According to a report by Deep Tide TechFlow, on July 30, Zhang Jianhua, director of the Financial Development and Regulatory Technology Research Center at Tsinghua University’s Wudaokou School of Finance, stated that stablecoins are not legal tender but should not be simply regarded as payment tools. Stablecoins are not issued by central banks and do not have legal status, but they possess many monetary attributes. This 'quasi-currency' nature determines that the necessity and strictness of regulating them should be much higher than that of ordinary investment products.