Crypto Journalist: The Fed proposed the launch of a "streamlined master account" to provide direct payment channels for fintech companies and stablecoin issuers.

[Crypto Reporter: The Fed Proposes Launching “Streamlined Master Account” to Provide Direct Payment Channels for Fintech Companies and Stablecoin Issuers] According to Crypto Reporter Eleanor Terrett, Fed Governor Chris Waller announced at the Federal Reserve Bank's Payment Innovation Conference that the Central Bank proposed the launch of a new type of restrictive master account (referred to as the “Streamlined Master Account”), which allows all legally compliant institutions to directly access the Fed's payment system without relying on partner banks. This streamlined master account does not provide all the services of a full master account, such as the ability to borrow from the Fed, but each legally compliant entity can apply, and the eligibility legal rules will not change. This move will allow the Fed to pave the way for innovative banks, fintech companies, stablecoin issuers, and other payment companies. Eleanor Terrett stated that this is significant for companies like Custodia Bank and CEX, which have been trying for years to obtain a Fed master account, with Custodia even taking the Fed to court. Additionally, companies like Ripple and Anchorage, which applied this year, may also accelerate their eligibility for access as a result.