The Federal Reserve has opened a 60-day public comment window on a proposal to create a specialized “payment account” that would give legally eligible non-bank financial institutions, including crypto-focused firms, direct access to its clearing and settlement infrastructure.
The Board advanced the plan, building on a December 2025 request for information
It arrives one day after President Donald Trump ordered regulators to review crypto firms’ access to federal payment rails. How the Payment Account Differs From a Master Account The proposed payment account is a stripped-down version of the master account that traditional banks use to settle directly with the Fed. Holders would not receive intraday credit, discount window access, or interest on balances kept at a Reserve Bank.
Automated controls would block any transaction that risks creating an overdraft. The Board also reiterated that account holders must implement controls against illicit finance. Importantly, the proposal does not expand who is legally eligible for a Fed account.