According to CoinMeta, the “other income” of Circle is divided into three categories: subscriptions/services, transactions, and others. It is estimated that the annual revenue for 2025 will be around $109.8 million, with the first and second quarters of 2026 being $41.63 million and $33.58 million respectively, both falling within the 4.8%–6.0% range of total revenue. Management emphasizes that revenue can fluctuate periodically, and the pre-sale situation of ARC has a significant impact on these projections. In the future, it will be important to pay attention to the proportion of recurring revenue, deferred revenue, payment methods, and the actual sustainability of new businesses such as ARC.