Good afternoon, everyone. Thank you for joining our second Coinbase System update. At Coinbase, we believe capitalism is a force for good in the world. It rewards everyone, especially those who lean in and help build the future. It also creates an extraordinary sense of alignment when everyone has skin in the game. There's a lot happening in the world today. The largest IPOs in history are coming to market. AI continues to drive unprecedented productivity gains, and ongoing geopolitical conflicts are contributing to market volatility. Coinbase is here to help. We're here to help you take control of this dynamic world and own a piece of the upside. Our mission at Coinbase is to increase economic freedom in the world. We're here to empower everyone to take control of their financial future. We believe crypto is the most important technology updating the financial system today. This enables us to create better financial services for everyone. It's crazy how far we've come. 14 years ago, we were a place to buy Bitcoin. Now we can power your entire financial life. You can trade everything from stocks to commodities to crypto and prediction markets. You can manage your finances with a best-in-class credit card, get a mortgage, and use direct deposit. You can build your wealth and send money instantly anywhere in the world. This is the future of financial services in one unified app. Today we're going to share with you everything we've been working on over the past six months across three major areas: trading, payments, and AI. First, the Everything Exchange. We're bringing every asset class onto one easy-to-use trading platform with unified global liquidity. Second, stablecoin payments. Payments are the next killer app in crypto because for the first time with crypto rails, you can send money instantly anywhere in the world for under $0.10. Lastly, AI on Coinbase. AI agents are becoming a major force in the global economy, and Coinbase offers a full stack solution that brings the power of AI to your financial life. This is the most intelligent version of Coinbase that we've ever shipped. To share more about the Everything Exchange and kick us off, please welcome Max Branzburg to the stage. Thanks, Brian. The Everything Exchange is becoming the most powerful platform for you to trade every asset in the world. Today, we're expanding this in a few important ways. First, we're expanding assets and markets. More stocks and commodities, predictions, crypto, and derivatives. Second, we're unifying our global liquidity. Over the years, we've built a network of global exchanges to serve traders in different markets. Today, we're bringing it all together, enabling everyone to access the same global unified exchange to deepen liquidity and expand product offerings for you, no matter where you live. Finally, I'll show you how the Everything Exchange becomes even more powerful for you with agentic trading. With the broadest asset selection available anywhere, AI can now help you identify opportunities and execute trades to give you a unique edge on Coinbase. We've embedded a new layer of AI into all of our products, enabling real financial advice and sophisticated trading strategies. Let's start with what's on all of our minds. It's a hot IPO summer. We are in a golden age of entrepreneurship and company formation. A half a trillion dollars were spent in AI CapEx last year, and several of the most valuable privately held companies ever are going public. Select institutions may get access to invest in these fast-growing companies, but retail investors have historically had to wait until an IPO and be subject to whatever happens on IPO day and beyond. I'm excited to share that we've launched pre-IPO perps on Coinbase. Pre-IPO perps give you exposure to companies before they go public. You can trade instantly without waiting for an allocation, go long or short 24 seven like any other perpetual future. SpaceX just launched last week, Anthropic and OpenAI are coming up, you can now count on Coinbase for early exposure to all of the hottest IPOs before they're listed. For stocks that have already IPO'd, we're launching two major upgrades. First, I'm excited to share that we're launching options trading on Coinbase. Options are a powerful piece for your equities trading portfolio, enabling you to manage risk and maximize upside. From calls and puts to spreads and straddles, options give you the total toolkit for hedging and directional exposure to any stock you can think of. Options will start rolling out to U.S. users on Coinbase in the coming weeks. We're taking a step beyond what you might see on traditional brokerage platforms. I'm excited to share that we're launching thematic indices right here in the U.S. Thematic indices trade 24 five and offer 20x leverage on the things you want to trade, AI, China, defense, and the top 100 tech stocks. This gives you an easy way to trade the most important macro themes in the world without having to assemble individual equities one by one. With thematic indices, we are bringing the best of crypto to upgrade the way that you can trade equities on Coinbase. We're pushing stock trading one step further. We've all seen launches for so-called tokenized stocks and have been