[Analysis: The Fed's New Bond Purchase Plan is Essentially QE, Stablecoins are the Most Pressing Currency Quality Issue Today] December 12 news, former Morgan Stanley NFA trader Jeff Park posted on the X platform that the Federal Reserve's recently announced reserve management-driven purchase plan, though labeled as 'reserve management,' is essentially still QE, only upgraded from 'quantitative easing' to 'qualitative easing.' Under the ample reserve system, reserves possess perfect balance sheet flexibility due to their 0% risk weight under LCR, far surpassing short-term Treasury bonds. This also explains why the SLR rule was suddenly relaxed before Thanksgiving and why a $40 billion monthly purchase plan was swiftly announced within two weeks before the end of QT. In short, short-term Treasury bonds are 'near-money,' while reserves are 'perfect money.' Additionally, Jeff Park added that stablecoins are the most pressing 'currency quality' issue today, which is also why cryptocurrencies can never truly disappear.