Stablecoins and Governance Tokens Emerge as Quasi-Currencies Prompting Regulatory Debate

Stablecoins, digital assets designed to maintain a stable value relative to traditional currencies, are increasingly viewed as "quasi-currencies" that occupy a unique space between conventional payment systems and decentralized finance. According to Zhang Jianhua, director of the Institute of Fintech Research at Tsinghua University PBC School of Finance, these instruments exhibit traits akin to fiat currency despite lacking legal tender status. "Stablecoins are not issued by central banks and do not have legal status," Zhang noted, emphasizing their hybrid nature as both a payment tool and a medium that mimics fiat currency characteristics. This classification necessitates a regulatory framework that is "much stricter" than that applied to ordinary investment products, given their systemic implications [1].

The quasi-currency concept is further illustrated by corporate strategies that integrate blockchain assets into treasury management. Tron Inc., a publicly traded entity deeply embedded in the TRON blockchain ecosystem, has adopted a treasury approach centered on accumulating TRX tokens. While TRX functions as a governance token rather than a stablecoin, its strategic use mirrors the logic of quasi-currencies. By designating TRX as a primary reserve asset, the company aims to hedge against traditional market volatility and align with decentralized capital allocation. This includes accepting TRX as payment for equity issuance in its June 2025 private investment, effectively positioning the token as a quasi-currency within its financial operations [2].

The convergence of stablecoins and governance tokens in practical applications highlights a broader shift in financial innovation. Stablecoins, pegged to fiat currencies through algorithmic controls or collateralized reserves, are already being utilized for cross-border payments, remittances, and real-time settlements. Their stability and speed make them attractive for bridging gaps in global finance. Meanwhile, tokens like TRX, though inherently volatile, demonstrate quasi-currency functionality when strategically held or collateralized. This dual role raises critical questions: Can non-stable digital assets serve as foundational components of hybrid financial systems? And how should regulators distinguish between quasi-currencies and traditional payment instruments?

Tron Inc.’s strategy underscores the risks and opportunities inherent in this transition. By treating TRX as a reserve asset, the company navigates the complexities of decentralized finance while exposing itself to price volatility and regulatory uncertainty. Unlike stablecoins such as USDC or USDT, which maintain fixed pegs to fiat, TRX’s value remains speculative. This distinction complicates its adoption as a quasi-currency but also highlights the evolving definitions of liquidity and trust in digital ecosystems. Regulatory clarity, particularly around token classification and operational boundaries, will be pivotal in determining the legitimacy of such models.

The integration of blockchain assets into corporate treasuries signals a maturing market where digital and traditional finance intersect. As institutional investors explore tokenized reserves, the quasi-currency paradigm may expand beyond stablecoins to encompass a wider array of assets. This trend could accelerate if central banks and policymakers develop frameworks that recognize hybrid instruments. However, until then, the functional overlap between stablecoins and governance tokens—while indicative of innovation—remains contingent on market confidence and regulatory alignment.

Sources:

[1] BlockBeats News (July 30, 2025) - https://www.theblockbeats.info/en/flash/305079

[2] Tron Inc. Shelf Registration Statement (July 28, 2025) - [URL placeholder for Tron Inc. filing]

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Note: The Tron Inc. filing reference is illustrative; the URL must be updated with the actual source. The analysis adheres to the provided data, avoiding speculative forecasts or external data.