Catenaa, Wednesday, October 22, 2025- The Federal Reserve unveiled plans to let stablecoin issuers and fintech firms access its payment infrastructure directly, bypassing traditional banks.
Fed Governor Christopher Waller introduced “payment accounts” for legally eligible institutions during the central bank’s Payments Innovation Conference on October 21.
The accounts aim to provide streamlined connections to Fed payment rails while maintaining risk controls.
Eligible companies, including Custodia Bank, Kraken, Ripple, and Anchorage Digital, could benefit from faster approval and reduced reliance on third-party banks.
Accounts would carry operational limits, such as balance caps, no interest on deposits, and loss of daylight overdraft privileges. Discount window borrowing and certain Fed payment services would remain restricted.
The initiative signals a shift in the Fed’s historically cautious stance on crypto, reflecting growing attention to digital asset integration. Waller emphasized that every legally eligible institution could apply under existing frameworks without new eligibility rules.
Industry leaders attended the conference, highlighting interoperability and regulatory challenges. Coinbase, Circle, and Chainlink executives discussed opportunities to connect traditional finance and decentralized systems.
Participants noted that blockchain custody and DeFi enable continuous dollar movements previously unavailable to banks, underscoring potential efficiencies for US payment infrastructure.
Although no implementation timeline has been set, the Fed plans to gather stakeholder feedback before finalizing the framework. The proposal represents a major step toward incorporating digital assets into mainstream payment systems while balancing operational and systemic risk.
The Fed proposes direct payment access for stablecoin issuers, reducing reliance on banks and modernizing US payment infrastructure with risk-limited accounts.
