v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net revenue
Transaction revenue
Consumer, net
$649,908  $664,772 $1,745,414 $1,599,984 
Institutional, net60,819 63,624 159,707 149,016 
Other transaction revenue, net53,543 52,506 121,357 108,643 
Total transaction revenue764,270 780,902 2,026,478 1,857,643 
Subscription and services revenue
Stablecoin revenue(1)
332,497 240,436 630,032 437,753 
Blockchain rewards144,535 185,139 341,127 336,068 
Interest and finance fee income(2)
59,316 69,400 122,402 136,063 
Other subscription and services revenue
119,478 104,065 260,376 200,092 
Total subscription and services revenue655,826 599,040 1,353,937 1,109,976 
Total net revenue1,420,096 1,379,942 3,380,415 2,967,619 
Other revenue
Corporate interest and other income(1)
77,112 69,686 151,088 119,579 
Total other revenue77,112 69,686 151,088 119,579 
Total revenue$1,497,208 $1,449,628 $3,531,503 $3,087,198 
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(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”).
(2)Amounts primarily represent revenue that is not accounted for as revenue from contracts with customers, as well as an immaterial amount of finance fee income in all periods presented that is accounted for as revenue from contracts with customers.
During the three and six months ended June 30, 2025 and 2024, one counterparty accounted for more than 10% of total revenue in each period.
Revenue by geographic location
The following table presents revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
U.S.(1)
$1,291,616 $1,232,616 $2,997,268 $2,586,066 
International(2)
205,592 217,012 534,235 501,132 
Total revenue$1,497,208 $1,449,628 $3,531,503 $3,087,198 
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(1)Nearly all revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, is with counterparties in the U.S.
(2)No country accounted for more than 10% of Total revenue.