A proposal from the Federal Reserve has opened a chance for fintechs and crypto-related businesses to gain limited access to the central bank’s payments infrastructure via a new type of account known as a “payment account”, or “skinny master account”.
This concept, introduced by Fed Governor Christopher Waller, aims to support innovation in payment services while preserving the stability of payment networks.
Waller first suggested exploring the use of payment accounts in October by noting that these accounts would handle certain settlement and clearing activities for qualifying institutions.
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However, Governor Michael Barr raised concerns about the adequacy of safeguards, particularly regarding anti–money laundering and counter‑terrorism financing measures.
He cautioned that without clear protections, allowing access to these accounts for entities outside the Fed’s direct supervision could pose risks.
Companies like Circle, Coinbase
$461.32M
, and Block, Inc. are among the crypto-first firms that could benefit from this new access to the Fed’s payment rails.
These specialized accounts would come with restrictions. Unlike traditional master accounts held by major banks and Wall Street firms, payment accounts would not earn interest, would not allow borrowing from the Fed, and would face balance limits and other curbs.
Waller indicated that the plan could become operational in the fourth quarter of 2026, and noted that the public comment window would remain open for 45 days after publication in the Federal Register.
On December 18, the Federal Reserve revoked a policy that had prevented some US banks from engaging in cryptocurrency services. What did the agency say? Read the full story.
