There is an angle we rarely discuss——The Federal Reserve recently announced monthly purchases of $40 billion in short-term government bonds. Officially, they didn't call it QE, but the actual mechanism remains an easing policy, just evolved.

From quantitative change to qualitative change. That’s the key.

Under a system of ample reserve requirements, bank reserves carry a 0% risk weight in regulation, making them much more flexible than short-term government bonds. Before Thanksgiving, the supplementary leverage ratio (SLR) rule was relaxed. As QT nears its end, the Fed suddenly steps in to buy short-term bonds—this is not a coincidence but a deliberate policy adjustment.

Why? Because short-term government bonds are just "approximate money," while reserves are the perfect money of the financial system. The essence of the Fed’s move is to improve the quality of money in the banking system, not just to ease short-term pressure.

There’s an interesting phenomenon here—while traditional finance upgrades its "money quality," what is the crypto space doing?

Stablecoins.

Against the backdrop of the global dollar restructuring, stablecoins have become the most urgent issue to address regarding money quality. They serve as the "出口阀" (export valve) of the dollar credit system, meeting the needs of high-speed, cross-border settlements. As long as this problem isn’t solved, cryptocurrencies won’t disappear; instead, they will become increasingly important.

In simple terms, the Fed is doing "qualitative QE," while the crypto industry is building a "civilian QE system," with stablecoins at its core. Two worlds, two sets of logic.