Coinbase、稳定币和以太坊基础：隐私和稳定的新时代？

Coinbase 因其对以太坊 Base 上的隐私和稳定币实用性的关注而引起轰动。本文深入探讨了加密货币的影响。

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、稳定币和以太坊 Base 正在融合，暗示着加密世界中隐私和稳定共存的未来。让我们来分析一下发生了什么。

Privacy on Base: A Game Changer?

基地隐私：游戏规则改变者？

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 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 暗示，他们的以太坊第 2 层网络 Base 正在为私人稳定币交易做好准备。这是一件大事。想一想：公共区块链上的机密交易。这就像吃蛋糕并吃它一样......加上一点额外的糖霜。

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 于 2025 年 3 月收购 Iron Fish 是一项战略举措。 Iron Fish 专注于零知识证明，允许交易细节保持隐藏，同时仍然在需要时启用验证。这并不像以前的 Tornado Cash 那样完全匿名。这是关于“受监管的隐私”，即保护用户数据和遵守金融法之间的平衡。这种方法可能是主流采用的关键，特别是对于像 Coinbase 这样受监管的公司来说。

Stablecoins: The Unsung Heroes of Gaming and Beyond

稳定币：游戏及其他领域的无名英雄

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.

稳定币，特别是 USDC 和 USDT，正在悄然成为全球游戏市场的支柱。忘记不稳定的代币；这些与法定货币挂钩的数字资产提供了可预测性和可靠性。区块链游戏联盟（BGA）强调稳定币如何实现可靠的支付、透明的游戏内定价和更顺畅的资产交换。 Roblox 和 Fortnite 等游戏及其闭环货币展示了固定汇率在创建可持续生态系统方面的力量。

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.

稳定币在游戏中的兴起是现实世界实用性的一个很好的例子。它们在动荡的市场中提供稳定性，培养信任并鼓励长期参与。区块链游戏领域风险投资的复苏，今年迄今已投资近 3 亿美元，这表明投资者对有效利用稳定币的项目充满信心。

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

Coinbase 的比特币收益基金：成熟的标志？

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 不仅仅涉及隐私和稳定币。他们还在探索利用比特币产生收益的新途径。 Coinbase 美国比特币收益基金 (USCBYF) 为经过认证的美国投资者推出，旨在通过 BTC 私人信贷借贷和基差交易提供高于常规比特币价格收益的回报。他们已于五月份为非美国投资者推出了离岸版本。这表明 Coinbase 正在走向成熟并使其产品多元化，以吸引更广泛的投资者。

My Take: A Balancing Act

我的看法：平衡之举

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 的举动令人着迷。 Base 对隐私的关注和稳定币的拥抱标志着向更成熟和用户友好的加密生态系统的转变。我认为这是一个明智的做法，特别是考虑到该行业面临的监管审查。通过优先考虑合规性并提供私人稳定币交易等创新解决方案，Coinbase 正在为自己的长期成功做好准备。

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.

当然，还有一些问题需要回答。 Coinbase 将如何平衡隐私与 KYC 要求？比特币收益基金会兑现承诺吗？只有时间才能证明一切。但有一件事是明确的：Coinbase 正在塑造加密货币的未来，一次一种稳定币和私人交易。

Wrapping Up

总结

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 正忙于构建一个加密货币更加私密、更加稳定，而且，我敢说，更加……正常的世界吗？这是观察这个空间的激动人心的时刻。现在，请原谅我，我要去探索虚拟宇宙……当然是用我新获得的稳定币！