共插針，穩定和調節性尾風：一場完美的風暴？

Coinbase在調節性方風中佔據高處，尤其是天才法案。但是，這一切都順利進行加密交易所和穩定幣嗎？

Coinbase is making waves in the crypto world, fueled by regulatory progress and strategic moves in the stablecoin space. With the GENIUS Act potentially reshaping the landscape, is Coinbase poised for sustained growth?

Coinbase在加密世界中引起了浪潮，這是由穩定空間中的監管進步和戰略性移動所推動的。隨著天才行為有可能重塑景觀，共同基礎是否有助於持續增長？

Regulatory Clarity: The GENIUS Act Effect

監管清晰度：天才行為效應

June 2025 was a banner month for Coinbase, with its stock price jumping 43% after the Senate passed the GENIUS Act. This landmark bill establishes federal oversight for stablecoins, a game-changer for companies like Coinbase that have been operating in a regulatory gray area. The Act legalizes non-bank stablecoin issuance, sets reserve requirements, and preempts state-level overregulation. For Coinbase, which earns a chunk of change from USDC reserve income through its partnership with Circle, this is huge.

2025年6月是Coinbase的橫幅月，在參議院通過了《天才法》之後，其股價上漲了43％。這項具有里程碑意義的法案為Stablecoins建立了聯邦監督，這是一個改變了在監管灰色地區的Coinbase等公司的遊戲規則改變者。該法將非銀行穩定發行，設定儲備金要求並搶占州級過度監管。對於Coinbase而言，通過與Circle的合作夥伴關係，它從USDC儲備收入中獲得了很大的變化，這是巨大的。

Coinbase's Stablecoin Revenue Engine

Coinbase的Stablecoin收入引擎

While trading volumes might fluctuate, Coinbase's indirect stablecoin revenue streams are quietly booming. USDC, the second-largest stablecoin, is a cash cow, generating income through reserve interest and transaction fees. In Q1 2025, this revenue hit $298 million, a cool 15% of Coinbase's net revenue. And with projections of USDC's market cap reaching $100 billion by 2026, things are looking up.

儘管交易量可能會波動，但Coinbase的間接Stablecoin收入流正在悄悄地蓬勃發展。 USDC是第二大Stablecoin，是一頭搖錢樹，通過儲備金和交易費用產生收入。在2025年第一季度，這筆收入達到了2.98億美元，佔Coinbase淨收入的15％。到2026年，隨著USDC的市值達到1000億美元的預測，情況正在抬頭。

Beyond Trading: Stablecoin Yield Products

超越交易：Stablecoin產量產品

Coinbase isn't just about trading. Its Coinbase One Card and USDC-integrated Shopify payments are driving USDC adoption and creating recurring revenue channels. The GENIUS Act's transparency rules could even attract institutional investors to stablecoins like USDC, further boosting its market share.

Coinbase不僅僅是交易。它的Coinbase一張卡和USDC集成的Shopify付款正在推動USDC採用並創建經常出現的收入渠道。 《天才法案》的透明性規則甚至可以吸引機構投資者到像USDC這樣的Stablecoins，從而進一步提高其市場份額。

Why Coinbase Might Be Undervalued

為什麼Coinbase可能被低估

Despite concerns about trading volumes, Coinbase's regulatory and structural advantages might be underappreciated. The company recently snagged the first U.S.-based Markets in Crypto-Assets (MiCA) license from Luxembourg, opening up a massive market in the EU. Plus, the acquisition of Deribit positions Coinbase to dominate the crypto derivatives market. Even with a seemingly high forward P/E multiple, analysts project significant net income growth, making Coinbase an attractive investment.

儘管擔心交易量，但Coinbase的監管和結構優勢可能會被低估。該公司最近從盧森堡（Luxembourg）搶購了第一個美國加密資產（MICA）許可證的市場，在歐盟開放了一個龐大的市場。另外，收購deribit位置共同基礎以主導加密衍生品市場。即使有看似高的P/E多重倍數，分析師還項目的淨收入顯著增長，使Coinbase成為有吸引力的投資。

The Perpetual Futures Play

永恆的未來玩

Coinbase is also diving into perpetual-style futures contracts in the U.S., becoming one of the first regulated players to offer a product similar to offshore perpetuals. This move could bring regulated access to complex derivatives for U.S.-based traders and further expand Coinbase's derivatives footprint.

Coinbase還在美國涉足永久性期貨合約，成為最早提供類似於離岸永久產品的受監管玩家之一。這一舉動可能會為美國交易者提供受監管的複雜衍生產品的訪問權限，並進一步擴大Coinbase的衍生品足跡。

The Incentive Problem: PayPal's Take

激勵問題：貝寶（Paypal）

PayPal's CEO, Alex Chriss, recently pointed out a key challenge: the lack of incentives for US consumers to adopt stablecoins. While merchants might like the lower costs of blockchain-based payments, consumers need a reason to switch. PayPal is experimenting with rewards and yield programs to make stablecoins more appealing, particularly for cross-border payments.

貝寶（Paypal）的首席執行官亞歷克斯·克里斯（Alex Chriss）最近指出了一個關鍵挑戰：美國消費者缺乏採用穩定的激勵措施。儘管商人可能喜歡基於區塊鏈的付款成本較低的成本，但消費者需要切換理由。 PayPal正在嘗試獎勵和收益計劃，以使Stablecoins更具吸引力，尤其是對於跨境支付。

Risks and the Road Ahead

風險和前方的道路

Of course, there are risks. Delays in the House regarding the GENIUS Act could cause short-term volatility. But with bipartisan support and pressure from President Trump, a compromise is likely. Keep an eye on House progress – any delay beyond September could trigger short-term volatility.

當然，有風險。關於《天才法》的眾議院延誤可能會導致短期波動。但是，隨著特朗普總統的兩黨支持和壓力，可能會妥協。密切關注房屋的進度 - 9月以後的任何延誤都可能引發短期波動。

Final Thoughts: Buy the Dip?

最終想法：買蘸醬？

With a $78 billion market cap and a $400 price target from some analysts, Coinbase's stock is looking good. The regulatory tailwinds are here, the stablecoin opportunity is real, and Coinbase is well-positioned to capitalize. So, should you buy the dip? Well, that's up to you, but the stage is set for an exciting ride.

Coinbase的股票憑藉780億美元的市值和一些分析師的400美元價格目標，看起來不錯。監管方風在這裡，Stablecoin機會是真實的，Coinbase的位置很好，可以大寫。那麼，您應該購買蘸醬嗎？好吧，這取決於您，但舞台旨在進行激動人心的旅程。