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大家好，今天是Coinbase财报日，我们刚刚公布了
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2026年第一季度的数字。
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一如既往，我们所做的一切都基于提升全球
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经济自由的使命。
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现在，让我们来看一下市场的情况。
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尽管加密市场下跌，链上经济的基本增长依然强劲。
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链上经济的基本面依然强劲。
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整个金融系统都在链上转移，因为加密提供了客观上更快、
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更便宜、更高效的金融基础设施。
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过去七年，加密交易量增长了50倍以上。
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稳定币市值现已超过3000亿美元，且增长迅速。
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代币化的现实资产规模正在扩大，预计到
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2030年将达到16万亿美元。
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如今，加密市场有了新的催化剂——人工智能。
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很快将有数十亿智能代理进行交易，它们需要能够
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跟上的支付网络。
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加密是唯一同时满足快、便宜和全球化三大条件的选择。
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总结一下，全球经济正走向链上，而Coinbase正是为
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抓住这一
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转型机遇而打造。原因如下。首先，我们是加密领域最受信赖的品牌。
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个人和企业信赖我们存储的加密资产超越任何其他公司，
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是全球最大。
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其次，我们在中心化交易所汇聚了全球流动性，创造了
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强大的网络效应。
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第三，我们是全球最大的合规稳定币平台。
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第四，
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我们有建设和扩展前沿产品的成功经验。
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所有这些都表明，随着金融系统升级并走向链上，Coinbase具备
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胜出
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的良好位置。现在，让我们看看第一季度的表现。我们这个季度
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遇到了
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软件交易市场的逆风，但我们在可控范围内执行得很好。
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我们看到衍生品交易量大幅增长，主要来自我们的万物交易所。
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万物交易所推动了衍生品交易量的巨大增长。
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我们在Coinbase产品持有的USCC创历史新高，
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稳定币在Base上的交易量同比增长10倍。
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同比增长了10倍。
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我们也领跑下一前沿领域，超过
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90%的链上代理交易量发生在Base。
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超过90%的链上代理交易量发生在Base。
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接下来，让我们看一些本季度的产品更新。首先是万物交易所。
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万物交易所。
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我们清晰地听到客户的需求，他们希望在Coinbase上交易
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更多资产类别，而非仅限于加密货币。
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我很高兴地报告，过去一年，
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我们将Coinbase从一个专注现货的加密平台转型为一个可以交易
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多种资产类别的平台。
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衍生品交易年化收入已达到2亿美元。
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年化收入达到2亿美元。
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预测市场正在迅速扩张，三月刚上线两个月，年化收入已达1亿美元，
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仅两个月后就实现。
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并且我们增加了商品期货交易，如银、
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金和油，季度环比增长超过4倍。
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金和油，季度环比增长超过四倍。
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接下来，Coinbase正在推动稳定币的全球采用。我们是最大的
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USCC分销商，
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我们的产品持有了超过25%的USCC。
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更重要的是，
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通过与Circle的合作，我们获得了约50%的USCC经济利益。
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稳定币交易量本季度翻倍，USCC及合作伙伴的
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稳定币贡献了80%以上的总交易量。简言之，Coinbase已成为
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合规稳定币的首选平台。
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最后，我们也在构建AI代理的金融基础设施。
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AI代理的金融基础设施。
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USCC和Base现在支持大多数链上AI代理交易。
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大多数链上AI代理交易由USCC和Base驱动。
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AI代理使用链上加密支付时，99%的支付选择USCC。一季度，
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这些
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交易中有90%发生在Base链上，我们看到代理广泛使用
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X402协议
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应用于交易、AI推理、媒体生成、存储等多种场景。
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交易、AI推理、媒体生成、存储等多种用例。
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简言之，Coinbase处于代理经济的核心位置。最后总结，
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金融的未来
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在链上，Coinbase是最有能力推动这一进程的公司。加密正在
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更新
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金融系统的各个方面，Coinbase拥有完整的解决方案，而智能代理商业是下一个前沿。
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2026年第一季度就到这里。如需了解更多，
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请访问我们的投资者关系网站，或者在您喜欢的
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股票交易应用中查询我们的
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股票代码。
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Hey everyone, it's Coinbase Earnings Day, and we just reported our numbers for
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Q1 2026.
