Coinbase 发布 2025 年加密货币市场展望：稳定币和 RWA 占据报告首位

Coinbase 发布了 2025 年加密货币市场展望。报告称，2024年加密货币市场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 发布了 2025 年加密货币市场展望。报告称，2024年加密货币市场取得了前所未有的成功。但达到这一点并非易事。报告称，人们很容易将这些成就视为多年工作的结晶。但越来越多的人意识到，这只是更大努力的开始。报告特别关注五个领域。

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

稳定币和 RWA 在 Coinbase 报告《Coinbase 2025 年加密货币市场展望》中名列前茅。来源：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.

该报告特别以五个要点重点关注五个领域。第一个是稳定币。该报告称，稳定币是加密货币领域的杀手级应用。截至 2024 年 12 月 1 日，稳定币市值增长 48%，达到 1.93 万亿美元的历史新高。此外，根据 Coinbase 的数据，这个数字在未来五年内可能会增长到 30 万亿美元。我们很快就会看到它们最重要的用例不仅仅是交易，而是全球资本流动和贸易。

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 代币化有望显着增长。根据 Rwa.xyz 的数据，截至 12 月 1 日，代币化 RWA 增长了 60% 以上。因此，它达到了135亿美元。代币化在2024年取得了重大进展。企业正在探索使用代币化资产作为其他金融交易（例如衍生品交易）的抵押品，以促进交易并降低风险。 RWA 趋势正在从美国国债和货币市场基金等资产转向私人贷款、大宗商品、公司债券、房地产和保险。

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

ETF、DeFi 复兴和监管：对加密货币领域有何期待？

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）提上议程。该报告称，加密货币 ETF 永久改变了加密货币的供需动态。随着美国现货比特币 ETF 破纪录的成功，整个加密货币市场发生了变化。现在几乎所有类型的机构投资者都拥有加密货币 ETF。如果 SEC 允许 ETF 股票的现金生成和赎回机制或允许 ETF 包含抵押品，看看会发生什么将会很有趣。据 Coinbase 称，这些变化有可能增加 ETF 持有者的潜在回报。从而使ETF对投资者更具吸引力。

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的复兴将把它带入一个新时代。 DeFi 在上一个周期中遇到了一些挫折。但一个更加持续和有弹性的生态系统已经出现。借贷协议 TVL 达到历史新高，而 DEX 交易量份额（与 CEX 相比）达到顶峰。此外，不断变化的美国监管环境和链上验证的采用可能有助于为传统机构投资者加入 DeFi 铺平清晰的道路。所有迹象都表明，DeFi 的影响力在不久的将来可能会增加。

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.

最后，根据该报告，监管最终将从逆风转向顺风。多年来，加密货币市场一直受到美国监管不确定性的影响，但趋势已经发生了变化。美国国会很快将见证有史以来对加密货币最友好的国会。众议院和参议院两党都支持加密货币，并可能达到新的立法里程碑。预计美国将建立全面的监管框架，制定强有力的稳定币立法，并结束制裁驱动的监管时代。总体而言，2025 年预计将是关键的一年。

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