Caroline Hyde

And then there's a different market, which is certainly more speculative about digital assets more broadly.

Jeremy, that's so interesting, because look, we've just had the news reporting that maybe Meta's back on thinking about how adoption of stable coins is going to work within its own platform.

Talk to us about how you're diversifying, because yes, you can do a lot with stable coins and indeed putting money into US treasury assets, but where else for the business now?

Well, a couple of things.

I think the first is that our core business is thriving.

USDC grew 72% year on year.

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?