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As always, everything we do is grounded in our mission to increase economic
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freedom in the world.
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Now, let's have a look at the state of the market.
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Despite the crypto market being down, the fundamental growth of the on-chain
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economy is strong.
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All of finance is moving on-chain, because crypto provides objectively faster,
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cheaper, and more efficient financial infrastructure.
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Crypto trading volumes have grown more than 50x in the past seven years.
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Stablecoin market cap is now more than 300 billion and growing fast.
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And tokenized real-world assets are scaling and expected to hit 16 trillion by
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2030.
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And now, crypto has a new catalyst, AI.
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There will soon be billions of agents transacting, and they need rails that can
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keep up.
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Crypto is the only option that checks all three boxes, fast, cheap, and global.
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To summarize, the world economy is moving on-chain, and Coinbase was built to
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capitalize on this
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transition. Here's why. First, we're the most trusted brand in crypto.
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Individuals and businesses trust us to store more crypto than any other company
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in the world.
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Second, we've pooled global liquidity on our centralized exchange, creating a
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powerful network
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effect. Third, we're the largest regulated stablecoin platform in the world.
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And fourth,
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we have a proven track record of building and scaling frontier products.
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All of this indicates that Coinbase is well positioned to win, as the financial
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system gets
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updated and moves on-chain. Now, let's take a look at Q1. We faced headwinds
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with a
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software trading market this quarter, but we executed well on what was in our
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control.
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We saw huge growth in derivatives trading volume driven by our Everything
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Exchange.
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We hit a new all-time high in USCC held in Coinbase products and saw 10X year-
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of-year
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growth in stablecoin transactions on base. We're also leading on the next
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frontier with over
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90% of on-chain agent transaction volume happening on base.
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Now, let's look at some product updates from the quarter. First, the Everything
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Exchange.
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We heard from customers loud and clear that they wanted to trade more than
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crypto on Coinbase.
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And I'm excited to report that in the past year,
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we've transformed Coinbase from a spot-focused crypto platform to a place where
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you can trade
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many asset classes. Derivatives trading is now at 200 million in annualized
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revenue.
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Prediction markets are scaling fast, reaching 100 million in annualized revenue
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in March,
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just two months after launch. And we added commodities futures trading like
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silver,
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gold, and oil, which saw more than 4X growth quarter over quarter.
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Next, Coinbase is driving stablecoin adoption worldwide. We're the largest
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distributor of USCC,
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with more than 25% of all USCC held in our products. And importantly,
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we capture about 50% of all USCC economics via our partnership with Circle.
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Stablecoin transaction volume doubled this quarter, and USCC and our partner
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stablecoins
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drove more than 80% of that total volume. In short, Coinbase has become the
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preferred platform
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to use regulated stablecoins. Finally, we're also building the financial
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infrastructure for AI
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agents. USCC and base are now powering the majority of on-chain transactions
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for AI agents.
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And when agents pay with crypto on-chain, they use USCC 99% of the time. 90% of
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these
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transactions are happening on the base chain in Q1, and we're seeing agents use
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the X402 protocol
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for a wide variety of use cases, including trading, AI inference, media
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generation, storage, and more.
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In short, Coinbase is at the center of the agent economy. Now, to wrap up, the
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future of finance
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is on-chain, and Coinbase is the company best positioned to power it. Crypto is
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updating
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every aspect of the financial system. Coinbase has a full-stack solution, and
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agentic commerce is the next frontier. That's a wrap on Q1 2026. To learn more,
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please check out our investor relations website, or you can look up the ticker
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coin in your favorite
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stock trading app.
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