Coinbase、穩定幣和以太坊基礎：隱私和穩定的新時代？

Coinbase 因其對以太坊 Base 上的隱私和穩定幣實用性的關注而引起轟動。本文深入探討了加密貨幣的影響。

Coinbase, stablecoins, and Ethereum Base are converging, hinting at a future where privacy and stability coexist in the crypto world. Let's break down what's happening.

Coinbase、穩定幣和以太坊 Base 正在融合，暗示著加密世界中隱私和穩定共存的未來。讓我們來分析一下發生了什麼。

Privacy on Base: A Game Changer?

基地隱私：遊戲規則改變者？

Brian Armstrong, CEO of Coinbase, dropped a hint that Base, their Ethereum layer-2 network, is gearing up for private stablecoin transactions. This is a big deal. Think about it: confidential transactions on a public blockchain. It's like having your cake and eating it too... with a little extra frosting.

Coinbase 首席執行官布萊恩·阿姆斯特朗 (Brian Armstrong) 暗示，他們的以太坊第 2 層網絡 Base 正在為私人穩定幣交易做好​​準備。這是一件大事。想一想：公共區塊鏈上的機密交易。這就像吃蛋糕並吃它一樣......加上一點額外的糖霜。

Coinbase's acquisition of Iron Fish back in March 2025 was a strategic move. Iron Fish specializes in zero-knowledge proofs, allowing transaction details to remain hidden while still enabling verification when needed. This isn't about complete anonymity like the old days of Tornado Cash. It's about "regulated privacy," a balance between protecting user data and complying with financial laws. This approach could be key to mainstream adoption, especially for a company as regulated as Coinbase.

Coinbase 於 2025 年 3 月收購 Iron Fish 是一項戰略舉措。 Iron Fish 專注於零知識證明，允許交易細節保持隱藏，同時仍然在需要時啟用驗證。這並不像以前的 Tornado Cash 那樣完全匿名。這是關於“受監管的隱私”，即保護用戶數據和遵守金融法之間的平衡。這種方法可能是主流採用的關鍵，特別是對於像 Coinbase 這樣受監管的公司來說。

Stablecoins: The Unsung Heroes of Gaming and Beyond

穩定幣：遊戲及其他領域的無名英雄

Stablecoins, particularly USDC and USDT, are quietly becoming the backbone of the global gaming market. Forget volatile tokens; these fiat-pegged digital assets offer predictability and reliability. The Blockchain Gaming Alliance (BGA) highlights how stablecoins enable reliable payouts, transparent in-game pricing, and smoother asset exchanges. Games like Roblox and Fortnite, with their closed-loop currencies, demonstrate the power of fixed exchange rates in creating sustainable ecosystems.

穩定幣，特別是 USDC 和 USDT，正在悄然成為全球遊戲市場的支柱。忘記不穩定的代幣；這些與法定貨幣掛鉤的數字資產提供了可預測性和可靠性。區塊鏈遊戲聯盟（BGA）強調穩定幣如何實現可靠的支付、透明的遊戲內定價和更順暢的資產交換。 Roblox 和 Fortnite 等遊戲及其閉環貨幣展示了固定匯率在創建可持續生態系統方面的力量。

The rise of stablecoins in gaming is a great example of real-world utility. They offer stability in a volatile market, fostering trust and encouraging long-term participation. The resurgence of venture capital in blockchain gaming, with nearly $300 million invested year-to-date, signals investor confidence in projects that leverage stablecoins effectively.

穩定幣在遊戲中的興起是現實世界實用性的一個很好的例子。它們在動蕩的市場中提供穩定性，培養信任並鼓勵長期參與。區塊鏈遊戲領域風險投資的複蘇，今年迄今已投資近 3 億美元，這表明投資者對有效利用穩定幣的項目充滿信心。

Coinbase's Bitcoin Yield Funds: A Sign of Maturity?

Coinbase 的比特幣收益基金：成熟的標誌？

Coinbase isn't just about privacy and stablecoins. They're also exploring new avenues for generating yield with Bitcoin. The launch of the Coinbase US Bitcoin Yield Fund (USCBYF) for accredited US investors aims to offer returns above regular Bitcoin price gains through BTC private credit lending and basis trading. They had already launched an offshore version for non-US investors in May. This shows that Coinbase is maturing and diversifying its offerings to attract a broader range of investors.

Coinbase 不僅僅涉及隱私和穩定幣。他們還在探索利用比特幣產生收益的新途徑。 Coinbase 美國比特幣收益基金 (USCBYF) 為經過認證的美國投資者推出，旨在通過 BTC 私人信貸借貸和基差交易提供高於常規比特幣價格收益的回報。他們已於五月份為非美國投資者推出了離岸版本。這表明 Coinbase 正在走向成熟並使其產品多元化，以吸引更廣泛的投資者。

My Take: A Balancing Act

我的看法：平衡之舉

Coinbase's moves are fascinating. The focus on privacy through Base and the embrace of stablecoins signal a shift towards a more mature and user-friendly crypto ecosystem. I think this is a smart play, especially considering the regulatory scrutiny the industry faces. By prioritizing compliance and offering innovative solutions like private stablecoin transactions, Coinbase is positioning itself for long-term success.

Coinbase 的舉動令人著迷。 Base 對隱私的關注和穩定幣的擁抱標誌著向更成熟和用戶友好的加密生態系統的轉變。我認為這是一個明智的做法，特別是考慮到該行業面臨的監管審查。通過優先考慮合規性並提供私人穩定幣交易等創新解決方案，Coinbase 正在為自己的長期成功做好準備。

Of course, there are questions to be answered. How will Coinbase balance privacy with KYC requirements? Will the Bitcoin Yield Funds deliver on their promises? Only time will tell. But one thing is clear: Coinbase is shaping the future of crypto, one stablecoin and private transaction at a time.

當然，還有一些問題需要回答。 Coinbase 將如何平衡隱私與 KYC 要求？比特幣收益基金會兌現承諾嗎？只有時間才能證明一切。但有一件事是明確的：Coinbase 正在塑造加密貨幣的未來，一次一種穩定幣和私人交易。

Wrapping Up

總結

So, there you have it. Coinbase is busy building a world where crypto is more private, more stable, and, dare I say, more…normal? It's an exciting time to be watching the space. Now, if you'll excuse me, I'm off to explore the metaverse… with my newly acquired stablecoins, of course!

所以，你就知道了。 Coinbase 正忙於構建一個加密貨幣更加私密、更加穩定，而且，我敢說，更加……正常的世界嗎？這是觀察這個空間的激動人心的時刻。現在，請原諒我，我要去探索虛擬宇宙……當然是用我新獲得的穩定幣！