Business Focus - Circle's business has historically relied on USDC and AUM-based revenues [1] - Circle is now expanding into transaction-based revenues with the CCTP bridge [1] Transaction Volume - Quarterly CCTP transfer volume reached an all-time high in Q4 2025 (ongoing) [1]

Business Focus - Circle's core business has traditionally revolved around USDC and AUM-based revenues [1] - Circle is now strategically expanding into transaction-based revenues through the CCTP bridge [1] Transaction Volume - CCTP transfer volume reached an all-time high in Q4 2025 (ongoing) [1]

Business Model - Circle's business model has historically relied on USDC and AUM-based revenues [1] - Circle is now expanding into transaction-based revenues with the CCTP bridge [1] Transaction Volume - Quarterly CCTP transfer volume increased by 630% year-over-year, reaching $289 billion in Q3 2025 [1]

Key Observation - Circle's CCTP bridge is experiencing significant growth in transaction-based revenues [1] - Transfer volumes in Q3 are surpassing those of Q2, with one month remaining in the quarter [1]

Business Model Shift - Circle's CCTP bridge is transitioning from AUM-based to transaction-based revenues [1] Volume Growth - Q3 transfer volumes are exceeding Q2 volumes, with one month remaining [2]

CCTP Bridge Performance - Circle's CCTP bridge 的第三季度（持续进行中）转移量已超过第二季度[1] - 目前的转移量约占总量的 80%，剩余数据将很快纳入数据集[1]