Fed’s “Skinny Master Accounts” Could Bring Limited Banking Access to Crypto Firms

[cryptobro]

Waller revealed that the Federal Reserve plans to roll out “payment accounts” this year, giving fintech and crypto firms limited access to the central banking system. These “skinny master accounts” would offer fewer privileges than regular bank master accounts, such as no interest and balance limits, aiming to support innovation while keeping the payments system safe.

The Fed has collected feedback from crypto companies and banks on the proposal and aims to finalize it by the end of the year. Waller emphasized that these accounts are a response to “rapid developments” in payment technology and represent a step toward integrating crypto more securely into mainstream financial infrastructure.

[mendez]

no interest and balance limits…sounds useful for innovation but kinda restrictive, wonder how firms will use them

[JanEmil]

You can already get accounts for crypto firms