Crypto Reporter: The new streamlined master account will enable the Federal Reserve to give the green light to stablecoin issuers and payment companies

Crypto journalist Eleanor Terrett said on the X platform that big news broke at the Federal Reserve's Payment Innovation Conference. Governor Chris Waller announced that the Federal Reserve is proposing to establish a new type of limited-access master account (or as he said, a "lite master account") for all legally qualified institutions, allowing these institutions to directly access the Federal Reserve's payment system without relying on partner banks. Under this structure, these institutions will not be able to enjoy all the services of a full master account, such as being unable to borrow from the Federal Reserve, but the important thing is that every legally qualified entity can apply, and the legal eligibility rules remain unchanged. In essence, this new streamlined master account will enable the Federal Reserve to give the green light to innovative banks (including fintech companies, stablecoin issuers and other payment companies). For companies like Custodia Bank and Kraken,