Coinbase 發布 2025 年加密貨幣市場展望：穩定幣和 RWA 佔據報告首位

Coinbase 發布了 2025 年加密貨幣市場展望。報告稱，2024年加密貨幣市場取得了前所未有的成功。

Coinbase has published its 2025 Cryptocurrency Market Outlook. According to the report, the 2024 crypto market achieved unprecedented success. But reaching this point was not an easy feat. According to the report, it’s easy for people to see these achievements as the culmination of years of work. But more and more people are realizing that this is just the beginning of a much larger effort. The report focuses on five areas in particular.

Coinbase 發布了 2025 年加密貨幣市場展望。報告稱，2024年加密貨幣市場取得了前所未有的成功。但要達到這一點並非易事。報告稱，人們很容易將這些成就視為多年工作的結晶。但越來越多人意識到，這只是更大的努力的開始。報告特別關註五個領域。

Stablecoins and RWAs top the Coinbase reportCoinbase's 2025 Cryptocurrency Market Outlook. Source: Coinbase

穩定幣和 RWA 在 Coinbase 報告《Coinbase 2025 年加密貨幣市場展望》中名列前茅。來源：Coinbase

In particular, the report focuses on five areas in five bullet points. The first is stablecoins. According to the report, stablecoins are a killer app in the crypto space. As of December 1, 2024, the market cap of stablecoins increased by 48% to a record high of $1.93 trillion. Moreover, according to Coinbase, this figure could grow to $30 trillion in the next five years. We will soon see that their most important use cases are not just transactions, but global capital flows and trade.

該報告特別以五個要點重點關註五個領域。第一個是穩定幣。該報告稱，穩定幣是加密貨幣領域的殺手級應用。截至 2024 年 12 月 1 日，穩定幣市值成長 48%，達到 1.93 兆美元的歷史新高。此外，根據 Coinbase 的數據，這個數字在未來五年內可能會成長到 30 兆美元。我們很快就會看到它們最重要的用例不僅僅是交易，而是全球資本流動和貿易。

Second, RWA tokenization is poised for significant growth. According to Rwa.xyz, as of December 1, tokenized RWAs grew by over 60%. Thus, it reached $13.5 billion. Tokenization has made significant progress in 2024. Companies are exploring the use of tokenized assets as collateral for other financial transactions (such as derivatives trading) that can facilitate transactions and reduce risks. The RWA trend is moving beyond assets such as US Treasuries and money market funds to private loans, commodities, corporate bonds, real estate and insurance.

其次，RWA 代幣化可望顯著成長。根據 Rwa.xyz 的數據，截至 12 月 1 日，代幣化 RWA 成長了 60% 以上。因此，它達到了135億美元。代幣化在2024年取得了重大進展。 RWA 趨勢正在從美國國債和貨幣市場基金等資產轉向私人貸款、大宗商品、公司債、房地產和保險。

ETFs, DeFi revival and regulation: What to expect for cryptocurrency space?

ETF、DeFi 復興與監管：對加密貨幣領域有何期待？

Third, exchange-traded funds (ETFs) are on the agenda. According to the report, crypto ETFs have permanently changed the supply-demand dynamics of crypto. Following the record-breaking success of the US spot Bitcoin ETF, the entire crypto market has changed. Almost every type of institutional investor now owns a crypto ETF. It will be interesting to see what happens if the SEC allows cash generation and redemption mechanisms for ETF shares or allows ETFs to include collateral. According to Coinbase, these changes have the potential to increase the potential returns for ETF holders. Thus making ETFs more attractive to investors.

第三，交易所交易基金（ETF）被提上議程。該報告稱，加密貨幣 ETF 永久改變了加密貨幣的供需動態。隨著美國現貨比特幣 ETF 破紀錄的成功，整個加密貨幣市場也發生了變化。現在幾乎所有類型的機構投資者都擁有加密貨幣 ETF。如果 SEC 允許 ETF 股票的現金產生和贖回機製或允許 ETF 包含抵押品，看看會發生什麼將會很有趣。據 Coinbase 稱，這些變化有可能增加 ETF 持有者的潛在回報。從而使ETF對投資者更具吸引力。

In fourth place is decentralized finance (DeFi). According to Coinbase, DeFi’s revival will take it into a new era. DeFi faced some setbacks in the previous cycle. But a more continuous and resilient ecosystem has emerged. The lending protocol TVL reached an all-time high, while DEX trading volume share (compared to CEX) peaked. Moreover, the changing US regulatory environment and the adoption of on-chain verification could help pave a clear path for traditional institutional investors to join DeFi. All indications suggest that DeFi could increase its impact in the near future.

排在第四位的是去中心化金融（DeFi）。 Coinbase表示，DeFi的復興將把它帶入一個新時代。 DeFi 在上一個週期中遇到了一些挫折。但一個更持續和有彈性的生態系統已經出現。借貸協議 TVL 達到歷史新高，而 DEX 交易量份額（與 CEX 相比）達到頂峰。此外，不斷變化的美國監管環境和鏈上驗證的採用可能有助於為傳統機構投資者加入 DeFi 鋪平清晰的道路。所有跡像都表明，DeFi 的影響力在不久的將來可能會增加。

Finally, according to the report, regulations will ultimately shift from headwinds to tailwinds. The crypto market has suffered from regulatory uncertainty in the US for years, but the tide has changed. The US Congress will soon witness the most crypto-friendly Congress ever. Bipartisan support in both the House and Senate favors cryptocurrency and is likely to reach new legislative milestones. The US is expected to create a comprehensive regulatory framework, enact a robust stablecoin legislation, and end the era of sanctions-driven regulation. Overall, 2025 is expected to be a pivotal year.

最後，根據該報告，監管最終將從逆風轉向順風。多年來，加密貨幣市場一直受到美國監管不確定性的影響，但趨勢已經改變了。美國國會很快就會見證有史以來對加密貨幣最友善的國會。眾議院和參議院兩黨都支持加密貨幣，並可能達到新的立法里程碑。預計美國將建立全面的監管框架，制定強而有力的穩定幣立法，並結束制裁驅動的監管時代。總體而言，2025 年預計將是關鍵的一年。

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