In December 2025, the Federal Reserve Board released a Request for Information outlining its Payment Account Prototype, a stripped-down version of a traditional master account that would allow certain eligible depository institutions to directly clear and settle payments through Fed services without receiving interest, credit, or emergency lending privileges.

The proposal builds on remarks delivered by Fed Gov. Christopher Waller in October, when he framed the concept as a way to encourage payments innovation without expanding statutory eligibility.

Under the plan, qualifying institutions could access FedNow, Fedwire Funds, the National Settlement Service, and limited securities settlement services. The account would prohibit overdrafts, intraday credit, and discount window borrowing, and would cap overnight balances at the lesser of $500 million or 10% of total assets, a design meant to contain systemic risk.

Crypto firms and fintech groups largely welcomed the idea, viewing it as long-awaited access to the central bank’s payment infrastructure. Anchorage Digital Bank, the only federally chartered crypto bank in the U.S., supported the proposal but warned that the balance cap could force firms to sweep funds nightly to intermediary banks, recreating operational risks the prototype aims to eliminate.

Industry coalitions tied to blockchain networks also praised the plan, calling it essential for integrating stablecoins into the U.S. payments system following the GENIUS Act’s regulatory framework. Fintech trade groups argued the prototype could lower settlement costs, reduce reliance on correspondent banks, and improve resilience during periods of stress.

Not everyone is convinced. Community banks and traditional banking associations have pushed back hard in comments, warning the Fed is granting payment privileges to institutions they argue lack equivalent regulatory scrutiny. The Community Bankers Association of Illinois said the proposal risks tilting the playing field toward “novel financial institutions” while exposing consumers and taxpayers to untested business models.

Other banking groups echoed those concerns, stressing that payment system access has historically been reserved for insured, well-supervised institutions. Critics argue that limiting services does not fully mitigate operational, compliance, and anti-money laundering risks, particularly if payment-focused firms grow rapidly.

Larger industry organizations, including the Bank Policy Institute and The Clearing House, cautioned that the prototype relaxes long-standing standards without sufficient safeguards. They warned that failures at payments-only institutions could still ripple through the financial system.

Consumer advocacy groups were more blunt. Better Markets labeled the proposal a “reckless giveaway” to crypto interests, arguing that widespread stablecoin adoption could drain deposits from traditional banks and reduce credit availability across the economy.

The American Bankers Association struck a more measured tone, supporting a risk-based approach while calling for tighter guardrails, direct federal supervision, and stronger oversight requirements before any rollout.

The debate arrives as the Fed recalibrates its posture toward digital assets after rescinding a 2023 policy viewed as hostile to crypto-related banking. Internal concerns persist, however, with some Fed officials flagging unresolved compliance and enforcement questions.

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Public comments closed Feb. 6, 2026, and the Fed has signaled a possible implementation window by the fourth quarter of 2026. Whether the prototype moves forward unchanged or emerges reshaped by industry pressure will signal how far the central bank is willing to go in opening its plumbing to new financial models.

• What is the Federal Reserve’s “skinny master account”?
  It is a limited-purpose Fed account that allows eligible institutions to settle payments without credit, interest, or emergency lending access.
• Who supports the proposal?
  Crypto firms and fintech groups largely support it, saying it improves efficiency and reduces reliance on intermediary banks.
• Why do community banks oppose it?
  They argue it gives less-regulated institutions unfair access to critical payment infrastructure and raises systemic risk.
• When could it take effect?
  The Federal Reserve has indicated a possible launch as early as the fourth quarter of 2026.

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