Odaily星球日报讯 据 CNBC 报道，Coinbase（COIN）在 6 月上涨 43%，成为标普 500 指数中表现最好的公司，并在本周触及 382 美元高点，创下上市以来新高。 分析指出，本轮涨势得益于 GENIUS 法案（稳定币监管立法）的推进，该法案有望增强 Coinbase 与稳定币相关的收入能力。尤其是 Coinbase 与 USDC 发行方 Circle 的紧密关系，使其可直接获得平台 USDC 存款收益，以及近一半的其他 USDC 收益，合计相当于 Circle 收入的 99%。这意味着股东几乎可无成本间接享受 Circle 带来的收入增长。 尽管整体交易量自 4 月以来持续下降，但市场关注点已从传统交易费转向稳定币收益与机构叙事。随着华盛顿政策趋稳、Circle 股价创新高，Coinbase 的估值逻辑正逐步脱离“交易所”属性，向“合规稳定币金融基础设施”靠拢。 不过，机构仍对其估值合理性保持警惕，认为当前上涨可能存在投机因素，建议关注 COIN 与 BTC 的背离风险。（CoinDesk）
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