disappointed that they don't offer real stock ownership. They tend to hold some amount of the underlying stock and then issue derivatives that represent it, meaning you don't actually own the stock itself or get the dividends or the shareholder rights that go with it. You own an IOU at best, that's not the system update that we're looking for. We've taken our deep tokenization experience, safe and trusted infrastructure, and a bold commitment to bringing the world on-chain, rebuilt the real thing. Today, we're announcing tokenized stocks on Coinbase. For the first time in crypto, you'll get the best of both worlds, true stock ownership, fully on-chain. Coinbase tokenized stocks are backed one-for-one, so you'll actually own the shares, get the dividends, and have all the shareholder rights you would expect. You can also trade them 24/7 on-chain, lend them out to earn interest, use them as collateral for a loan, or even send them to someone as a gift. Welcome to the future of stock trading. In addition to equities, we're also seeing explosive growth in prediction markets on Coinbase. Traders are active across sports, politics, macroeconomic indicators, earnings, and more. Everyone can pick the trade that makes the most sense for them. I'm picking Scottie Scheffler this week in the US Open. You could take a position on GameStop's acquisition of eBay, or you might take a long shot on Hunter Biden for president if you're digging his recent tweets. Prediction markets are an incredibly powerful mechanism to discover what's happening in the world and express your view on it, we're making them even better. First, we've redesigned the prediction experience to surface the data you care most about, like which events are live, in-game scores and plays, and relevant macro news, all updating at the speed of the market. Today, we're announcing hundreds of new crypto binary markets to expand your crypto trading toolkit. You can now trade 15-minute markets or utilize longer duration markets to complement your spot strategy with one of the most engaging experiences we've ever built. Every trade is a way for you to express your view on what's going to happen in the world. Alongside these crypto binaries, we offer thousands of markets for you to do that. Most outcomes don't happen completely independent of each other. Voter turnout can drop when it rains. Small-cap stocks may jump when the Fed cuts rates. You should be able to express a position on multiple events simultaneously in whatever permutation you choose. That's why I'm excited to share that we're launching Combos, the ability to roll up multiple predictions into a single, much more powerful position. Let's take an example. We all know what happens in Seattle. No matter how sunny it is, it could rain at any second, way more than it rains in Australia. When the Australian national team goes to Seattle to play the U.S. this Friday, even though the forecast is for sun, I can predict that it's going to rain, and I can predict that the U.S. is going to win. With a combined position that it has more upside than either one independently. Prediction markets are the most powerful force democratizing information on real-world events that we've seen in years. With Combos, you can express even more powerful positions than ever before. Finally, we are continuing to push the boundaries of what the best crypto trading platform in the world looks like. We've seen that top trading opportunities are often in the early days of asset creation, most wallets and exchanges don't have the ability to list assets and offer trading fast enough. By the time those assets show up for most people, you may have missed the opportunity. That's why I'm excited to share today our new Launches tab. What's exciting about our new Launches tab is that you can see tens of millions of assets instantaneously as they launch on Base and Solana. In addition to providing the fastest new asset launch experience in the world, we've also dramatically accelerated the core trading flow across our products. With fewer taps and lower latency, you'll never miss a trading opportunity. Let's recap. I told you the Everything Exchange means everything. Now on Coinbase, you can trade every stock and ETF you can imagine, plus options on those stocks and ETFs, commodities, indices with leverage, pre-IPO perks for the hottest IPOs of our generation, and true one-for-one tokenized stocks. You can trade every global event with a world-class traditional markets experience. You can level up your crypto trading with binaries and express whatever thesis you have with Combos. We're continuing to push the frontier of crypto trading. We're enabling tens of millions of crypto assets as soon as they're created with a silky smooth sub-second execution on our new Launches tab, all on one trusted platform in a single unified account. Are you seeing the power of the Everything Exchange? Coinbase has become an extremely powerful platform for trading every asset class all around the world. We're taking it one step further. To tell you more about that, please welcome Liz Martin. Thanks, Max. Launching new assets is just the start. Our job isn't finished until we've built better ways to trade them too. What traders want is simple at the