7 月 30 日，清华大学五道口金融学院金融发展与监管科技研究中心主任张健华表示，稳定币不是法定货币，但也不能简单将其视为支付工具，除了不由中央银行发行、不具备法定地位外，实际上已具备了许多货币的属性，这种「准货币」性质决定了对其监管的必要性和严格性应远高于普通投资品。

<div><p>7 月 30 日，清华大学五道口金融学院金融发展与监管科技研究中心主任张健华表示，稳定币不是法定货币，但也不能简单将其视为支付工具，除了不由中央银行发行、不具备法定地位外，实际上已具备了许多货币的属性，这种「准货币」性质决定了对其监管的必要性和严格性应远高于普通投资品。</p></div>

观点：稳定币具备「准货币」性质，介于支付工具与法定货币

On July 30, Zhang Jianhua, director of the Financial Development and Regulatory Technology Research Center at Tsinghua University's Schwarzman College, stated that stablecoins are not legal tender, but they also cannot be simply viewed as a payment tool. Apart from not being issued by the central bank and lacking legal status, they have actually already possessed many monetary attributes. This "quasi-monetary" nature determines that the necessity and strictness of regulating them should be far higher than for ordinary investment products.

<div><p>On July 30, Zhang Jianhua, director of the Financial Development and Regulatory Technology Research Center at Tsinghua University's Schwarzman College, stated that stablecoins are not legal tender, but they cannot be simply viewed as payment tools. Apart from not being issued by the central bank and lacking legal status, they have actually acquired many monetary attributes. This "quasi-monetary" nature determines that the necessity and strictness of their regulation should be far higher than that of ordinary investment products.</p></div>

Viewpoint: Stablecoins have the nature of "quasi-currency", between payment tools and legal tender

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

Next Week's Key Preview

December 22nd

Aster: Phase 5 airdrop will begin on December 22nd and last for 6 weeks;

Espresso will open airdrop registration on December 22nd;

December 23rd

The U.S. Bureau of Economic Analysis will release third-quarter GDP data on December 23rd;

December 24th
U.S. and European stock markets will be closed for Christmas, and whether a "Christmas rally" will materialize remains uncertain;

The U.S. will release initial jobless claims for the week ending December 20th;...

Must-watch items next week: US Bureau of Economic Analysis to release Q3 GDP data; Aster launches fifth phase of airdrop (December 22-28).

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...