Fed Proposes Crypto Payment Account Framework
- Fed Governor Waller proposes payment accounts for crypto firms.
- Enables direct access to Fed payment rails.
- Enhances liquidity, reduces risk, and supports innovation.
Federal Reserve Governor Christopher J. Waller proposed a new payment account framework for crypto firms at the Payments Innovation Conference on October 21, 2025.
The initiative could enhance crypto firms’ access to Federal Reserve payment rails, fostering innovation and liquidity, especially among stablecoin issuers and fintech companies.
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The Federal Reserve’s Payments Innovation Conference saw Governor Christopher J. Waller announce the payment account framework to support crypto innovation. The proposal offers direct access to Fed payment rails. Waller’s focus is on aiding fintech and stablecoin firms.
Governor Waller, a member of the Federal Reserve Board, outlined objectives for the proposed “skinny master account” concept. Executives from Circle and Paxos expressed support. This was announced during Waller’s structured presentation at the Payments Innovation Conference hosted by the Federal Reserve.
Direct access to Federal Reserve payment systems will reduce risk and boost liquidity for crypto firms. The changes are anticipated to impact stablecoin issuers significantly. Enhanced access to financial infrastructure is expected to drive industry innovation.
The proposal bridges fintech, crypto, and traditional banking, altering how these sectors interact. It aims to streamline financial operations for companies like Circle and Paxos. Wider financial infrastructure access is considered a vital step forward.
Stakeholders anticipate immediate positive effects on market dynamics. The framework signifies a critical transition in governmental support for digital asset integration into existing payment systems, offering thriving opportunities for innovation.
Waller compares the approach with the 2022 master account guidelines but offers a more targeted form. Stablecoins and Ethereum, heavily reliant on fiat interactions, may see altered token flows. Waller stated these accounts “could remove friction” in payments. As Waller added, “This new framework could remove friction for fintech and stablecoin companies, enabling innovation in payments while maintaining core system integrity.”
