
	Six Months Ended June 30,
	2025		2024
USDC	$	(947,025)	$	(492,242)
Accounts receivable, net	43,556		(69,779)
Customer custodial funds in transit	34,997		(5,012)
Income taxes, net	(125,633)		(1,667)
Other current and non-current assets	(117,405)		(2,971)
Other current and non-current liabilities	75,260		4,037
Net changes in operating assets and liabilities	$	(1,036,250)	$	(567,634)

The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):


	June 30,
	2025		2024
Cash and cash equivalents	$	7,539,388	$	7,225,535
Restricted cash and cash equivalents	69,190		34,282
Customer custodial cash and cash equivalents	5,025,708		4,015,067
Total cash, cash equivalents, and restricted cash and cash equivalents	$	12,634,286	$	11,274,884

The following is a supplemental schedule of non-cash investing and financing activities (in thousands):


	Six Months Ended June 30,
	2025		2024
Crypto assets received as collateral	$	1,507,022	$	1,686,190
Crypto assets received as collateral returned	1,354,794		1,448,854
Crypto asset loan receivables originated	1,110,482		837,729
Crypto asset loan receivables repaid	1,145,392		741,500



Crypto assets borrowed	588,999		225,037
Crypto assets borrowed repaid	638,262		100,285








Additions of crypto asset investments	171,645		1,941

Cumulative-effect adjustment due to the adoption of ASU 2023-08	—		561,489

The following is a supplemental schedule of cash paid for interest and income taxes (in thousands):


	Six Months Ended June 30,
	2025		2024
Cash paid during the period for interest	$	35,005	$	33,424
Cash paid during the period for income taxes, net of refunds	131,310		—
Cash paid during the period for income taxes (prior to ASU No. 2023-09, Improvements to Income Tax Disclosures)	—		81,552