v3.26.1
REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE
5. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net revenue
Transaction revenue
Consumer, net$451,670 $649,908 $1,018,569 $1,745,414 
Institutional, net100,073 60,819 235,799 159,707 
Other transaction revenue, net47,413 53,543 100,613 121,357 
Total transaction revenue599,156 764,270 1,354,981 2,026,478 
Subscription and services revenue
Stablecoin revenue(1)
292,147 308,914 597,582 582,951 
Blockchain rewards83,342 144,535 184,191 341,127 
Interest and finance fee income(2)
66,128 59,316 133,933 122,402 
Other subscription and services revenue113,528 119,478 222,962 260,376 
Total subscription and services revenue555,145 632,243 1,138,668 1,306,856 
Total net revenue1,154,301 1,396,513 2,493,649 3,333,334 
Other revenue
Corporate interest and other income(1)
65,767 100,695 139,401 198,169 
Total other revenue65,767 100,695 139,401 198,169 
Total revenue$1,220,068 $1,497,208 $2,633,050 $3,531,503 
__________________
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, Revenue from Contracts with Customers (“ASC 606”). During the first quarter of 2026, the Company revised the presentation of revenue earned on corporate payment stablecoin balances, now presenting the amounts in Corporate interest and other income rather than in Stablecoin revenue. The associated $23.6 million and $47.1 million for the three and six months ended June 30, 2025, respectively, has been reclassified to conform to current period presentation.
(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 that is accounted for as revenue from contracts with customers.
During the three months ended June 30, 2026 and 2025, one counterparty accounted for 26% and 22% of total revenue, respectively. During the six months ended June 30, 2026 and 2025, one counterparty accounted for 24% and 18% of total revenue, respectively.
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,
2026202520262025
U.S.(1)
$1,037,166 $1,291,616 $2,221,567 $2,997,268 
International(2)
182,902 205,592 411,483 534,235 
Total revenue$1,220,068 $1,497,208 $2,633,050 $3,531,503 
__________________
(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.