Fed mulls ‘skinny’ payment accounts to open rails for fintech, crypto firms

The US Federal Reserve is considering introducing new "payment accounts," or "skinny" master accounts, to allow fintech companies and others currently using third-party banks to gain direct access to the Fed’s payment services. Fed Governor Christopher J. Waller announced the exploration, stating the goal is to support those transforming the payment system while controlling risks. This move is viewed positively by the crypto industry, which has faced significant debanking challenges, including alleged efforts like "Operation Chokepoint 2.0." Custodia Bank CEO Caitlin Long praised Waller for reconsidering the Fed's previous stance that payment-only banks posed a risk. Furthermore, the Fed is actively researching tokenization, smart contracts, and AI for potential upgrades to its own payment infrastructures.

(Source：Cointelegraph)