've just had the
01:42news reporting that maybe Meta's back on thinking about how adoption of stable coins going to work within its own
01:47platform. Talk to us about how you're diversifying because yes you can do a lot with stable coins
01:53and indeed putting money into U.S. Treasury assets. But where else for the business now.
01:59Well a couple of things. You know I think the first is that you know our core business is thriving.
02:05You know USDC
02:07grew 72 percent year on year. The amount of transactions happening in Q4 reached nearly 12 trillion. That's
02:14up around 250 percent year on year. Our market share has grown. We're nearly 50 percent of all
02:24stable coin transactions happening in the world. And it's spreading meaning it's it's the Intuits of
02:29the world. It's the JP Morgans of the world. It's the visas of the world. It's payroll companies. So many
02:36companies that are there. So that that is that is strong and growing and we're still in the early stages
02:41of
02:41that. But we we see the opportunity as as much larger. And so for us to this to your question
02:47you know we're kind of going down the stack by building operating systems for this new economic
02:53system. Operating systems that can support agentic applications broader financial applications through
02:59arc. We're going up the stack by building applications that are useful to any financial
03:04institution that wants to plug into this and make this kind of the pipes for how they move money around
03:09the
03:09world. Can you be a little bit more granular? You talked about overachievement right in new revenue
03:13streams. Where and how did you did you achieve that? Yes. So specifically in new revenue streams
03:21we saw other revenue which is a includes subscriptions and services revenue includes transaction revenue.
03:27You know these were completely new lines of business a year ago in Q4 of of 24. They grew 15x
03:34to 37
03:35million dollars of revenue in the quarter. And we've also given some guidance around 2026. We see them
03:42growing you know another 50 percent. And so this this includes you know product and partnership work
03:49that we do to take the stablecoin network technology we have and make it available through partnerships
03:55across more and more blockchain networks. This includes transaction fees that are charged for different
04:02services that we offer. And so there's a there's a mixture of of of new you know revenue streams in
04:09there. And we have not really yet turned on revenue from major platforms like CPN and Arc yet. But we're
04:16you know we're encouraged by that growth and that's that helped our margin as well in the quarter.
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