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12/22/2025

Fed Seeks Public Comment on New Account Type That Could Open Payment Rails to Crypto Companies

The U.S. Federal Reserve is seeking public comment on a new account type called a "payment account" — also known in financial circles as a "skinny master account" — that could allow fintech and crypto companies to access the U.S. central bank's payment system directly. According to Fed Governor Christopher Waller, the account type is designed to support innovation in payments while maintaining the safety of the financial system. Earlier, in October,

Fed Seeks Public Comment on New Account Type That Could Open Payment Rails to Crypto Companies

The U.S. Federal Reserve is seeking public comment on a new account type called a "payment account" — also known in financial circles as a "skinny master account" — that could allow fintech and crypto companies to access the U.S. central bank's payment system directly.

According to Fed Governor Christopher Waller, the account type is designed to support innovation in payments while maintaining the safety of the financial system. Earlier, in October, Waller proposed that the Fed study the payment account model to facilitate clearing and settlement for certain eligible financial institutions.

The Fed said the move reflects the rapid changes sweeping the payments industry, as new banking and financial service models — particularly fintech and crypto — continue to grow. "Customizing" accounts in this way could help reduce systemic risk and streamline the approval process compared to traditional master accounts.

Not all Fed officials are on board, however. Governor Michael Barr warned that opening access to institutions not directly supervised by the Fed could increase money laundering and terrorist financing risks if controls are not clearly defined.

If approved, crypto companies focused on payments — such as Circle, Coinbase, Kraken, and Block, Inc. — could become among the first to connect directly to the Fed's banking rails, effectively bridging the gap between crypto and the traditional financial system.

This is seen as a major turning point for the crypto industry in the U.S., especially given that crypto companies had previously accused the Biden administration of running "Operation Chokepoint 2.0" to restrict their access to banking services.

Still, the Fed emphasized that a payment account does not carry the full privileges of a master account. These accounts would not earn interest, would not have access to Fed credit, and would be subject to balance caps.

The public comment period will close 45 days after the proposal is published in the Federal Register. According to Waller, if approved, the payment account system could officially launch in Q4 2026.