Coinbase 的隱藏寶石：穩定幣業務成為收入引擎

領先的加密貨幣交易所 Coinbase Global 的穩定幣業務顯著成長，已成為其第二大收入來源。儘管加密貨幣市場波動較大，但 Coinbase 聯合創建的穩定幣 USD Coin 的市值近幾個月大幅飆升，導致 Coinbase 穩定幣收入大幅增長，2023 年穩定幣收入接近 7 億美元。交易收入的復甦顯示對該公司2024 年財務表現的樂觀態度。

Coinbase's Booming Stablecoin Business: A Hidden Gem for Investors

Coinbase 蓬勃發展的穩定幣業務：投資者的一顆隱藏寶石

The cryptocurrency market has experienced a remarkable resurgence, with its total market capitalization surging to an impressive $2.3 trillion in 2024. Coinbase Global (COIN), a leading cryptocurrency exchange, has emerged as a prominent beneficiary of this market upturn, with its shares witnessing an impressive rise of over 200% in the past year alone. However, amidst this widely recognized stock performance, there lies a lesser-known fact about Coinbase that presents a promising investment opportunity for discerning investors: its thriving stablecoin business, which has quietly become the company's second-largest revenue generator.

加密貨幣市場經歷了顯著的復甦，其總市值將在2024 年飆升至令人印象深刻的2.3 兆美元。 ，其股價也出現了大幅上漲。然而，在這種廣受認可的股票表現中，有一個關於Coinbase 的鮮為人知的事實，為眼光敏銳的投資者提供了一個充滿希望的投資機會：其蓬勃發展的穩定幣業務，已悄然成為該公司的第二大收入來源。

Stablecoins: A Key to Coinbase's Success

穩定幣：Coinbase 成功的關鍵

Stablecoins, a unique class of cryptocurrencies, differ from their volatile counterparts by maintaining a stable value pegged to an external asset, typically the U.S. dollar. USD Coin (USDC), co-created by Coinbase, is a prime example of such a stablecoin.

穩定幣是一類獨特的加密貨幣，與波動性較大的加密貨幣不同，它保持與外部資產（通常是美元）掛鉤的穩定價值。由 Coinbase 共同創建的美元硬幣（USDC）就是這種穩定幣的典型例子。

Stablecoins have emerged as a lucrative revenue source for Coinbase. In 2023, the company generated approximately $700 million from its stablecoin operations, accounting for an astounding 24% of its total revenue. This impressive figure highlights the significance of stablecoins as a major driver of Coinbase's financial success.

穩定幣已成為 Coinbase 利潤豐厚的收入來源。 2023 年，該公司透過穩定幣業務創造了約 7 億美元的收入，佔其總收入的 24%，令人震驚。這個令人印象深刻的數字凸顯了穩定幣作為 Coinbase 財務成功主要推動力的重要性。

The Mechanism of Stablecoins

穩定幣的機制

The methodology employed by stablecoins to maintain their stability involves receiving deposits of fiat currency from users in exchange for issuing corresponding stablecoins. These stablecoins can be redeemed for their underlying fiat value, ensuring the system's stability. The revenue generated from stablecoins stems from the interest earned on the deposited funds, making the amount of cash reserves crucial for profitability.

穩定幣維持穩定性的方法是從用戶接收法定貨幣存款，以換取發行相應的穩定幣。這些穩定幣可以兌換其潛在的法幣價值，確保系統的穩定性。穩定幣產生的收入來自存入資金賺取的利息，這使得現金儲備量對於獲利能力至關重要。

USD Coin's Market Cap: A Gauge of Coinbase's Stablecoin Revenue

美元硬幣的市值：衡量 Coinbase 穩定幣收入的指標

The market capitalization of stablecoins provides an approximate indication of their cash reserves. USD Coin, with a market cap exceeding $100 billion, stands as the largest stablecoin in circulation. Coinbase's affiliation with USD Coin allows it to benefit from the stablecoin's success.

穩定幣的市值大致反映了其現金儲備。美元幣市值超過1000億美元，是流通中最大的穩定幣。 Coinbase 與 USD Coin 的連結使其能夠從穩定幣的成功中受益。

USD Coin's Resurgence and Its Impact on Coinbase

美元硬幣的復興及其對 Coinbase 的影響

Despite a significant decline in its market cap in the period following July 2022, Coinbase's stablecoin revenue experienced a remarkable 183% surge in 2023, primarily driven by the prevailing high-interest rate environment.

儘管其市值在 2022 年 7 月之後大幅下降，但 Coinbase 的穩定幣收入在 2023 年卻大幅增長了 183%，這主要是受到當前高利率環境的推動。

More recently, USD Coin has witnessed a resurgence in investor interest. Since November 2023, its market cap has increased by approximately 36%, indicating an influx of billions of dollars into Coinbase's revenue-generating reserves.

最近，投資者對美元硬幣的興趣重新抬頭。自 2023 年 11 月以來，其市值增加了約 36%，這表明 Coinbase 的創收儲備已湧入數十億美元。

Transaction Fees: Coinbase's Primary Revenue Source

交易費用：Coinbase 的主要收入來源

While stablecoin revenue has emerged as a significant growth driver, it is essential to note that transaction fees remain Coinbase's primary source of income. The company generates revenue whenever users buy or sell cryptocurrencies on its platform.

雖然穩定幣收入已成為重要的成長動力，但值得注意的是，交易費用仍然是 Coinbase 的主要收入來源。每當用戶在其平台上購買或出售加密貨幣時，該公司就會產生收入。

Although transaction revenue declined in 2023, it rebounded strongly in the fourth quarter, registering a robust 64% growth year-over-year and an impressive 84% sequential increase. Coinbase's management has expressed optimism regarding the continued growth of transaction revenue.

儘管交易收入在 2023 年有所下降，但在第四季度強勁反彈，同比強勁增長 64%，環比增幅高達 84%，令人印象深刻。 Coinbase管理層對交易收入的持續成長表示樂觀。

Cautious Optimism for Coinbase Investors

Coinbase 投資人持謹慎樂觀態度

Investing in the cryptocurrency space demands a healthy dose of caution. The volatility inherent in this market has led to the demise of several of Coinbase's competitors. Regulatory uncertainties also cast a shadow over the industry's long-term trajectory. Nonetheless, Coinbase's robust performance in both its stablecoin and transaction fee businesses provides reason for optimism.

投資加密貨幣領域需要謹慎行事。這個市場固有的波動性導致了 Coinbase 的幾個競爭對手的滅亡。監管的不確定性也給該行業的長期軌跡蒙上了陰影。儘管如此，Coinbase 在穩定幣和交易費用業務方面的強勁表現還是令人樂觀。

As the cryptocurrency market remains buoyant and USD Coin's market cap continues to rise, Coinbase is poised to deliver strong financial results in the upcoming quarters. The company's upcoming quarterly financial report, expected next month, will provide further insight into the trajectory of its stablecoin revenue and overall financial health.

由於加密貨幣市場仍然活躍，美元硬幣的市值持續上升，Coinbase 預計將在未來幾季實現強勁的財務業績。該公司預計下個月發布的季度財務報告將進一步深入了解其穩定幣收入軌跡和整體財務狀況。