CMC News

#Fed Opens Payment Accounts to #Crypto Firms in 2026

The Federal Reserve launched a public comment period Friday on proposed payment accounts that would grant #fintechs and crypto companies limited access to central bank payment systems. The accounts, sometimes called skinny master accounts, would operate under a tailored approval framework distinct from traditional banking relationships.

Fed Governor Christopher Waller stated the new payment accounts would support innovation while maintaining payment system safety. Waller recommended in October that the Fed explore payment accounts to clear and settle certain transaction activities for eligible financial institutions.

The central bank is introducing this feature to address the rapid developments in the payments industry, which have led to innovative banking approaches and new business models.

The tailored framework could reduce payment system risk and allow payment account requests to receive streamlined review compared to full master account applications.