On December 12, news reported that former Morgan Stanley NFA trader Jeff Park stated on the X platform that the Federal Reserve's recently announced reserve management-driven purchasing plan, although claimed to be "reserve management," is essentially still QE, just upgraded from "quantitative easing" to "qualitative easing." Under a sufficient reserve system, reserves have perfect balance sheet elasticity due to 0% risk weight under LCR, far superior to short-term government bonds. This also explains why the SLR rule was suddenly relaxed before Thanksgiving and why a $40 billion monthly purchasing plan was quickly announced within two weeks before the end of QT. In short, short-term government bonds are "near money," while reserves are "perfect money." Additionally, Jeff Park added that stablecoins are currently the most pressing "currency quality" issue, which is why cryptocurrencies cannot possibly disappear.