Q: What exactly is a Federal Reserve master account?
A master account gives a financial institution direct access to the Federal Reserve payment systems, including infrastructure used for large-scale money transfers. This allows institutions to settle payments directly with the central bank instead of relying on intermediary banks.

Q: How could this affect Ripple’s business?
If Ripple eventually received a master account, it could improve the speed and efficiency of dollar settlements within its payment network. That could make Ripple’s infrastructure more appealing to banks and financial institutions that rely on faster cross-border payments.