State of Crypto: Skinny Master Accounts and Stablecoins

Federal Reserve Governor Christopher Waller suggested a new approach for crypto firms seeking access to U.S. payment systems: “skinny master accounts.” These accounts would grant access to the Fed’s payment rails but exclude the full range of Federal Reserve financial services, including interest payments and overdraft privileges. This proposal aims to mitigate risks associated with full master accounts, which firms like Custodia have long sought. Experts like Linda Jeng of Digital Self Labs believe this could integrate stablecoin issuers into the U.S. monetary system, potentially bolstering the Fed’s oversight of systemic risks. Former World Bank President David Malpass stated this could help defend the dollar’s purchasing power amid global competition in stablecoins. Waller emphasized this is a preliminary idea, with further stakeholder engagement planned. The article also notes the growth of stablecoin payment volumes, reaching $19.4B year-to-date in 2025, and Kyrgyzstan's launch of a national stablecoin.

(Source：CoinDesk)