surface, fast execution, low cost, better price discovery, and more ways to capture upside. The biggest blocker to meeting their needs has been fragmentation. Liquidity is spread across multiple venues like spot, perpetuals, and options exchanges. It's time to fix that. I'm excited to announce that we're combining our exchanges into a unified global liquidity pool. We're giving traders around the world access. The U.S. has been the bar setter for liquidity across almost every asset class except crypto. Why? A lack of legal clarity has made for slow development of compliant crypto derivatives, and these derivatives drive 80% of global crypto volume. We're trying to change that. It started with us being the first to launch perpetual futures in the U.S. last year. That's just the tip of the iceberg. The majority of volume remains offshore. I'm sure many of you have tried to use a VPN to trade. You should not need to do that. Coinbase is bringing the volume back to Americans. Two weeks ago, Coinbase became the first U.S. company to connect American customers to our global crypto derivatives markets. It's the world's deepest liquidity with custody by Coinbase, the world's largest and most trusted crypto custodian. Soon, those derivatives will also include options. I'm excited to share that Coinbase is going to be the first U.S.-regulated platform to offer crypto options to all our customers, institutions, and retail. Traders all over the world will be able to trade crypto options right here on Coinbase. We will make it easy for you to see the full chain, understand live payoffs and real-time Greeks, and executing just one click. You want volatility trading, downside protection, income generation? There's a way to make money in any market condition. An infinite amount of new strategies are at your disposal. Traditionally, institutions were the ones demanding access to these strategies, but they're not the only smart money around anymore. You don't have to work at a hedge fund to be a pro trader. There's a new generation of pros out there, and they're watching this live stream. We want you to have the same tools and infrastructure as these big institutions. We're taking our pro retail trading platform, and we've upleveled it to include the tools that institutional traders use. I'm excited to present the new fully customizable and modular Coinbase Advanced. It now moves at your speed, making viewing and trading all of your strategies a breeze. You can design a custom trading layout or use pre-built templates specially designed for products like Options. We know that you trade in multiple global markets across the asset classes, we're also launching the Markets Overview page to quickly navigate to the newest or most active products on Coinbase, putting the data you need at your fingertips. It's like a modern-day Bloomberg terminal. Over the last 15 years, we've created a truly global platform with comprehensive breadth, powered by unparalleled liquidity. You can trade almost any asset anywhere in the world faster and simpler with better price discovery. With this kind of power at your fingertips, what you do with it is more important than ever. Let me pass it back to Max to share one more way we're giving you more control over your money. The Everything Exchange gives you more assets to trade and more ways to trade them than ever before. With so many trading opportunities, we're also embedding Coinbase with the most intelligence to help you take advantage of it. I'm excited to share two new features we've built that reset the bar on what your financial platform should be able to do for you. First, it starts with advice. Today, you can pay a financial advisor an arm and a leg for generic advice from nine - five, Monday through Friday. You can ask your AI for advice, but they can't offer any real financial advice without knowledge of your portfolio or proper licensing. What if we could dramatically improve that experience with something more powerful? For that, I'm excited to introduce Coinbase Advisor. It's a fee-free, always-on, SEC-regulated, AI-powered investment advisor. It works just like talking to a human advisor, except that it's 24 seven, it doesn't charge you fees, and it knows all the ins and outs of your portfolio. The days of closed-door, high-fee investment advice are over. Coinbase Advisor is rolling out now, starting with Coinbase One members. Just like financial advice, sophisticated trading strategies have historically been limited to just institutions and the ultra-wealthy. They've been able to harvest losses to reduce their tax bill, arrange options trades that generate outsized income, and rebalance their assets based on certain triggers and macro events. They've been able to generate outsized returns while you have been stuck fighting with an arm tied behind your back. That changes today. AI agents can now execute sophisticated trading strategies on your behalf, far outpacing what humans could historically achieve. That's why I'm excited to share that we've launched Coinbase for Agents, enabling you to bring your AI agent of choice to trade on your portfolio. You can have your agents buy Bitcoin whenever it drops by a certain percentage, trade dollars and euros based on CPI