Coinbase，Stablecoins和参议院法案：《天才法》的纽约分钟

《天才法案》有望动摇稳定的市场，有可能提高Coinbase的收入并使该行业合法化。但是房子会打球吗？

The buzz around Coinbase, stablecoins, and the Senate's GENIUS Act is hotter than a slice of New York pizza in July. What's the deal? Basically, this bill could be a game-changer for Coinbase and the entire stablecoin market.

围绕Coinbase，Stablecoins和参议院的天才法案的嗡嗡声比7月的纽约披萨片更热。有什么交易？基本上，该法案可能是Coinbase和整个Stablecoin市场的游戏改变者。

The GENIUS Act: A Big Win for Coinbase?

《天才法案：共同案》的巨大胜利？

So, the Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and folks are saying it's a major victory for Coinbase. Why? Because it allows non-banks to issue stablecoins. Coinbase has a sweet partnership with Circle, the company behind USD Coin (USDC), and this bill could keep that revenue flowing. Last quarter alone, Coinbase raked in $298 million from USDC, which is over 15% of their total net revenue. That's some serious cheddar!

因此，参议院通过了指导并建立了为美国稳定币（Genius）法案的国家创新，人们说这是Coinbase的重大胜利。为什么？因为它允许非银行发行稳定剂。 Coinbase与Circle（USD Coin（USDC））的公司建立了甜蜜的合作伙伴关系，该法案可以使收入流动。仅上一季度，Coinbase从USDC赚了2.98亿美元，占其净收入的15％以上。那是一个严重的切达干酪！

Plus, the GENIUS Act aims to create a bank-like regulatory framework for stablecoins. Think capital requirements, liquidity rules, and anti-money laundering programs. Sure, it might mean higher compliance costs, but it also builds trust in the industry. And when people trust stablecoins, the whole market grows, which is good news for Coinbase.

另外，《天才法案》旨在为稳定币创建一个类似银行的监管框架。考虑资本要求，流动性规则和反货币洗钱计划。当然，这可能意味着更高的合规成本，但也建立了对行业的信任。当人们信任Stablecoins时，整个市场都会增长，这对Coinbase来说是个好消息。

The House and the STABLE Act: A Potential Roadblock?

房子和稳定的行为：潜在的障碍？

Now, hold your horses. The GENIUS Act still needs to pass in the House. And there's another bill in the mix, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. Both bills allow non-banks to issue stablecoins, but the STABLE Act is generally less favorable to companies like Coinbase, imposing greater restrictions.

现在，握住你的马。 《天才法》仍然需要在房子里经过。还有另一项法案，包括更好的分类帐（稳定）法案的Stablecoin透明度和问责制。这两项法案都允许非银行发行稳定的co，但稳定的法案通常不利于Coinbase这样的公司，施加更大的限制。

One key difference? The GENIUS Act makes it tougher for non-financial companies, like Meta, to issue stablecoins. If the GENIUS framework wins out, Coinbase could see less competition and increased demand for its offerings.

一个关键区别？ 《天才法案》使像元公司这样的非金融公司更难发行稳定的公司。如果Genius框架获胜，Coinbase可能会看到更少的竞争和对其产品的需求增加。

Stablecoins: A Trillion-Dollar Opportunity?

Stablecoins：万亿美元的机会？

Analysts at Citigroup are super bullish on stablecoins, predicting the global market could explode from $230 billion in early 2025 to a whopping $1.6 trillion by 2030 in their base-case scenario. Some even think it could hit $3.7 trillion! With that kind of growth potential and favorable government policies, Coinbase is sitting pretty.

花旗集团（Citigroup）的分析师对Stablecoins表示超级看好，预测全球市场可能会从2025年初的2,300亿美元爆炸到2030年到2030年的基本场景中的1.6万亿美元。有些人甚至认为它可能达到3.7万亿美元！凭借这种增长潜力和有利的政府政策，Coinbase坐着很漂亮。

Trump's Take:

特朗普的看法：