v3.26.3
REVENUE
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE
5. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net revenue
Transaction revenue
Consumer, net$450,112 $843,544 $1,468,681 $2,588,958 
Institutional, net91,650 135,009 327,449 294,716 
Other transaction revenue, net48,462 67,707 149,075 189,064 
Total transaction revenue590,224 1,046,260 1,945,205 3,072,738 
Subscription and services revenue
Stablecoin revenue(1)
306,905 324,534 904,487 907,485 
Blockchain rewards85,738 184,647 269,929 525,774 
Interest and finance fee income(2)
68,560 64,758 202,493 187,160 
Other subscription and services revenue109,035 142,658 331,997 403,034 
Total subscription and services revenue570,238 716,597 1,708,906 2,023,453 
Total net revenue1,160,462 1,762,857 3,654,111 5,096,191 
Other revenue
Corporate interest and other income(1)
55,120 105,836 194,521 304,005 
Total other revenue55,120 105,836 194,521 304,005 
Total revenue$1,215,582 $1,868,693 $3,848,632 $5,400,196 
__________________
(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 amounts of $30.1 million and $77.2 million for the three and nine months ended September 30, 2025, respectively, have been reclassified to conform to current period presentation.
(2)Amounts primarily include revenue that is not accounted for under ASC 606, as well as an immaterial amount of finance fee income, which is accounted for under ASC 606.
During the three months ended September 30, 2026 and 2025, one counterparty accounted for 27% and 19% of total revenue, respectively. During the nine months ended September 30, 2026 and 2025, one counterparty accounted for 25% 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
September 30,		Nine Months Ended
September 30,
2026202520262025
U.S.(1)
$1,016,128 $1,518,794 $3,237,695 $4,516,062 
International(2)
199,454 349,899 610,937 884,134 
Total revenue$1,215,582 $1,868,693 $3,848,632 $5,400,196 
__________________
(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.