prints, or develop any other thesis and let it run. With the Everything Exchange enabling the broadest array of assets and markets, Coinbase for Agents enables every individual to have access to trading strategies that previously were just not possible. We now offer all of the assets and intelligence for you to get the most out of your portfolio. Now, Coinbase is the AI-powered financial account. The Everything Exchange allows you to trade every asset and market. You can trade it all on one unified global exchange offering crypto perps and options made possible by over a decade of building world-class exchange and custody infrastructure. With all of those trading opportunities, it's also the most intelligent financial platform in the world, with AI-powered trading tools that enable you to get the most out of it. That's the Everything Exchange, and that is the future of trading. Trading is just one thing you do with your money. Coinbase is also updating the financial services you rely on for your everyday life. To hear more about how, please welcome Roy Zhang. Thanks, Max. The best place to trade is also becoming the best place to manage your entire financial life. You used to need a different app for everything, one to trade, one to spend, one to save, and one to borrow. You used to have to choose money that earns and grows, but sits locked away where you can't use it, or money you can spend any time but earns you nothing. On Coinbase, you don't have to choose. Your money doesn't sit idle. It earns and grows until you use it. It earns Bitcoin when you spend it. It can be borrowed against for cash without selling. When your paycheck lands, it's put to work automatically, just how you like it. Today, we're going to cover three core components, more ways to earn Bitcoin rewards, crypto-backed loans, and new protections to secure your money. First, let's talk about how you spend and how we can make it better. Last summer, we launched the Coinbase One card, turning every purchase into an actual investment in your future, Bitcoin, an asset you own that can grow over time. Our customers can't get enough of it. To date, Coinbase One members have earned nearly $60 million in Bitcoin rewards. We want more people to have access to such a powerful passive reward, and traditional FICO credit models are keeping people out. Right now, over 100 million Americans struggle with so-called good or fair credit scores. That means 100 million people are systematically locked out of the best rewards. Think of the entrepreneur with high cash flow but a high debt-to-income ratio, or the modern investor whose net worth is mostly in crypto, or others who simply do not have access based on their credit score. We want everyone to be able to earn Bitcoin back on every purchase, no matter what a legacy credit bureau says. Today, we're updating the system. You can now get the Coinbase One card secured by USDC. A majority of customers who aren't approved for a traditional line of credit will now be able to get the same great Coinbase One card secured by USDC and start earning Bitcoin back on every purchase. They can continue earning rewards on that USDC, paid out every single week. It's one card doing three things for your future. You're stacking Bitcoin with every purchase, you're earning USDC rewards every week, and you're building your credit score with every on-time payment. We're just getting started. Coinbase was founded to help the world buy more Bitcoin, and 14 years later, we're still looking for new ways for you to earn even more of it. We're launching a new way for our cardholders to earn five percent Bitcoin back in our new travel portal, the first travel platform to offer Bitcoin rewards. For many, the most stressful part of travel is figuring out how to get the most value out of your rewards. Chasing the right card, the right transfer, the right time to book. No more. With the new travel portal, every trip you book earns you Bitcoin. Your next $400 flight could earn $20. Your next $5,000 vacation could earn $250. All in Bitcoin. No rewards to chase, no miles to gain, just five percent back in Bitcoin on every trip you book. Every booking you make has access to powerful travel protection and benefits through the American Express network. This travel portal is available today for all cardholders. It's the first of many boosted rewards coming later this year. The best way to get the most of your Coinbase One card is to store more assets on the platform. The more you store, the more you earn, the more you save. It's a powerful thing. We're on a mission to make Coinbase the best place to spend, earn, store, and save your money. It's working. We recently launched direct deposit to make investing automatic. Here's what's exciting. These customers aren't just parking their paychecks. The majority are putting that money to work the moment it lands, investing it right away. When you store your cash in the same place you invest in stocks, commodities, and crypto, it all starts to work a lot harder. It can even serve as collateral. This takes us to our next update, borrowing. We want Coinbase to be your primary financial account, which means we need to be the best place to borrow capital, too. Customers have borrowed $2.5 