共插针，稳定和调节性尾风：一场完美的风暴？

Coinbase在调节性方风中占据高处，尤其是天才法案。但是，这一切都顺利进行加密交易所和稳定币吗？

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，这是由稳定空间中的监管进步和战略性移动所推动的。随着天才行为有可能重塑景观，共同基础是否有助于持续增长？

Regulatory Clarity: The GENIUS Act Effect

监管清晰度：天才行为效应

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的横幅月，在参议院通过了《天才法》之后，其股价上涨了43％。这项具有里程碑意义的法案为Stablecoins建立了联邦监督，这是一个改变了在监管灰色地区的Coinbase等公司的游戏规则改变者。该法将非银行稳定发行，设定储备金要求并抢占州级过度监管。对于Coinbase而言，通过与Circle的合作伙伴关系，它从USDC储备收入中获得了很大的变化，这是巨大的。

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.

尽管交易量可能会波动，但Coinbase的间接Stablecoin收入流正在悄悄地蓬勃发展。 USDC是第二大Stablecoin，是一头摇钱树，通过储备金和交易费用产生收入。在2025年第一季度，这笔收入达到了2.98亿美元，占Coinbase净收入的15％。到2026年，随着USDC的市值达到1000亿美元的预测，情况正在抬头。

Beyond Trading: Stablecoin Yield Products

超越交易：Stablecoin产量产品

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不仅仅是交易。它的Coinbase一张卡和USDC集成的Shopify付款正在推动USDC采用并创建经常出现的收入渠道。 《天才法案》的透明性规则甚至可以吸引机构投资者到像USDC这样的Stablecoins，从而进一步提高其市场份额。

Why Coinbase Might Be Undervalued

为什么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.

尽管担心交易量，但Coinbase的监管和结构优势可能会被低估。该公司最近从卢森堡（Luxembourg）抢购了第一个美国加密资产（MICA）许可证的市场，在欧盟开放了一个庞大的市场。另外，收购deribit位置共同基础以主导加密衍生品市场。即使有看似高的P/E多重倍数，分析师还项目的净收入显着增长，使Coinbase成为有吸引力的投资。

The Perpetual Futures Play

永恒的未来玩

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还在美国涉足永久性期货合约，成为最早提供类似于离岸永久产品的受监管玩家之一。这一举动可能会为美国交易者提供受监管的复杂衍生产品的访问权限，并进一步扩大Coinbase的衍生品足迹。

The Incentive Problem: PayPal's Take

激励问题：贝宝（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.

贝宝（Paypal）的首席执行官亚历克斯·克里斯（Alex Chriss）最近指出了一个关键挑战：美国消费者缺乏采用稳定的激励措施。尽管商人可能喜欢基于区块链的付款成本较低的成本，但消费者需要切换理由。 PayPal正在尝试奖励和收益计划，以使Stablecoins更具吸引力，尤其是对于跨境支付。

Risks and the Road Ahead

风险和前方的道路

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.

当然，有风险。关于《天才法》的众议院延误可能会导致短期波动。但是，随着特朗普总统的两党支持和压力，可能会妥协。密切关注房屋的进度 - 9月以后的任何延误都可能引发短期波动。

Final Thoughts: Buy the Dip?

最终想法：买蘸酱？

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的股票凭借780亿美元的市值和一些分析师的400美元价格目标，看起来不错。监管方风在这里，Stablecoin机会是真实的，Coinbase的位置很好，可以大写。那么，您应该购买蘸酱吗？好吧，这取决于您，但舞台旨在进行激动人心的旅程。