Federal Reserve Governor Christopher Waller has proposed a “payments” or “skinny master account” at the Fed for stablecoin providers and fintechs. This would offer a basic form of Fed master account and access to Fed payment rails for non-banks. Giving stablecoin issuers access to this competitive moat represents a meaningful shift in US payments architecture. How worried should banks be about this development and what does it mean for the future of the banking system?
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