billion on Base to date against over $2 billion in collateral. This means they have instant access to cash without selling the assets they believe in. If you're staking, you're stuck. We're seeing over $6 billion in staked assets on our platform that can't be used as collateral. Today, we're turning on borrowing against staked assets too, starting with Solana and Ethereum. This means you can get instant liquidity even while earning staking rewards, available now to all of our customers. This means three powerful things for our customers with positions near and dear. You can get instant liquidity while maintaining exposure to upside and earn passive income of up to 3.8% APY paid out every single week. Crypto is volatile. Prices can swing overnight, and staying on top of your loan-to-value ratio can start to feel like a full-time job. We want to change that. Every loan comes with liquidation protection built in. If your collateral value drops in the middle of the night, Coinbase will automatically top up your collateral from your account balance instead of selling. Thanks to this, we've already been able to prevent over $24 million in collateral liquidations. Borrowing with Coinbase, you keep your assets and you stay in the game. That matters more than ever because people are now borrowing against crypto for the biggest decisions of their lives, like purchasing a home. For a traditional mortgage, people invest for years just to afford a down payment and commonly have to sell those investments to make it work. That could mean missing out on those asset gains as the market grows over time. We think we can do better. I'm excited to announce we've partnered with Better to offer the first ever crypto-backed mortgages accepted by Fannie Mae for home purchases. You keep your assets, own your asset gains, and avoid a taxable sale. We make it simple. Instead of a traditional cash down payment, you can pledge Bitcoin as collateral and get 40% of its value credited towards it. The Bitcoin sits in escrow for the remainder of the mortgage with the opportunity to continue gaining value that belongs to you, not your lender. Plus, Coinbase One members get one percent back on the entire amount of the mortgage, up to $10,000. This house, it's no stock photo. We didn't AI-generate it. It's a real house purchased by a real Coinbase customer and the first house in America purchased with a crypto-backed mortgage accepted by Fannie Mae. They closed earlier this month. We can't wait to make this product available to all Coinbase customers later this summer. One day, we might see entire crypto-backed neighborhoods. I mentioned earlier that we're on a mission to make the Coinbase app the best place to spend, earn, store, save, and borrow. We want our customers to feel comfortable storing their entire net worth on Coinbase. To earn the right to do this, we are continuously taking new measures to improve our security. We're introducing transfer protection, a new suite of tools to secure everything leaving your account. From time delay withdrawals, which give you the opportunity to double-check a given transfer, to daily transfer thresholds, preventing any outflows above your limit without permission. You can even set up multi-user approvals, like two-factor authentication for transfers. Your money is always under your control. Coinbase isn't just the best place to trade everything. Everything you need to take control of your financial life is now in one place, where your spending becomes an investment, where your assets keep working even when you borrow against them, and where your money is protected with up to $250,000 in account protection for Coinbase One premium members. Up next, we're going to hear from Alec about how we're helping companies move on-chain. Thanks, Roy. All the incredible products you've heard about today exist because Coinbase is focused on increasing economic freedom in the world. That means making money move faster for less, so you can put it to work. Our job isn't finished. To update the financial system, we want to make it simple for every company to participate in the on-chain economy. Companies have the same problems consumers do. Moving money around the world is slow, expensive, and complicated. Solving these problems is one of the things crypto is best at. We've spent nearly 15 years building crypto infrastructure at scale to serve millions of Coinbase customers, and we've taken that core infrastructure that powers our business and packaged it up for any company to build in crypto. We call this product Coinbase Developer Platform or CDP. Today, we're announcing our all-new Coinbase Developer Platform. This product delivers a single access point to build with our wallet infrastructure, payment capabilities, trading systems, and stablecoin issuance. The entire product is unified by a simple approach to webhooks, billing, and treasury management, and is now accessible to AI agents through our powerful CLI and MCP. We're proud that many of the world's best companies are already building on CDP, including BlackRock, GNC, and Shopify. Today, I'm going to zero in on one use case in particular, stablecoin payments. The growth that we've seen in stablecoin payments is unlike anything else in crypto. On