Pantera Capital的創始人兼首席執行官Dan Morehead表示，加密貨幣行業有望看到大量的公共產品

投入：Pantera Capital的創始人兼首席執行官Dan Morehead週五表示，加密貨幣行業有望看到大量的公開發行，諸如Circle USDC/USD（USDC/USD）和數字等公司在未來幾個月內準備公開。

Dan Morehead, founder and CEO of Pantera Capital, predicts a surge of public offerings from crypto companies in the coming months, with companies like Circle USDC/USD and Figure among those preparing to apply to go public.

Pantera Capital的創始人兼首席執行官Dan Morehead預測，在未來幾個月中，加密公司的公共產品湧現，Circle USDC/USD等公司以及準備公開申請公開的公司。

What Happened: Morehead's comments come amid what he described as a “flipping” of the U.S. regulatory environment, from a hostile stance to one that is now either “positive or at least neutral.”

發生的事情：莫爾黑德（Morehead）的評論是在他所說的美國監管環境中的“翻轉”中，從敵對的立場到現在“積極或至少中立”的立場。

He attributed this shift to multiple policy developments, including the SEC's rollback of Staff Accounting Bulletin 121, and new OCC guidance enabling banks to interact more directly with blockchain infrastructure.

他將這一轉變歸因於多個政策的發展，包括SEC的員工會計公告121的回滾，以及新的OCC指導，使銀行能夠與區塊鏈基礎設施更直接互動。

Combined, he said, these actions are unlocking long-constrained potential.

他說，這些行動結合起來，釋放了長期以來的潛力。

“There are a lot of great companies that maybe should have gone public a few years ago. In the next six months you're going to see a wave of great companies like Circle and Figure go public.”

“幾年前可能有很多偉大的公司應該在公開場合公開。在接下來的六個月中，您將看到一波偉大的公司，例如Circle and Figure Go Pupplion。”

Morehead also noted strong demand from public investors.

莫爾黑德還指出了公共投資者的強烈需求。

“MicroStrategy and other coin-based stocks prove people really want to invest in blockchain companies.”

“ MicroStrategy和其他基於硬幣的股票證明人們確實希望投資區塊鏈公司。”

He emphasized this is not a short-term spike, but rather the beginning of a broader trend.

他強調，這不是短期的尖峰，而是更廣泛的趨勢的開始。

“All of these companies have been kind of stuck in the pipe for the last two or three years. Now that they’re going public and each are public today, it's trading up 35%, encourages other companies to go public. So I think it’s a big new trend.”

“在過去的兩三年中，所有這些公司都被困在管道上。現在他們公開了，每家都公開了，交易35％，鼓勵其他公司公開。因此，我認為這是一個新趨勢。”

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Why It Matters: Pantera's optimism also stems from the rise of real-world assets on the blockchain, particularly in areas like stablecoins, tokenized treasuries, and on-chain mortgages.

它為什麼重要：Pantera的樂觀情緒也源於區塊鏈上現實世界中的資產的興起，尤其是在Stablecoins，Stablecoins，sikenized Teareasuries和On-Chain抵押貸款等地區。

Morehead highlighted projects like Ondo Finance ONDO/USD and Figure, which Pantera has backed. He noted that Figure has already issued $40 billion worth of mortgages on blockchain rails, shaving off "over 100 basis points of friction."

莫爾黑德（Morehead）強調了Pantera支持的項目，例如Ondo Finance Ondo/USD和Figure。他指出，數字已經在區塊鏈鐵軌上發行了價值400億美元的抵押貸款，剃掉了“超過100個基摩擦點”。

When asked what further developments are needed to accelerate industry growth, Morehead highlighted regulatory clarity.

當被問及需要採取什麼進一步發展以加速行業的增長時，莫爾黑德強調了法規清晰度。

"Uncertainty in the U.S. has driven innovation offshore," he said, adding that many companies previously relocated to jurisdictions like Singapore and the UAE due to hostility at home.

他說：“美國的不確定性已將創新驅動到海上。”他補充說，由於敵對的敵意，許多公司以前搬遷到新加坡和阿聯酋等司法管轄區。

With the U.S. now appearing more open to blockchain innovation, he expects talent and capital to flow back.

隨著美國現在對區塊鏈創新的開放，他希望人才和資本能夠返回。

Pantera is also actively participating in policy conversations in Washington.

Pantera還積極參加華盛頓的政策對話。

"We're heavily involved in a couple industry think tanks that advise the government. It's very important that blockchain happens in the U.S. rather than offshore."

“我們很大程度上參與了一個為政府提供建議的行業智囊團。在美國而不是海上發生區塊鏈的情況非常重要。”

As more companies up-list from international exchanges such as the TSX to U.S. markets, Morehead views this as a reversal of previous trends.

隨著越來越多的公司從TSX等國際交流到美國市場，莫爾黑德認為這是對先前趨勢的逆轉。

"The U.S. has really been unique. Most countries have been neutral. Now the U.S. is going from being antagonistic to positive, and that helps people want a base in the U.S."

“美國確實是獨一無二的。大多數國家都是中立的。現在，美國正在從對抗到積極，這有助於人們希望在美國建立基地”