A major shift in U.S. financial infrastructure may be underway as the Federal Reserve explores giving fintech and blockchain firms direct access to its payment rails. In a speech delivered on Oct. 21 at the Payments Innovation Conference in Washington, D.C., Federal Reserve Governor Christopher J. Waller revealed that the U.S. central bank is studying a new framework called a “payment account.” The initiative, if adopted, would extend core Federal Reserve payment services to legally eligible institutions—especially those driving innovation in digital assets and decentralized finance (defi)—marking a significant step toward integrating blockchain technology within the traditional financial system.

Waller said:

I have asked Federal Reserve staff to explore the idea of what I am calling a ‘payment account’ … The payment account would be available to all institutions that are legally eligible for an account and could be beneficial for those focused primarily on payments innovations.

“Today, Federal Reserve Banks provide access to master accounts and financial services to legally eligible entities following our Guidelines for Evaluating Account and Services Requests,” he clarified. “The upshot is that, in my view, the payments landscape, as well as the types of providers, has evolved dramatically in recent years, and, accordingly, a new payments account could better reflect this new reality.” The concept is designed to streamline access to the Fed’s payment infrastructure for qualified firms—offering efficiency without the full privileges of traditional master accounts.

Turning to the broader landscape, Waller emphasized that digital assets and blockchain technologies are now embedded in mainstream finance. He stated: “Our panelists are engaged in integrating traditional financial payment rails with distributed ledgers, developing new products and services in the digital asset ecosystem, and leveraging AI in the payments landscape.”

The Fed governor continued: “It’s worth noting that the firms engaged in these activities include banks, asset managers, retail payments firms, technology companies, as well as crypto-native fintechs.” He added:

This is an acknowledgement that distributed ledgers and crypto-assets are no longer on the fringes but increasingly are woven into the fabric of the payment and financial systems.

Federal Reserve Governor Waller’s comments signal a strong stance from the central bank, indicating that it sees blockchain innovation as integral to the future of U.S. payments. The proposed account structure could provide banks, fintechs, stablecoin issuers, and payment firms with more direct access to the Federal Reserve systems. This development may aid companies such as Custodia Bank and Kraken, which have sought Fed access, and could accelerate applications from Ripple and Anchorage. If enacted, the plan would establish a faster, regulated channel for crypto firms to integrate with the U.S. financial system.

• What is the Federal Reserve’s payment account framework?
  It’s a proposed model that could offer fintech and crypto firms streamlined access to Federal Reserve payment services without granting full master account privileges.
• Why is this important for decentralized finance and blockchain?
  It represents a major institutional shift recognizing defi and blockchain as core components of the evolving financial system.
• How could this impact fintech innovation?
  Fintechs may gain direct settlement capabilities, improving efficiency, reducing costs, and accelerating new payment technologies.
• What does this mean for U.S. financial infrastructure?
  The move suggests a foundational transformation as the Fed embraces blockchain integration into its core systems.

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