Coinbase products alone, we processed nearly $1 trillion of stablecoin volume in the last year. That's because stablecoins solve some of the biggest frictions in global finance. Slow, expensive, and complex payments are a tax on companies that stablecoins can fix. The GENIUS Act has now provided clarity, innovative companies are ready to build. To do so, they need deep crypto expertise, regulated custody, and robust crypto-native compliance. Of course, we've already built this for ourselves at Coinbase, today I'm excited to announce Coinbase Payments. Coinbase Payments is a complete stablecoin payment solution within CDP that makes it easy for any company to embed stablecoins into their existing financial flows. Our payment solution is built on four components. USDC, the world's most trusted, regulated stablecoin with $20 billion of liquidity right here on Coinbase. Base, our blockchain built for enterprise payments with over $19 trillion in stablecoin settlements this year. Wallets, our institutional-grade custody and payment rails in nearly 50 countries, built on the exact same tech that powers coinbase.com. Finally, a powerful API layer that unlocks a full range of stablecoin payments use cases. This is the new standard for stablecoin payments. Payments on CDP are the fast, trusted path to building with stablecoins, companies around the world are already putting this solution to work. Over the last few months, we've kicked off partnerships with AWS, Intuit, and Checkout.com, as well as other leading banks, payment companies, and fintechs. I want to take you a click deeper and show you how we're partnering to build the future of payments. Checkout.com is a leader in global payments. They handle billions for names like Spotify, eBay, and Uber. They wanted a way to bypass fragmented and expensive payment methods and collect payments directly from 150 million stablecoin wallets around the world. They built on CDP to launch one-click stablecoin acceptance globally for their merchants. Legacy cross-border payouts are another problem that can frankly be a nightmare for businesses. We've built the virtual accounts, the orchestration, and fiat on and off-ramps to vastly simplify these flows with stablecoins. Companies like dLocal can build on CDP to upgrade their payouts and treasury management without the friction of legacy rails. The challenge I hear about probably most often is that companies want to offer stablecoins and crypto to their customers, but aren't able to deal with the regulation and licensing required to get it off the ground. I'm excited to announce CDP's new fully custodial infrastructure solution. This product enables our customers to create custodial wallets in nearly 50 countries, leverage our compliance infrastructure, and tap into our network of 80 regulatory licenses around the world. We're launching with Intuit, Klarna, and Webull, it will enable these partners to offer stablecoin payments and crypto trading to their customers in a seamless native experience, while Coinbase does the hard work of compliance, regulation, and licensing fully behind the scenes. We're not stopping with crypto and stablecoins. We're also helping businesses navigate the biggest technology shift of our time, the shift to AI. We've built another layer into the stack, x402. x402 is an open-source payment standard enshrined as a foundation in partnership with Google, Cloudflare, Shopify, and many others. As of today, x402 has processed more than 185 million transactions over the past year. This is just the beginning of what's possible. Agents can now work on our behalf, researching markets, booking travel, accessing data, breezing through paywalls, we're building the products to make this real at scale. I'm excited that our flagship launch partner for enterprise agentic commerce is AWS. AWS Agent Core and CloudFront have integrated our wallets and x402 to enable their agent network to spend and earn. That's not all. All Coinbase Payments APIs are now agentic-enabled out of the box. This means companies like OpenRouter, the largest AI model exchange, and a Coinbase Payments customer, will be able to seamlessly accept payments from both humans and agents. When a human wants to pay, they get the best stablecoin checkout in the industry, and when an agent needs to buy compute, it uses the exact same infrastructure. OpenRouter doesn't need an agentic payments team. They just need to enable stablecoin acceptance with Coinbase, and with a click of a button, can accept payments from any stablecoin holder in the world, human or agent. We're fired up about what we're building on CDP and how we're helping shape the future of payments. Let our hard work enable you to update the system. That's what CDP is all about. I'm going to hand it over to Jesse to talk about what we're building on Base. Thanks, Alec. We've talked about a lot of great products today. The tokenized stocks in Max's section, crypto-backed loans from Roy, cross-border stablecoin, and agentic payments from Alec. All of these products run on Base. I'm Jesse Pollak, the creator of Base, the blockchain for global finance. Base is built at Coinbase. It's trusted by thousands of enterprises, and it's open to everyone. We built Base to be the financial