Caroline Hyde

The amount of transactions happening in Q4 reached nearly 12 trillion.

That's up around 250% year on year.

Our market share has grown.

We're nearly 50% of all stablecoin transactions happening in the world.

And it's spreading, meaning it's the Intuits of the world, it's the J.P.

Morgans of the world, it's the Visas of the world, it's payroll companies, so many companies that are there.

So that is strong and growing, and we're still in the early stages of that.

But we see the opportunity as much larger.

And so for us, to your question,

You know, we're kind of going down the stack by building operating systems for this new economic system, operating systems that can support agentic applications, broader financial applications through ARK.

We're going up the stack by building applications that are useful to any financial institution that wants to plug into this and make this kind of the pipes for how they move money around the world.

Jeremy, can you be a little bit more granular?

You talked about overachievement, right, in new revenue streams.

Where and how did you achieve that?

Yeah, so specifically in new revenue streams, we saw other revenue, which includes subscriptions and services revenue, includes transaction revenue.

These were completely new lines of business a year ago in Q4 of 24.

They grew 15x to $37 million of revenue in the quarter.

And we've also given some guidance around 2026.

We see them growing another 50%.

And so this includes...