Breaking! Fed's stance changes drastically: plans to open payment infrastructure to stablecoin issuers and fintech companies.

The Fed announced a significant policy shift on October 21, planning to allow stablecoin issuers and fintech companies direct access to its payment infrastructure without going through traditional bank partnerships. Federal Reserve Board of Governors member Christopher Waller introduced the concept of “Payment Accounts” or “Skinny Master Accounts” at the central bank's first payment innovation conference, designed specifically for legally qualified institutions. This move marks the Fed's abandonment of its previous cautious stance towards encryption companies, which will greatly simplify the efforts of companies like Custodia Bank and mainstream CEX to obtain banking permissions over the years.

“Slim Main Account”: A Direct Connection Channel Tailored for Stablecoins and Financial Technology

The proposed “payment account” aims to provide legally qualified institutions with direct access to the Fed's payment channels, while retaining risk control measures, distinguishing it from full master accounts.

· Target user group: Waller pointed out that this payment account concept will be specifically provided to “legally qualified institutions that are currently mainly using third-party banks for payment services” based on the Fed payment services.

· Operational restrictions and risk control: Institutions obtaining this type of account will face specific operational restrictions to manage their risk exposure to the Fed's balance sheet. These restrictions include: no interest on account balances; potential imposition of mandatory balance limits to control scale; loss of intraday overdraft privileges, meaning that once the account balance reaches zero, transactions will be declined; and exclusion from certain Fed payment services and discount window lending where the central bank cannot adequately control overdraft risk.

· The legal framework remains unchanged: Waller emphasized that under the existing legal framework, every entity that meets the legal qualifications is eligible to apply for a payment account, without the need to change the current qualification requirements. He stated, “Payment innovation is developing rapidly, and the Fed needs to keep pace.”

Historic Policy Reversal: From Skepticism to Welcoming Dialogue

The announcement of this proposal immediately attracted significant attention from the industry, with the meeting bringing together executives from the crypto industry, including Chainlink CEO Sergey Nazarov, mainstream CEX CFO Alesia Haas, and Circle President Heath Tarbert, along with officials from the Fed.

· The shift in the Fed's attitude: Waller stated at the meeting, “The decentralized finance (DeFi) industry will no longer be questioned or dismissed.” He added, “On the contrary, today, we welcome you to engage in dialogue about the future of payments in the United States, on our home turf – something that was unimaginable a few years ago.”

· Positive feedback from industry leaders: During the panel discussion, Sergey Nazarov raised the main interoperability challenges in the integration of traditional finance and digital assets, and praised the active involvement of regulators. Fireblocks CEO Michael Shaulov highlighted the advantages of blockchain custody and pointed out that “the improving regulations in the U.S. are facilitating these discussions.”

· The call of traditional finance: Jennifer Barker of BNY Mellon also emphasized the necessity of collaboration between traditional finance and DeFi for seamless integration. She pointed out, “DeFi enables 24/7 dollar liquidity, which many banks were previously unable to achieve.”

Industry Impact: Accelerating the Compliance Process of Stablecoins and Financial Technology

This policy reversal has a profound impact on the encryption industry, especially benefiting companies seeking deep integration with the traditional financial system.

· Potential beneficiaries: Companies like Custodia Bank, which has long sought a master account, as well as Ripple and Anchorage Digital, which submitted master account applications in 2025, may see the approval process accelerated under the new framework.

· Next steps: Although the Fed has not announced a specific implementation timeline for the payment account proposal, Governor Waller stated that Fed staff will engage with stakeholders to gather feedback on the pros and cons of this framework before finalizing it.

Conclusion

The proposal by the Fed to open up payment infrastructure is a milestone recognition in the history of U.S. financial regulation for the field of crypto assets, especially stablecoins and fintech companies. It provides unprecedented compliance and operational convenience for the digital asset industry, marking a key step towards the formal integration of stablecoins with the core payment systems of the United States. With the positive improvement of the regulatory environment, the integration of crypto innovation and traditional finance will accelerate further, heralding the arrival of a more efficient and around-the-clock global payment system.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions with caution.