infrastructure for the global economy. It has sub-second speed, sub-cent fees, and is open 24/7, 365. You can execute any trade instantly, make payments faster and cheaper, and use agents to do anything with money. Today, we've got exciting updates to share in all of those areas. Let's start with trading. The world's traders are already here. Base is the largest on-chain venue in the world for spot Bitcoin and Ethereum trading, with 44% of all Bitcoin spot DEX volume, more than every other chain. We're not building the best place to trade only crypto. Every asset in the world can trade on Base. Equities, commodities, predictions, anything. As we announced earlier today, we're bringing tokenized stocks from Coinbase to Base. Once on Base, these stocks become globally available, 24/7 markets that settle instantly and at a fraction of the cost of the legacy system. One thing we've heard from issuers is that it's still too hard to tokenize things. Compliance, interoperability, and security remain major blockers. To solve that problem, I'm excited to announce the Base native token standard, designed for the future of finance, built directly into the chain. This is B20. The B20 token standard comes with tools for token issuers like compliance, memos for payment reconciliation, and custom metadata extensions. Anyone can deploy any kind of asset on B20, and we expect it to thrive with stablecoins, real-world assets, and on-chain native tokens. B20 tokens are going live this week as part of the Base Beryl upgrade and are already being adopted by issuers from Coinbase to Klarna to some of the biggest stablecoins launching soon. Where do people actually go to trade all of this? Well, that's the Base App. We've made a number of updates to the Base App in Q2. We have native Apple Pay funding, candlestick charts, seamless search, better discovery, limit orders, and I'm excited to launch a few more things that make Base App the best place to trade. First, we're going multi-network. We've always said that Base is a bridge, not an island, so the Base App now supports Solana and Bitcoin alongside Base, Ethereum, and dozens of other EVM chains. Second, we're launching Base App on the web at base.app so you can bring your account, portfolio, and trading onto any screen. Complemented by a newly updated homepage, so you can get everything in a cleaner view to see all the assets that you hold. Finally, the Base App is getting more, with tokenized stocks, commodities, predictions, and perpetuals. You can trade everything all in one place. All of this, it's available in seconds. The powerful thing about the Base App is that because it's self-custodial, you can sign up from almost any country in the world instantly, with no complex forms and no sharing of personal information. The upgraded Base App gives you any asset on any screen at any time, available to everyone. Next, let's talk about agents. As Max and Alec outlined, the next generation of users on the internet are going to be agents. On Base, agents are already trading tokens, they're paying each other for services, and they're even spinning up their own businesses. Almost 90% of agentic transactions on Explore two settle on Base, and we're already seeing a thriving ecosystem of agents starting to grow an economy. Venice AI is a private AI that serves millions of users, and they invented the world's first tokenized inference. Virtuals Protocol have built an economy of 40,000 autonomous agents that are generating over $4 million in revenue. Bankr gives agents a business model, enabling more than $30 million in agent earnings by letting agents fund themselves from their trading fees. To make using agents on Base even easier, we just shipped the Base MCP. Any agent can now get connected to your wallet and get on-chain instantly. It works via simple prompts in all of the tools that you're used to, Codex, Claude, Hermes, OpenClaw. With Base MCP, your agent can execute transfers, trades, swaps, and any other on-chain action with simple permissions that you control. It's now possible to open a liquidity position on Aerodrome or Uniswap, or take out a loan on Morpho, or book a flight, compile research, or compile all of this stuff into one workflow that runs seamlessly on-chain. The agentic economy is being built on Base, and the Base MCP gives your agent simple, secure access. It's not just agents that are benefiting from crypto as frictionless money. On Base, we're seeing an explosion of payment use cases across the board. The overall scale of the activity is pretty incredible. Alec said it, but I'll say it again. So far this year, Base has settled more than $19 trillion in stablecoin. $19 trillion. There are now over 25 local stablecoins on Base, covering major currencies from around the world. The euro, the yen, the Mexican peso, Nigerian naira, Singapore dollar, all live on Base. In a future where every currency is connected to the same network, anyone, anywhere can use the currency they already live in to access these incredible global financial services that we're building together. It's happening. Stablecoin issuers like Wyre and Rain have done $600 million of stablecoin payments on Base in 2026 alone, enabling holders all around the world to spend stablecoins