Kraken Gains Fed Master Account: Could Ripple Be Next?

Kraken became the first crypto firm to receive a Federal Reserve master account after its Wyoming-chartered banking arm secured access to the Fed’s core payment systems. The milestone follows Kraken’s Special Purpose Depository Institution charter from Wyoming in September 2020 and an application to the Federal Reserve Bank of Kansas City the following month, which was approved yesterday.

Kraken’s approval has shifted attention to Ripple. The company applied in July 2025 for a national trust bank charter and a Federal Reserve master account and received conditional approval from the Office of the Comptroller of the Currency in December. Commentators have argued the bank charter was “the setup” and that direct Fed access could be the “final piece” for RLUSD to settle at full banking scale, while others point to infrastructure links between Kraken and Ripple’s RLUSD.

United States, Kansas City

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