Coinbase 预测 2025 年将塑造加密货币行业的 5 个主要趋势

该报告确定了增长和监管的五个关键领域：稳定币、代币化、加密货币交易所交易基金（ETF）、去中心化金融（DeFi）

Coinbase, a major U.S. cryptocurrency exchange, has released a detailed report outlining the key trends that it believes will shape the crypto industry in 2025.

美国主要加密货币交易所 Coinbase 发布了一份详细报告，概述了其认为将在 2025 年塑造加密行业的主要趋势。

The report identifies five critical areas for growth and regulation: stablecoins, tokenization, crypto exchange-traded funds (ETFs), decentralized finance (DeFi), and overarching crypto regulations.

该报告确定了增长和监管的五个关键领域：稳定币、代币化、加密货币交易所交易基金（ETF）、去中心化金融（DeFi）和总体加密货币监管。

Here's a closer look at each trend:

以下是对每种趋势的详细了解：

1. Growing Influence of Stablecoins and Tokenization

1. 稳定币和通证化的影响力不断增强

Stablecoins have achieved substantial growth this year, with their market cap surging over 50% from $130.5 billion in January to $204.5 billion by December, according to data from DefiLlama. These assets have facilitated more than $27 trillion in transactions this year alone, tripling last year’s volume.

DefiLlama 的数据显示，稳定币今年实现了大幅增长，其市值从 1 月份的 1,305 亿美元飙升至 12 月份的 2,045 亿美元，增幅超过 50%。仅今年一年，这些资产就促成了超过 27 万亿美元的交易，是去年交易量的三倍。

Coinbase predicts that the primary uses of stablecoins will shift from trading to more global applications in capital flows and commerce. For instance, stablecoins could play a role in international trade settlements, remittances, and cross-border payments.

Coinbase 预测，稳定币的主要用途将从交易转向资本流动和商业领域的全球应用。例如，稳定币可以在国际贸易结算、汇款和跨境支付中发挥作用。

Meanwhile, the tokenization of real-world assets (RWAs) has also grown significantly, increasing by over 60% to $13.5 billion. This rise is supported by the increasing use of RWAs as collateral across various sectors, including private credit and real estate, which are integrating into the crypto ecosystem.

与此同时，现实世界资产（RWA）的代币化也显着增长，增长了 60% 以上，达到 135 亿美元。这种增长得益于各个领域越来越多地使用 RWA 作为抵押品，包括私人信贷和房地产，这些领域正在融入加密货币生态系统。

2. Expansion of Crypto ETFs and a Resilient DeFi Ecosystem

2. 加密货币 ETF 的扩张和富有弹性的 DeFi 生态系统

Coinbase’s analysts are optimistic about the expansion of crypto ETFs, anticipating increased institutional interest and potential regulatory advancements that could make these products more attractive to investors.

Coinbase 的分析师对加密 ETF 的扩张持乐观态度，预计机构兴趣的增加和潜在的监管进步可能会使这些产品对投资者更具吸引力。

Particularly, the anticipation builds around more approvals for tokens such as XRP, Solana, and Litecoin. However, the analysts also note the potential impact of macroeconomic conditions and ETF fee structures on investor interest.

特别是，人们对 XRP、Solana 和 Litecoin 等代币获得更多批准的预期。然而，分析师也注意到宏观经济状况和 ETF 费用结构对投资者兴趣的潜在影响。

The DeFi sector is poised for a transformation with robust lending protocols and decentralized exchanges (DEXs) paving the way. New applications like Decentralized Physical Infrastructure Networks (DePIN) and prediction markets are expected to mature and expand throughout 2025, driven by a more resilient DeFi ecosystem.

凭借强大的借贷协议和去中心化交易所 (DEX) 铺平道路，DeFi 行业即将迎来转型。在更具弹性的 DeFi 生态系统的推动下，去中心化物理基础设施网络 (DePIN) 和预测市场等新应用预计将在 2025 年成熟并扩大。

3. Anticipated Regulatory Advances

3. 预期的监管进展

One of the most significant forecasts involves the regulatory landscape. Coinbase expects that 2025 could see the emergence of a pro-crypto administration, which would foster a favorable environment for crypto innovations and investments.

最重要的预测之一涉及监管环境。 Coinbase 预计，到 2025 年，可能会出现一个支持加密货币的政府，这将为加密货币创新和投资创造有利的环境。

The analysts predict the establishment of a comprehensive regulatory framework for cryptocurrencies, moving away from the current practice of regulation by enforcement. This framework would likely include clear definitions, licensing requirements, and consumer protection measures.

分析师预测，将为加密货币建立一个全面的监管框架，摆脱目前通过执法进行监管的做法。该框架可能包括明确的定义、许可要求和消费者保护措施。

Coinbase also anticipates the integration of crypto into the traditional financial system, with banks and other institutions offering crypto services to their clients. However, the report suggests that this process could be gradual due to the need for regulatory clarity and technological integration.

Coinbase 还预计加密货币将融入传统金融系统，银行和其他机构将向其客户提供加密货币服务。然而，报告表明，由于监管清晰度和技术整合的需要，这一过程可能是渐进的。

4. Web3 Gaming and Metaverse Advancements

4. Web3 游戏和元宇宙的进步

Coinbase predicts that Web3 gaming will continue to grow rapidly, driven by the increasing adoption of play-to-earn models and the integration of decentralized technologies.

Coinbase 预测，在“边玩边赚”模式的日益采用和去中心化技术集成的推动下，Web3 游戏将继续快速增长。

The report anticipates the emergence of more advanced and immersive metaverse experiences, supported by the convergence of Web3, XR (extended reality), and AI (artificial intelligence) technologies. These experiences could include virtual worlds, social interactions, and economic activities.

该报告预计，在 Web3、XR（扩展现实）和 AI（人工智能）技术融合的支持下，将会出现更先进、更身临其境的元宇宙体验。这些体验可能包括虚拟世界、社交互动和经济活动。

5. Layer-2 Scaling Solutions and Multi-Chain Ecosystems

5. 二层扩容解决方案和多链生态系统

Coinbase highlights the growing importance of layer-2 scaling solutions for Ethereum and other blockchain networks. These solutions aim to increase transaction capacity and reduce fees, making blockchain technology more accessible and efficient for a wider range of applications.

Coinbase 强调了以太坊和其他区块链网络的第 2 层扩展解决方案日益重要。这些解决方案旨在提高交易能力并降低费用，使区块链技术对于更广泛的应用来说更容易访问和更高效。

The report anticipates the continued development and adoption of multi-chain ecosystems, where different blockchains specialize in specific functions or use cases. This interoperability between chains could facilitate the transfer of assets, data, and liquidity across various networks.

该报告预计多链生态系统将持续发展和采用，其中不同的区块链专门从事特定功能或用例。链之间的互操作性可以促进资产、数据和流动性在不同网络之间的转移。