共插頭，庫存和穩定幣：騎行浪潮清晰度和令牌化浪潮

Coinbase的股票正在飆升，這是由Stablecoin立法和擴展到令牌化股票市場的推動力的。這是規範數字融資的曙光嗎？

Coinbase's stock is on a tear, thanks to a confluence of factors: regulatory breakthroughs for stablecoins and bold moves into tokenized equity markets. The future of finance might just be playing out before our eyes.

由於因素匯合，Coinbase的股票流失了：對Stablecoins的監管突破和大膽遷移到令牌化的股票市場。金融的未來可能只是在我們眼前發揮作用。

GENIUS Act Sparks Coinbase Surge

天才行為火花共插針激增

The U.S. Senate's passage of the GENIUS Act, aimed at establishing national standards for stablecoins, has sent ripples of excitement through the crypto world. Coinbase, a major player in the USDC stablecoin, saw its stock jump over 15% following this news. This bipartisan bill could reshape digital payments.

美國參議院對《天才法案》的通過，旨在建立穩定的國家標準，通過加密世界引發了興奮的漣漪。 Coinbase是USDC Stablecoin的主要參與者，此消息後，其股票增長了15％。該兩黨法案可以重塑數字付款。

The GENIUS Act creates a federal framework for dollar-backed stablecoins. It mandates reserve requirements and prohibits yield-bearing consumer stablecoins. Though the House has its own version, this Senate vote signals strong bipartisan support. For Coinbase, this regulatory clarity could lead to wider USDC adoption, boosting revenue from custody, payments, and platform utility.

《天才法案》為美元支持的穩定幣創建了聯邦框架。它要求儲備金要求，並禁止承重消費者穩定。儘管房屋有自己的版本，但這一參議院投票標誌著強烈的兩黨支持。對於Coinbase而言，這種法規清晰度可能會導致USDC採用更廣泛，從而增加了監護權，付款和平台公用事業的收入。

Coinbase's Stablecoin Strategy

Coinbase的Stablecoin策略

Stablecoins have become a crucial revenue stream for Coinbase, with related income rising 50% year-over-year in Q1 2025. Coinbase earns from interest income, transaction fees, and custody fees related to USDC. The GENIUS Act amplifies this value, potentially leading to explosive earnings growth.

Coinbase的Stablecoins已成為關鍵的收入來源，相關收入在2025年第1季度同比上漲50％。 Coinbase從利息收入，交易費用和與USDC相關的監護費中賺取。 《天才法》擴大了這一價值，有可能導致爆炸性的收入增長。

Coinbase is also challenging payment giants with a new merchant payments product that accepts USDC with instant settlement and low fees. CEO Brian Armstrong aims for USDC to surpass Tether as the dominant stablecoin. The regulatory environment is getting mature, so this goal is becoming more realistic.

Coinbase還通過新的商戶支付產品來挑戰付款巨頭，該產品接受USDC即時和解和低費用。首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）的目標是使USDC超過束縛，成為主要的穩定股幣。監管環境越來越成熟，因此這個目標變得越來越現實。

Tokenization: The Next Frontier

令牌化：下一個前沿

Coinbase is also expanding into tokenized equity markets. After a correction earlier in 2025, Coinbase stock rebounded following the announcement of its SEC filing to offer tokenized equities and bonds. This move could bridge traditional finance and blockchain innovation.

Coinbase也正在擴展到令牌化的股票市場。在2025年早些時候進行了更正後，Coinbase股票在SEC申請提供令牌股票和債券後撤銷了。此舉可以彌合傳統的金融和區塊鏈創新。

If the SEC approves, Coinbase will tokenize traditional assets and offer them on blockchain rails. This could challenge traditional brokerages by offering 24/7 trading, faster settlement times, and reduced reliance on intermediaries. These digital tokens would represent ownership of real-world equities, offering international investors seamless access to U.S. financial markets.

如果SEC批准了Coinbase，將使傳統資產對其進行，並在區塊鏈導軌上提供。這可能會通過提供24/7的交易，更快的和解時間以及減少對中介機構的依賴來挑戰傳統經紀人。這些數字代幣將代表現實世界中的股票的所有權，為國際投資者提供無縫訪問美國金融市場的機會。

The Big Picture

大局

Standard Chartered sees a shift towards non-stablecoin RWAs. Tokenization efforts should focus on assets that benefit from being on-chain, such as private credit and liquid off-chain commodities.

標準特許看到向非穩定RWAS的轉變。代幣化的工作應集中在受益於鍊子的資產上，例如私人信貸和液體外商品。

Final Thoughts

最後的想法

Coinbase's stock surge reflects growing confidence in its role as a bridge between traditional finance and the crypto world. The GENIUS Act and the move into tokenized equities could unlock new revenue streams and reshape the financial landscape. It's an exciting time to watch Coinbase navigate this evolving world, isn't it?

Coinbase的股票激增反映了對其作為傳統金融與加密貨幣世界之間橋樑的作用的信心。 《天才法》和進入令牌股票的遷移可以釋放新的收入來源並重塑金融格局。這是觀看Coinbase瀏覽這個不斷發展的世界的激動人心的時刻，不是嗎？