Crypto, Banks Give Input to Fed ‘Skinny Master Account’ Idea

The Federal Reserve received 44 comments on a proposal to offer so-called “skinny master accounts,” payment accounts that would give fintech firms limited access to the central bank’s payments infrastructure. In opening up comments, Fed Governor Christopher Waller said the new accounts were needed because of “rapid developments” in payments and that they would “support innovation while keeping the payments system safe.” Unlike full master accounts, these payment accounts would not earn interest, would not have access to Fed credit and would be subject to balance limits.

Crypto firms broadly backed the idea.

United States

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