Coinbase 的隐藏宝石：稳定币业务成为收入引擎

领先的加密货币交易所 Coinbase Global 的稳定币业务显着增长，已成为其第二大收入来源。尽管加密货币市场波动较大，但 Coinbase 联合创建的稳定币 USD Coin 的市值近几个月大幅飙升，导致 Coinbase 稳定币收入大幅增长，2023 年稳定币收入接近 7 亿美元。 USD Coin 的市值和 Coinbase 交易收入的复苏表明对该公司 2024 年财务业绩的乐观态度。

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

Coinbase 蓬勃发展的稳定币业务：投资者的一颗隐藏宝石

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.

加密货币市场经历了显着的复苏，其总市值将在 2024 年飙升至令人印象深刻的 2.3 万亿美元。领先的加密货币交易所 Coinbase Global (COIN) 已成为这一市场好转的主要受益者，其股价也出现了大幅上涨。仅去年一年就增长了 200% 以上，令人印象深刻。然而，在这种广受认可的股票表现中，有一个关于 Coinbase 的鲜为人知的事实，为眼光敏锐的投资者提供了一个充满希望的投资机会：其蓬勃发展的稳定币业务，已悄然成为该公司的第二大收入来源。

Stablecoins: A Key to Coinbase's Success

稳定币：Coinbase 成功的关键

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.

稳定币是一类独特的加密货币，与波动性较大的加密货币不同，它保持与外部资产（通常是美元）挂钩的稳定价值。由 Coinbase 共同创建的美元硬币（USDC）就是这种稳定币的一个典型例子。

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.

稳定币已成为 Coinbase 利润丰厚的收入来源。 2023 年，该公司通过稳定币业务创造了约 7 亿美元的收入，占其总收入的 24%，令人震惊。这一令人印象深刻的数字凸显了稳定币作为 Coinbase 财务成功主要推动力的重要性。

The Mechanism of Stablecoins

稳定币的机制

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.

稳定币维持稳定性的方法是从用户处接收法定货币存款，以换取发行相应的稳定币。这些稳定币可以兑换其潜在的法币价值，确保系统的稳定性。稳定币产生的收入来自存入资金赚取的利息，这使得现金储备量对于盈利能力至关重要。

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

美元硬币的市值：衡量 Coinbase 稳定币收入的指标

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.

稳定币的市值大致反映了其现金储备。美元币市值超过1000亿美元，是流通中最大的稳定币。 Coinbase 与 USD Coin 的联系使其能够从稳定币的成功中受益。

USD Coin's Resurgence and Its Impact on Coinbase

美元硬币的复兴及其对 Coinbase 的影响

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.

尽管其市值在 2022 年 7 月之后大幅下降，但 Coinbase 的稳定币收入在 2023 年却大幅增长了 183%，这主要是受到当前高利率环境的推动。

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，投资者对美元硬币的兴趣重新抬头。自 2023 年 11 月以来，其市值增加了约 36%，这表明 Coinbase 的创收储备已涌入数十亿美元。

Transaction Fees: Coinbase's Primary Revenue Source

交易费用：Coinbase 的主要收入来源

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.

虽然稳定币收入已成为重要的增长动力，但值得注意的是，交易费用仍然是 Coinbase 的主要收入来源。每当用户在其平台上购买或出售加密货币时，该公司就会产生收入。

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.

尽管交易收入在 2023 年有所下降，但在第四季度强劲反弹，同比强劲增长 64%，环比增幅高达 84%，令人印象深刻。 Coinbase管理层对交易收入的持续增长表示乐观。

Cautious Optimism for Coinbase Investors

Coinbase 投资者持谨慎乐观态度

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.

投资加密货币领域需要谨慎行事。这个市场固有的波动性导致了 Coinbase 的几个竞争对手的灭亡。监管的不确定性也给该行业的长期轨迹蒙上了阴影。尽管如此，Coinbase 在稳定币和交易费用业务方面的强劲表现还是令人乐观。

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.

由于加密货币市场依然活跃，美元硬币的市值持续上升，Coinbase 有望在未来几个季度实现强劲的财务业绩。该公司预计下个月发布的季度财务报告将进一步深入了解其稳定币收入轨迹和整体财务状况。