for everyday purchases. Neobanks like Tuju and Flex are using dollar stablecoins and Bitcoin on Base to give their customers a global experience that has access to every single asset. Crypto exchanges like Bitso are using local stablecoins to enable easier onboarding and higher rewards for their customers. They recently launched MXNB, a Mexican peso stablecoin, and today they're adding even more utility by rolling out a vault that lets their customers earn on Mexican pesos in a simple experience. The assets are here, the agents are here, the stablecoins are here. We've been working for years to answer an important question. How do we move transactions on-chain without broadcasting everything to the world? The Base ecosystem has already been working on this with protocols like Veil and Horizen and Inco, enabling fully private, sovereign balances and transactions. This is essential work, and those teams are leading our ecosystem in pushing privacy innovation. As we're building the blockchain for global finance, we've learned that bringing enterprises on-chain requires privacy, but with the same level of compliance and controls that they get with their existing rails. Today, we're launching private transactions on Base. Private transactions are powered by a new privacy architecture we call Base Ledgers, that's perfectly built for enterprise. Base Ledgers let any enterprise execute private transactions, all while plugging directly into the global liquidity that Base provides. They give enterprises the best of all worlds, privacy for their customers, auditability and compliance tools for their regulators, and the superpowers of the global economy that's being built on Base. Coinbase Developer Platform is live this week with the first private ledger, and Base and CDP executed the first private transactions with customers this week. Businesses can use stablecoins and more to transform their business without giving up their privacy. It's live today with simple APIs that make it just work. If you're an enterprise that wants full control and customization, you can run your own ledger, either bringing your existing ledger or starting a new one on Base to do anything on-chain, with complete privacy for you and your customers. The answer to "Can we do this on-chain?" is simply yes. Base is the place where everything is tokenized, where every payment costs a fraction of a cent, and where every agent can transact autonomously. This is what the future of finance looks like when the world moves on-chain. 99% of the world is still off-chain. That's the opportunity in front of us. With that, I'll hand it back to Brian to take us home. Thank you, Jesse. All right. We've covered a lot of ground today at our system update, and I hope you can see how Coinbase is working to update every aspect of the financial system, from trading to payments to AI. On trading, everything's changed now includes pre-IPO perpetual futures, stock options, and tokenized stocks. We've redesigned Coinbase Advanced and unified our global liquidity. Beyond trading, we're bringing Coinbase One Card to more people, along with crypto-backed mortgages and direct deposit. Coinbase Developer Platform is bringing the benefits of stablecoin payments to businesses everywhere, now with a fully custodial account running on our compliance stack. We announced private transactions on Base and an upgraded Base App with a new web app, new fiat stablecoins, and support for more assets. Finally, Coinbase is also becoming the financial account for AI. For years, we've been thinking about how AI and finance will intersect. Our thesis is that AI creates programmable intelligence and labor, crypto creates programmable money and markets, and the two complement each other perfectly to create a new agentic economy. What do we mean by that? Today, we typically talk to one agent at a time. In the future, a lead agent that we're talking to will actually orchestrate hundreds or thousands of other agents, each one specialized to a certain type of task. They're going to need to pay each other, breeze through paywalls to pay money to various vendors out there, and maybe even raise money someday to get work done all on our behalf. At our system update today, you saw us announce three key components which enable this AI revolution. The first is Coinbase for Agents. This helps you connect any AI agent to your existing Coinbase account. Second, we put AI directly in the Coinbase App with Coinbase Advisor. Third, we gave agents their own financial accounts with Base MCP and X402. This complete set of tools makes Coinbase the financial account for the intelligence age. The agentic economy is finally taking shape with the power of crypto. In fact, one fun note, as you've been listening to this presentation, these dots on the screen behind me, they're actually showing live transactions happening right now on-chain, many of them powered by agents. At Coinbase, we're turning ideas into products faster than ever before. Before I end, please join me in a round of applause for our Coinbase employees and their many thousands of AI agents whose hard work and dedication made today's announcement possible. All right. Thanks for tuning in, and we'll see you at our next system update