共插头，库存和稳定币：骑行浪潮清晰度和令牌化浪潮

Coinbase的股票正在飙升，这是由Stablecoin立法和扩展到令牌化股票市场的推动力的。这是规范数字融资的曙光吗？

Coinbase's stock is on a tear, thanks to a confluence of factors: regulatory breakthroughs for stablecoins and bold moves into tokenized equity markets. The future of finance might just be playing out before our eyes.

由于因素汇合，Coinbase的股票流失了：对Stablecoins的监管突破和大胆迁移到令牌化的股票市场。金融的未来可能只是在我们眼前发挥作用。

GENIUS Act Sparks Coinbase Surge

天才行为火花共插针激增

The U.S. Senate's passage of the GENIUS Act, aimed at establishing national standards for stablecoins, has sent ripples of excitement through the crypto world. Coinbase, a major player in the USDC stablecoin, saw its stock jump over 15% following this news. This bipartisan bill could reshape digital payments.

美国参议院对《天才法案》的通过，旨在建立稳定的国家标准，通过加密世界引发了兴奋的涟漪。 Coinbase是USDC Stablecoin的主要参与者，此消息后，其股票增长了15％。该两党法案可以重塑数字付款。

The GENIUS Act creates a federal framework for dollar-backed stablecoins. It mandates reserve requirements and prohibits yield-bearing consumer stablecoins. Though the House has its own version, this Senate vote signals strong bipartisan support. For Coinbase, this regulatory clarity could lead to wider USDC adoption, boosting revenue from custody, payments, and platform utility.

《天才法案》为美元支持的稳定币创建了联邦框架。它要求储备金要求，并禁止承重消费者稳定。尽管房屋有自己的版本，但这一参议院投票标志着强烈的两党支持。对于Coinbase而言，这种法规清晰度可能会导致USDC采用更广泛，从而增加了监护权，付款和平台公用事业的收入。

Coinbase's Stablecoin Strategy

Coinbase的Stablecoin策略

Stablecoins have become a crucial revenue stream for Coinbase, with related income rising 50% year-over-year in Q1 2025. Coinbase earns from interest income, transaction fees, and custody fees related to USDC. The GENIUS Act amplifies this value, potentially leading to explosive earnings growth.

Coinbase的Stablecoins已成为关键的收入来源，相关收入在2025年第1季度同比上涨50％。Coinbase从利息收入，交易费用和与USDC相关的监护费中赚取。 《天才法》扩大了这一价值，有可能导致爆炸性的收入增长。

Coinbase is also challenging payment giants with a new merchant payments product that accepts USDC with instant settlement and low fees. CEO Brian Armstrong aims for USDC to surpass Tether as the dominant stablecoin. The regulatory environment is getting mature, so this goal is becoming more realistic.

Coinbase还通过新的商户支付产品来挑战付款巨头，该产品接受USDC即时和解和低费用。首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）的目标是使USDC超过束缚，成为主要的稳定股币。监管环境越来越成熟，因此这个目标变得越来越现实。

Tokenization: The Next Frontier

令牌化：下一个前沿

Coinbase is also expanding into tokenized equity markets. After a correction earlier in 2025, Coinbase stock rebounded following the announcement of its SEC filing to offer tokenized equities and bonds. This move could bridge traditional finance and blockchain innovation.

Coinbase也正在扩展到令牌化的股票市场。在2025年早些时候进行了更正后，Coinbase股票在SEC申请提供令牌股票和债券后撤销了。此举可以弥合传统的金融和区块链创新。

If the SEC approves, Coinbase will tokenize traditional assets and offer them on blockchain rails. This could challenge traditional brokerages by offering 24/7 trading, faster settlement times, and reduced reliance on intermediaries. These digital tokens would represent ownership of real-world equities, offering international investors seamless access to U.S. financial markets.

如果SEC批准了Coinbase，将使传统资产对其进行，并在区块链导轨上提供。这可能会通过提供24/7的交易，更快的和解时间以及减少对中介机构的依赖来挑战传统经纪人。这些数字代币将代表现实世界中的股票的所有权，为国际投资者提供无缝访问美国金融市场的机会。

The Big Picture

大局

Standard Chartered sees a shift towards non-stablecoin RWAs. Tokenization efforts should focus on assets that benefit from being on-chain, such as private credit and liquid off-chain commodities.

标准特许看到向非稳定RWAS的转变。代币化的工作应集中在受益于链子的资产上，例如私人信贷和液体外商品。

Final Thoughts

最后的想法

Coinbase's stock surge reflects growing confidence in its role as a bridge between traditional finance and the crypto world. The GENIUS Act and the move into tokenized equities could unlock new revenue streams and reshape the financial landscape. It's an exciting time to watch Coinbase navigate this evolving world, isn't it?

Coinbase的股票激增反映了对其作为传统金融与加密货币世界之间桥梁的作用的信心。 《天才法》和进入令牌股票的迁移可以释放新的收入来源并重塑金融格局。这是观看Coinbase浏览这个不断发展的世界的激动人心的时刻，不是吗？