Fed Proposes Access to Payment Rails for Non-Bank Firms

The U.S. Federal Reserve has taken a significant step towards opening its payment systems to non-bank firms, including cryptocurrency companies. A revised proposal issued by the Fed establishes a framework for 'skinny' master accounts that would enable these entities to clear and settle payments through the Fed's payment rails.

Payment account holders under this new system would not receive intraday credit or access to the discount window, nor would they earn interest on their balances. Additionally, automated controls would prevent overdrafts from occurring.

The proposal comes after a December 2025 request for information and follows a presidential executive order directing a review of cryptocurrency firms' access to Fed payment rails. The maximum closing balance limits have been increased based on expected payment activity.