Overview
- Waller unveiled the payments-only account on Oct. 21, describing direct connectivity to Fedwire and ACH without the full suite of Federal Reserve services.
- The proposed accounts would pay no interest, face potential balance caps, offer no daylight overdrafts, and have no access to the discount window.
- Federal Reserve staff will study the approach and gather stakeholder input, with no implementation timeline or rule changes announced.
- Coverage indicates stablecoin issuers and firms with pending master-account efforts — including Custodia, Kraken, Ripple, and Anchorage — could see operational benefits from direct settlement.
- Supporters frame the idea as narrow banking that aligns stablecoin reserves with central bank money, while critics warn it could disintermediate some commercial bank services.